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Real Estate 2
Real Estate Principals lesson 2
Question | Answer |
---|---|
How can a title be transferred? | adverse possession,operation of law,accession,will,intestate,deed |
Deed | instrument used to transfer real property |
cloud of title | items affecting title |
alienation | convey or transfer |
what is the opposite of alienation? | acquisition |
adverse possession | acquiring title by open use of property |
when does adverse possession take place? | five consecutive years with paid taxes for the five years |
operation of law includes? | quiet title action |
quiet title action? | a court suit to remove cloud on title and fix it |
escheat | title to real property cannot be acquired by an individual by escheat |
eminent doamin | power of government to take private property for public use |
who can not exercise eminent domain? | an individual |
taxation | the governments right to tax property |
police power | right to regulate for public health safety,moral and general welfare |
Accession | acquisition of a property by its being added to other property |
What is a type of accession? | accretion |
accretion | process of gradual or imperceptible additions to land bordering a river or stream |
avulsion | sudden violent tearing away of land (when damn gives away) |
testate | having a will |
intestate | not having a will |
devise | real property through will |
legacy | personal property through will (money) |
bequest | personal property through will |
legatee | one who receives gift of personal property through will |
holographic will | entirely written |
probate | a department of superior court |
probate sale | court approved sale of property at an auction or private sale |
who determines brokers commission | court |
intestate succession | when a person dies without a will his heirs inherit |
how is separate property divided | 1/2 spouse,1/2 child 1/3 spouse, 2/3 children |
how many times can a deed be used? | once |
patent? | how the government conveys property |
grant deed | used when real property is sold and contains the word "grant" |
how many warranties does a grant deed carry? | two |
encumbrance | burden |
what are the two implied warranties carried by a grant deed? | granter hasn't already convey title to another and the estate is free of undisclosed encumbrances |
quitclaim deed | relinquishes any interest of property, without covenants or warranties |
what is the main purpose of a deed? | to provide evidence of change in title or transfer of interest in real property |
in a valid deed the grantee? | must be capable of receiving (legal or natural person) |
legal person | corporation |
a deed must have adequate desrption | it must unquestionably identify the property |
action clause (granting clause) | may use grant to convey, transfer, give |
is a witness mark (an x) acceptable when signing a deed | yes |
when is a deed executed | when signed |
when is a deed effective? | when delivered |
how must the accepted deed be delivered | in person |
acceptance | there must be unconditional acceptance by the grantee for the deed to be effective |
what does a notary witness | your acknowledgement |
acknowledgement | declaration before a duly authorized officer (notary) |
when can a notary employed by the corporation be used | when the notary doesn't have any personal interest in the property |
what documents have to be recorded to be effective | mechanic liens and lis pendens |
constructive notice | given by recording or possession of the property |
priority of first valid deed | recording over non recorded, possession over recorded |
priority of trust deeds and mortagages | determined by the time of recording unless there is a subordination clause |
what type of liens has priority | governmental liens have priority over all other liens |
what must be stated before a deed can be recorded? | the address where taxes can be sent |
how are deeds indexed | by names of grantor and grantee |
non-money encumbrance | affect the physical condition of property |
easment | the right to enter an use anothers land within limits |
dominant tenant | the land that is benefited by the easdemnet |
servienant tenant | the land that is burdened by the easment |
when does one acquire easment by prescrpition | five consecutive years |
does owner have to pay property tax when land is acquired by prescription | no |
dedication | a sub-divider must dedicate land to public |
express release | by quitclaim deed signed by dominant tenant |
merger of two properties | one person becomes owner of both |
an easement is terminated if not used for 5 years | if acquired by prescription |
destruction of servient tenant | if the property is destroyed so is the easement |
excessive use | using an easement for purposes not specified terminates easement |
appurtenant easement | "runs with the land" |
Easement in Gross | easement for utilities |
is there a dominant tenant in a easement in gross? | no |
private restrictions | restrictions created by grantor and not by zoning |
is a private restriction a lien | no |
covenant | a promise |
condition | a condition to continued ownership |
what happens when a covenant is broken | lose money |
what happens when a condition is broken | lose property |
C.C.&R.'s | covenants, conditions, and restrictions usually placed in "declaration of restriction" |
Race restrictions | are not enforceable |
public restriction | primary zoning laws under the police power of government |
zoning laws must be? | for the health,safety,moral, and general welfare of the public |
what happens if zoning laws conflict with deed restriction? | the more restrictive of the two is enforced |
how does a landowner change his zoning? | petition for variance if one parcel is invloved |
M-1 | light industrial or manufacturing |
R-3 | multiple family residentail |
down zoning | changing a commercial zone to a residential zone |
encroachment | building on someone else's property |
how long does an owner have to remove an encroachment | 3 years |
how does a owner get an encroachment removed | civil suit |
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