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national chp.4
| Term | Definition |
|---|---|
| 4-1 real estate | includes land plus improvements and appurtenances -which includes rights, privileges, and fixtures |
| land includes | -surface rights -air rights -subsurface rights, including mineral rights |
| improvements | items affixed to the land w/ the intent of being permanent -ex- house, garage, fence, landscaping, etc. |
| appurtenances | including rights, privileges, and fixtures -run w/ land -transfer w/ a deed |
| fixtures | items attached to improvements w/ the intent to become real estate as evidenced by: -attachment or annexation -adaption -agreement |
| fixtures are part of... | the real estate and transfer w/ the property unless the contract states differently -ex- plumbing or electrical fixtures |
| sellers that remove fixtures... | w/out excluding them in the contract, are in breach of contract |
| free-standing vs. built-in | free-standing= personal property built-in= fixture |
| exceptions: | emblements (crops) and trade fixtures= personal property -neither automatically transfer w/ property |
| emblements | annually cultivated crops that belong to the party who rightfully planted the seed |
| trade fixtures | tenant-installed additions to a property for use in a trade or business |
| what can not be a fixture? | land |
| personal property/chattel | -if included, must be listed in a written agreement (often a purchase agreement) -if not agreed to in writing, the seller may take even if the personal property was listed in the MLS |
| What does personal property/chattel include? | everything that is not real estate -ex- a freestanding fridge |
| how is personal property transferred? | by a bill of sale |
| 4-2 physical characteristics of land | 1. immobile 2. indestructible 3. unique- each parcel has its own location |
| economic characteristics of land | 1. scarcity, placement of improvements, and area preference 2. disadvantage to owning real estate is that land lacks liquidity |
| 4-3 methods of legal description Metes and bounds | linear measurements, directions, and compass degrees -starts and ends at point of beginning (POB)- referenced from a monument -measure clockwise |
| metes and bounds example | "commencing or starting at the street sign at the corner of Ridge and Ash, go 100 ft. south and then go 100 ft. west" |
| rectangular survey/government survey | uses meridians, townships, ranges, tiers, and sections to locate land parcels |
| ...townships | each township contains 36 sections -6 miles by 6 miles |
| ...section | 640 acres or 1 mile by 1 mile |
| ...acre | 43,560 square feet |
| recorded plat | lot, block, subdivision -urban/residential |
| ...steps of recorded plat | 1. create plat map 2. record the map 3. obtain building permits |
| survey | on-site measurement of property lines and position of improvements, easements, and so forth -can be used to create or verify a legal description -may reveal encroachments or zoning violation |
| ...a monument | a visible marker used to help establish property BOUNDARIES |
| improvement location certificate | similar to survey but only locates improvements on the lot - will find encroachments |
| 4-4 types of ownership freehold estates | indefinite duration of ownership 1. fee simple absolute 2. qualified fee/fee simple defeasible 3. life estate |
| 1. fee simple absolute | last forever and features the maximum rights of ownership |
| 2. qualified fee/fee simple defeasible | lasts "so long as" deed condition is met -holder of reversionary interest would have the right to try and acquire title if the condition is broken |
| 3. life estate | lasts for duration of life tenant's (owner of the life estate) lifetime -life tenant has lifetime ownership and use |
| ...upon death of life tenant | the holder of either the reversionary or remainder interest will own a fee simple absolute estate at death -lease by life tenant to another terminates upon death of life tenant |
| ...pur autre vie | life estate may be based on the life of someone other than the holder of the life estate |
| nonfreehold (leasehold) estates | have a definite duration and may be terminated 1. estate/tenancy for years 2. periodic estate/tenancy 3. estate/tenancy at will 4. estate/tenancy at sufferance |
| lessee holds... lessor holds... | lessee hold nonfreehold (leasehold) estate lessor leased fee estate |
| 1. estate/tenancy for years | has predetermined termination date; definite period w/ no notice -if sold, buyer purchases the property "subject to the lease," and tenant retains posession until the end of the lease term |
| 2. periodic estate/tenancy | continues from period to period (such as month to month) until proper notice given -renews under same conditions and terms upon payment of rent |
| 3. estate/tenancy at will | continues until terminated by owner or tenant -tenancy is at owner's consent |
| 4. estate/tenancy at sufferance | occurs when a "holdover tenant" stays beyond termination w/out consent -if landlord accepts payments, becomes a period tenancy -it is lowest estate |
| encumbrances/imperfections | clouds on title may impair or lessen owner's rights |
| encumbrance | nonpossessory interest in the lands of another |
| easement | RIGHT TO USE LAND of another for a specific purpose -transfers w/ the land at closing unless released by the holder -may or may not be paid for |
| easements must be? | in writing -NOT REVOCABLE ONCE GIVEN |
| appurtenant easement | dominant tenement and a servient tenement |
| easement in gross | no dominant tenement, only servient -ex- utility easement |
| easement by necessity | may be granted to a homeowner to avoid landlocked property -available to private owners, not to government, utility, telephone, or gas companies |
| easement is terminated by? | merger, release, or abandonment |
| lien | claim that attaches to and is binding on property to secure debt repayment |
| property tax/special assessments lien | specific lien -takes priority over all other liens, even those previously recorded such as a mortgage |
| specific lien | -mechanic's lien -mortgage lien -condominium/townhouse association assessments lien |
| general lien | judgment or IRS lien -which attaches to all real and personal property |
| encroachment | unauthorized use of another person's land -survey points out or ILC(improvement location certificate) will find -title insurance or attorney's opinion won't protect (visual inspection) |
| license | REVOCABLE PERMISSION to use the land of another w/out creating an estate in land and may or may not be paid for |
| lis pendens | recorded document that gives constructive notice of a pending lawsuit regarding title |
| 4-5 forms of ownership | an attorney for the buyer best determines the appropriate form of ownership -licensees should NEVER advise on how to take title |
| sole ownership/estate in severalty | when property is owned solely and separately by one person or one entity |
| partnerships take title in severalty | -general partnership -limited partnership |
| general partnership | all partners share equal profits and liability |
| limited partnership | -general partner is responsible for liability of investment -limited partner is responsible for only the amount of his investments -limited partner's liability equals the amount invested |
| concurrent/multiple ownership | -tenants in common -joint tenancy -tenancy by the entirety |
| tenants in common | co-ownership w/ no right of survivorship -interests passed to heirs or devisees upon death -if no form of ownership indicated, law presumes tenancy in common |
| ...who is responsible for taxes in tenants in common? | each tenant as an individual or as a group -may have unequal shares of ownership |
| joint tenants | co-ownership w/ the right of survivorship -overrides a will -interests pass to co-owners/cotenant upon death w/out going thru probate |
| ...what are the 4 unities of title in joint tenants? | PITT (required in some states) possession, interest, time, and title |
| tenancy by the entirety | applies exclusively to married couples in some states |
Created by:
kmills5
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