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national chp.4

TermDefinition
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