National Ownership

Co-Ownership: Tenancy in Common

1. Two or more owners 2. Identical rights 3. Interests individually owned 4. Electable ownership shares 5. No survivorship 6. No unity of time 7. Partition suit

Co-Ownership: Joint Tenancy

1. Unity of ownership 2. Equal ownership 3. Transfer of interest 4. Survivorship

Time-shares

A fee or leasehold interest in a property whose owners or tenants agree to use the property on a periodic, non- overlapping basis. -deeded time share ownership, vacation interval option

Estates in trust

A fee owner (grantor or trustor) transfers legal title to a fiduciary (trustee) who manages the estate for the benefit of the beneficiary. The trust may be created by a deed, will, or trust agreement.

Parcel of land is.....

A portion of land delineated by boundaries

An annual operating budget totals the expenses and passes them through as _________________ to unit owners.

Assessments

Community property belongs to

Both spouses

Condominiums

Combines ownership of a fee simple interest in the airspace within a unit with ownership of an undivided share, and as a tenant in common, of the entire property's common elements.

Every 24 miles north and south of a base parallel is a

Correction line

Community property

Defines property rights of legal spouses before, during, and after their marriage, as well as after the death of either spouse.

The defeasible fee estate is perpetual, provided the usage conforms to stated conditions. The types of fee simple defeasible are

Determinable and condition subsequent

To describe property located above or below the earth's surface, a surveyor must know the property's

Elevation

(T/F): one can own an easement over one's own property.

False, they can not

An estate in land is an interest that includes the right of possession. Depending on the length of time one may enjoy the right to possess the estate, the relationship of the parties owning the estate, and specific interests held in the estate, an estate is a _____________ or ____________.

Freehold estate or leasehold estate

every 24 miles east and west of a principal meridian is a

Guide meridian

Reversionary or remainder interest: legal life estate

Homestead, dower and curtesy, and elective share

What are benchmarks?

Identified local elevation markers to provide reference elevations for nearby properties

Metes and bounds

Identifies the boundaries of a parcel of real estate using reference points, distances, and angles. The description always identifies an enclosed area by starting at and returning to the origination point (pob).

Physical Characteristics of Land...

Immobility, indestructibility, heterogeneity

The corporate entity of the cooperative association is the only party with a real property ___________

Interest

The rectangular survey system

It is inadequate as a method of legal description for irregular shapes. The full description has to include a metes and bounds or lot and block description.

Improvements of real estate include

Land and all man made structures that are "permanently" attached to the land.

The tenant acquires a __________. The landlord acquires a __________.

Leasehold interest, leased fee estate

Condos are created by executing and recording a condominium declaration and a _________________. The party creating the declaration is referred to as the _______________.

Master deed, developer

Calculating the acreage of a parcel:

Multiply the denominators of the fractional descriptions together. Divide 640 by the resulting number.

Cooperatives

One owns shares in a cooperative association and acquires an apartment building as its principal asset. Along with this stock, the shareholder acquires a proprietary lease to occupy one of the apartment units.

There is no right of partition:

One spouse cannot sell the property without the agreement of the other spouse.

Reversionary or remainder interest: Conventional Life Estate

Ordinary and pur autre vie

Personal property is defined as...

Ownership of anything that is not real estate, and the rights associated with owning the personal property item (chattels or personality).

Real property is defined as __________.

Ownership of real estate and the bundle of rights associated with owning the real estate.

In a cooperative, the property must be used in connection with the __________________.

Partnership's business

In owning stock and a lease, a co-op unit owner's interest is ____________________ that is subject to control by the corporation.

Personal property

The beneficiary's interest in a land trust is

Personal property

The surveyor incorporates the survey data into a _____________ or _______________, which must comply with local surveying standards and ordinances.

Plat survey or subdivision plat map

Condominium unit owners exclusively __________ their apartment space but must share common areas with other owners. Units can be individually __________ without interference from other unit owners.

Possess, encumbered

Time-share lease: Allows the leaseholder to use the property year after year without incurring the obligations of paying _____________ or ____________.

Property taxes, closing costs

The co-op lease is called a ________ lease because the tenant is an owner (proprietor) of the corporation that owns the property.

Proprietary

The north-south area between consecutive meridians is called a

Range

Time-share lease: The tenant agrees to rent the property on a ___________ basis according to the terms of the lease.

Scheduled

What are datums?

Standard elevation reference points

Time-share freehold: interval owners must usually waive _______________, which would enable an owner to force the sale of the entire property.

The right of partition

Tenancy in partnership

The rules of the upa apply to partnership formation, asset ownership, fiduciary duties, dispute resolution, and partnership termination.

The east-west area between two parallels is called a

Tier or township strip

(T/F): A living trust allows the trustor, during his or her lifetime, to convey title to a trustee for the benefit of a third party. Established by a written agreement appointing a trustee to manage the trustor's property.

True

(T/F): Should the corporation fail to meet its obligations, creditors and mortgagees may foreclose on the entire property.

True

(T/F): The beneficiary's interest in a land trust is personal property. This offers advantages in transferring, encumbering, and probating the beneficiary's interest.

True

(T/F): The co-op interest is transferred by assigning both the stock certificates and lease to the buyer.

True

(T/F): for cooperatives, Debts and financial obligations apply to the property as a whole, not to individual units.

True

Time-share freehold, tenant in common own ______________ in the property.

Undivided interest

Recorded plat method

Used to describe properties in residential, commercial, and industrial subdivisions.

Land gain or loss due to the action of water:

accretion, erosion, avulsion, reliction and alluvion.

A legal description of real property is one which

accurately locates and identifies the boundaries of the subject parcel to a degree acceptable by courts of law in the state where the property is located.

To create a joint tenancy

all owners must acquire the property at the same time, use the same deed, acquire equal interests, and share in equal rights of possession.

A life estate is

an estate limited to the life of the owner

An easement is

an interest in real property that gives the holder the right to use portions of the legal owner's real property in a defined way. y. It is a non-possessory interest in property owned by someone else. May be affirmative or negative.

An undivided interest is

an owner's interest in a property in which two or more parties share ownership.

An encumbrance is

another's right to use or take possession of a legal owner's property, or to prevent the legal owner from enjoying the full bundle of rights in the estate. They are not considered estates.

Tracts of land are subdivided into lots. In a large subdivision, lots may be grouped together into ___________ for ease of reference.

blocks

Littoral rights concern properties that

border bodies of water that are not moving.

Riparian rights concern properties that

border moving water such as streams and rivers.

Conveyance of leased property:

buyers and creditors must take their respective interests subject to the terms of the lease.

The 24-by-24-mile square created by the intersection of guide meridians and standard parallels is called a

check or quadrangle.

Special purpose real estate has a unique use for the persons who own and use it, such as

churches, hospitals, schools and government buildings - public open space and recreational areas.

A developer creates a cooperative by forming the __________________________, which subsequently buys the cooperative property.

cooperative association

Local regulation

county and local government regulation focus on land use control, control of improvements, and taxation. They have the power to levy real estate taxes.

Economic Characteristics of Land

demand, utility, scarcity, transferability, situs (DUSTS)

The base parallel is the

designated line for identifying townships.

Water rights

doctrine of prior appropriation requires that property owners obtain permits for the use of water.

A land trust allows

e trustor to convey the fee estate to the trustee and to name himself or herself the beneficiary. Applies only to real property.

If a private interest-holder does not have the right to possess, the interest is an

encumbrance

Condominiums: an owners association...

enforce the bylaws and manage the overall property.

Under the allodial system, individuals are

entitled to own property without proprietary control by the government.

Judicial regulation

exerts an influence on real estate ownership and use through decisions based on case law and common law, as distinguished from statutory law.

A freehold estate of potentially unlimited duration is a

fee simple estate

A life estate is a

freehold estate that is limited in duration to the life of the owner or other named person. Upon the death of the owner, the estate passes to the original owner or another named party.

The principal meridian is the single designated meridian for

identifying townships in the principal meridian's geographical "jurisdiction."

Sole ownership (tenancy in severalty)

if a single party owns the fee or life estate (the ownership is a tenancy in severalty)

Condominiums: Owner responsibilities include

maintaining internal systems/property condition and insuring contents of the unit. Unit owners bear the costs of all other property expenses.

Separate property belongs to

one spouse

Fee simple defeasible is

ownership can continue indefinitely, provided the use of the property conforms to certain stated conditions.

interest in real estate is

ownership of any combination of the bundle of rights to real property, including the rights to possess, use, transfer, encumber and exclude.

Fee simple absolute is

perpetual estate that is not conditioned by stipulated or restricted uses. It may be freely passed on to heirs.

Tangible property is

physical, visible, and material. Intangible property - abstract, having no physical existence in itself, other than as evidence of one's ownership interest

Federal regulation

primarily concerned with broad standards of real property usage, natural disaster, land description, and discrimination.

State regulation

primary regulatory entities of the real estate business. State governments establish real estate license laws and qualifications.

If the interest-holder is not private the interest is some form of

public interest - police power, eminent domain or escheat.

Types and uses of real property:

residential, industrial, commercial and agricultural property.

Termination of tenancy

sale of an interest, bankruptcy, foreclosure or partition suit

The rectangular survey system divides a township into thirty-six squares called

sections

An easement pertains to a

specified physical area within the property boundaries.

A testamentary trust is

structurally and mechanically the same as a living trust, except that it takes effect only when the trustor dies.

Land can be laterally severed into

surface, air and subsurface rights.

Individual townships are identified by

their tier and range identification taken together, with the tier designation named first.

Bundle of rights:

to possess, use, transfer, encumber and exclude.

Leasehold estate: estate for years

• Has a definite beginning and ending date. • Does not require notice to terminate at the end of the term. • Renewal is not automatic.

Leasehold estate: estate at sufferance

• Holdover tenant is in unlawful possession of the property. • The landlord must evict a tenant through the courts; cannot lock the tenant out, turn off utilities, or forcibly remove the tenant.

Fixture is a personal property item that has been converted to real property by attachment to real estate. Differentiation criteria:

• Intention • Adaptation • Functionality • Relationship of parties • Sale or lease contract provisions • Trade fixtures • Emblements • Conversion - severance/affixing

Leasehold estate: estate at will

• Landlord lets you stay without a lease. • Notice can be given by either party without warning. • Death of either party immediately terminates tenancy.

Leasehold estate: estate from period to period

• No definite ending date. • Either party may terminate tenancy by giving proper notice to the other party.

Co-Ownership: Tenancy by the entireties

• Survivorship • Equal, undivided interest • No foreclosure for individual debts • Termination: death of either spouse, divorce, mutual agreement or foreclosure.