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Real Estate 2

Real Estate Principals lesson 2

QuestionAnswer
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
Created by: 1535448438