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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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