60 Hour IL Broker Prelicense Topics

An easement may be created by .... (4)

-voluntary action - by necessary - prescriptive operation of law -by government power of eminent domain

Township Math

5,280 feet = one mile 43,560 square feet = one acre 640 acres = one square mile 5 feet = one rod Four miles = distance around a section/square mile

Boundary Description and Survey

A boundary description and survey describes the land with its exact boundaries and provides the legal description of the property. A survey is made to determine the length and direction of landlines and to establish the position of these lines on the ground.

Liens

A charge or claim which one person has upon the property of another as security for a debt or obligation The creditor who places a lien on a property is called the lienor, and the debtor who owns the property is the lienee. For example, a homeowner borrows $5,000 to pay for a new roof. The lender funds the loan in exchange for the borrower's promissory note to repay the loan. At the same time, the lender places a lien on the property for $5,000 as security for the debt. If the borrower defaults, the lien allows the lender to force the sale of the house to satisfy the debt.

Deed restrictions are either covenants or conditions. Name the difference.

A condition can only be created within a transfer of ownership. If a condition is later violated, a suit can force the owner to forfeit ownership to the previous owner. A covenant can be created by mutual agreement. If a covenant is breached, an injunction can force compliance, or payment of compensatory damages.

Customer

A consumer who is not being represented by the licensee but for whom the licensee is performing ministerial acts.

Designated Agency

A contractual relationship between a sponsoring broker and a client in which one or more licensees associated with or employed by the broker are designated as agent of the client.

Fee Simple Estate

A freehold estate of potentially unlimited duration is a fee simple estate. The fee simple freehold estate is the highest form of ownership interest one can acquire in real estate. It includes the complete bundle of rights, and the tenancy is unlimited, with certain exceptions indicated below. The fee simple interest is also called the "fee interest," or simply, the "fee." The owner of the fee simple interest is called the fee tenant. Fee simple estates, like all estates, remain subject to government restrictions and private interests.

Legal Description

A legal description is a written description of property that identifies the subject piece of property as precisely as possible. The intent of the parties to the transaction cannot be honored with certainty unless the legal description precisely locates the land that is the subject of the agreement. Street address is not sufficient. A legal description should be written in such a way that any person in the future would be able to understand the description and determine the property location, with reasonable certainty.

License

A license, much like a personal easement in gross, is a personal right that a property owner grants to another to use the property for a specific purpose. Licenses are not transferable and do not attach to the land. They cease on the death of either party, or on the sale of the property. Unlike a personal easement in gross, a license is revocable at any time. Licenses are often granted informally, as a verbal statement of permission. A farmer granting a neighbor permission to cross his land to reach and fish in his pond is an example of a license.

Liens have the following legal features: (4)

A lien does not convey ownership, with one exception: A lienor generally has an equitable interest in the property, but not legal ownership. The exception is a mortgage lien on a property in a title-theory state. In these states, the mortgage transaction conveys legal title to the lender, who holds it until the mortgage obligations are satisfied. During the mortgage loan period, the borrower has equitable title to the property A lien attaches to the property A property may be subject to multiple liens A lien terminates on payment of the debt and recording of documents

Easement and the 2 types

A limited right to make use of a property owned by another. 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. Easement rights may apply to a property's surface, subsurface, or airspace, but the affected area must be defined. The receiver of the easement right is the benefited party; the giver of the easement right is the burdened party. The two basic types of easement are appurtenant and gross.

Living Trust

A living trust allows the trustor, during his or her lifetime, to convey title to a trustee for the benefit of a third party. The trustor charges the trustee with all necessary responsibilities for managing the property, protecting its value, and securing whatever income it may produce. The trustee may also be ordered to sell the property at a given point. The beneficiary receives all income and sales proceeds, net of the trustee's fees. Living trusts may involve personal property as well as real property.

Partition Suit

A partition suit can terminate a joint tenancy or a tenancy in common. Foreclosure and bankruptcy can also terminate these estates. A partition suit is a legal avenue for an owner who wants to dispose of his or her interest against the wishes of other co-owners. The suit petitions the court to divide, or partition, the property physically, according to the owner's respective rights and interests. If this is not reasonably feasible, the court may order the property sold, whereupon the interests are liquidated and distributed proportionately.

Agency

A relationship in which a real estate broker or licensee, whether directly or through an affiliated licensee, represents a consumer by the consumer's consent, whether express or implied, in a real property transaction.

Bundle of Rights

A set of rights to the item enjoyed by the owner... commonly known as the "bundle of rights," and include the rights to: Sell Lease Encumber (mortgage or borrow against) Use Enjoy Exclude ("no trespassing") Will Occupy Cultivate Exchange Explore License (give others permission to use) Dedicate (for a particular use, such as streets, schools, and parks) Share

Tenancy in severalty

A single party owns the fee or life estate. also called sole ownership, ownership in severalty, and estate in severalty. when the sole owner is a husband or wife, state laws may require homestead, dower, or elective share rights to be released to allow ownership free and clear of any marriage-related claims. the estate of a deceased tenant in severalty passes to heirs by probate.

Land Survey

A survey is the professional measurement of a tract of land with its boundaries, contents, and location relative to other property. A survey includes the total area of the land with its mapped boundaries and elevation. Surveyors complete surveys by measuring angles and distances in accordance with specific procedures.

Landmark vs. Monument

A survey landmark is a geographic feature, such as a large rock, an old tree, a fork in a creek, or the intersection of two roads. A landmark may also refer to a monument (Washington Monument), prominent building (the White House), or structure (Statue of Liberty). Monuments used by surveyors are man-made objects, such as stakes or iron posts. Both landmarks and monuments are used as a point of reference to establish the boundaries of the property, locate its corners, or identify the point at which the boundary changes direction.

Estate at Sufferance

A tenant occupies the premises without consent of the landlord or other legal agreement with the landlord. usually involves a tenant who fails to vacate at the expiration of the lease, continuing occupancy without any right to do so. For example, a tenant violates the provisions of a lease and is evicted. The tenant protests and refuses to leave despite the eviction order.

Leasehold Estate

A tenant's right to occupy real estate during the term of a lease, generally considered to be a personal property interest. A leasehold estate arises from the execution of a lease by a fee owner-- the lessor, or landlord-- to a lessee, or tenant. Since tenants do not own the fee interest, a leasehold estate is technically an item of personal property for the tenant.

Land Trust

A trust in which the beneficiary retains control over the property held by the trustee. The trustee's duty is simply to sign at the beneficiary's request all documents which are necessary to convey, mortgage, or lease the property. Only real property Beneficiary controls property-- this includes occupancy and control of rents and sale proceeds. Beneficiary controls trustee-- the trustee is empowered to sell or encumber the property, but generally only with the beneficiary's approval. Beneficiary identity not on record-- public records do not identify the beneficiary; the beneficiary owns and enjoys the property in secrecy. Limited term-- the term of the land trust is limited and must be renewed or else the trustee is obligated to sell the property and distribute the proceeds

Range Lines

After establishing a starting point at the intersection of a chosen principal meridian and baseline, the government surveyors drew imaginary vertical lines called range lines every six miles east and west of the meridian to form columns called ranges. Each range was numbered either east or west of the principal meridian. For example, the first range east of the meridian was called Range 1 East (R1E), and the first range west of the meridian was called Range 1 West (R1W).

Air rights

Air rights apply to the space above the surface boundaries of the parcel, as delineated by imaginary vertical lines extended to infinity. Since the advent of aviation, air rights have been curtailed to allow aircraft to fly over one's property, provided the overflights do not interfere with the owner's use and enjoyment of the property. The issue of violation of air rights for the benefit of air transportation is an ongoing battle between airlines, airports, and nearby property owners.

Airspace

Airspace-- contained within the outer walls, floors, and ceiling of the building unit; may include internal walls which are not essential to the structural support of the building.

Easement appurtenant

An easement appurtenant gives a property owner a right of usage to portions of an adjoining property owned by another party. The property enjoying the usage right is called the dominant tenement, or dominant estate. The property containing the physical easement itself is the servient tenement, since it must serve the easement use.

Easement in Gross

An easement in gross is a personal right that one party grants to another to use the grantor's real property. The right does not attach to the grantor's estate. It involves only one property, and, consequently, does not benefit any property owned by the easement owner. There are no dominant or servient estates in an easement in gross. An easement in gross may be personal or commercial. Personal-- granted for the grantee's lifetime. The right is irrevocable during this period, but terminates on the grantee's death. It may not be sold, assigned, transferred, or willed. A personal gross easement differs from a license in that the grantor of a license may revoke the usage right. Commercial-- granted to a business entity, rather than a private party. The duration of the commercial easement is not tied to anyone's lifetime. The right may by assigned, transferred, or willed.

enroachment

An encroachment is the unauthorized, physical intrusion of one owner's real property into that of another. Examples of encroachments are: a tree limb extending into the neighbor's property, violating his or her airspace a driveway extending beyond the lot line onto the neighbor's land a fence built beyond the property line

Encombrance

An encumbrance is an interest in and right to real property that limits the legal owner's freehold interest. In effect, 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. encumbrances are not considered estates. Easements and liens are the most common types of encumbrance.

Improvement Description and Survey

An improvement description and survey shows the location, size, and dimensions of buildings on a tract of land. It is made to lay out, locate, and monitor public and private improvements. The main reasons for requiring a description and survey of the improvements is to locate the physical improvements and to determine any unrecorded easements and other facts not recorded. An improvement description and survey deals with the relationship of all physical improvements on the parcel to the boundary lines of the parcel, not just those improvements near the exterior limits of the parcel. Features that surveyors are often requested to locate include fences, walls, driveways, pavements, buildings, structures, utilities, wells, and natural features such as streams and ponds. This information is necessary to determine the presence of features that may limit the value or use of the property and to determine conformity with local ordinances regarding minimum building setbacks. When most people think of a survey, this is the type of information they expect to see on the surveyor's final survey map.

Interest

An interest in real estate is ownership of any combination of the bundle of rightsto real property, including the rights to: possess use transfer encumber exclude

Life Estate

An interest in real or personal property that is limited in duration to the lifetime of its owner or some other designated person or persons. The distinguishing characteristics of the life estate are: the owner enjoys full ownership rights during the estate period holders of the future interest own either a reversionary or a remainder interest the estate may be created by agreement between private parties, or it may be created by law under prescribed circumstances Two types: conventional and legal

Real Versus Personal Property

An item may be real or personal property depending on the "attachment" criterion and other circumstances Real property may be converted to personal property through severance, or personal to real property through affixing Personal property converted by attachment is called a "fixture" Fixtures transfer with real property unless excluded by contract

Attachment

Attachment The primary way of distinguishing between real and personal property is to determine whether the item is permanently attached to the land or to structures attached to the land. A tree growing in a yard is an item of real property ("permanently attached to the land"). If the owner cuts the tree down, it becomes personal property (no longer attached). A furnace in a box in an owner's garage is personal property (not attached). When it is installed in the house, it becomes real property ("permanently attached to a structure attached to the land.")

Bearings

Bearings are compass directions of a survey line

Deed Restrictions

Clauses in a deed limiting the future uses of the property. Deed restrictions may impose a vast variety of limitations and conditions—for example, they may limit the density of buildings, dictate the types of structures that can be erected, or prevent buildings from being used for specific purposes or even from being used at all. Deed restrictions in a subdivision, for example, might include a minimum size for the residential structure, setback requirements for the home, and prohibitions against secondary structures, such as sheds or cottages.

Common Elements

Common elements-- all portions of the property that are necessary for the existence, operation, and maintenance of the condominium units; common elements include land, structural components, physical operating systems supporting all units, recreational facilities, areas used non-exclusively by all owners.

Affixing/Attachment

Conversion of personal property to real property by attaching it to the real estate is called affixing or attachment. Examples are assembling a pile of bricks into a barbecue pit, or constructing a boat dock from wood planks.

Severance

Conversion of real property to personal property by detaching it from the real estate is called severance. Examples are cutting down a tree, detaching a door from a shed, or removing an antenna from a roof.

Coordinator

Coordinator: the Coordinator of Real Estate, created in Section 25-15 of this Act. Appointed by the Secretary of the Department. (previously referred to as "Director").

Local Regulation

County and local government regulation focuses on land use control, control of improvements, and taxation. Land use regulations and ordinances control how all property within the jurisdiction may be developed, improved, demolished, and managed. County and local governments have the power to zone land, take over land for the public good, issue building permits, and establish the rules for all development projects. County and local governments, along with school districts and other local jurisdictions, have the power to levy real estate taxes.

Conventional Life Estate

Created by grant from a fee simple property owner to the grantee, the life tenant. following the termination of the estate, rights pass to a remainderman or revert to the previous owner. during the life estate period, the owner enjoys all ownership rights, provided he or she does not infringe on the rights of the remainder or reversion interest holders, such as by damaging the property or jeopardizing its value.

Economic Characteristics of Land (5)

Demand - The more demand there is for a particular property, the more valuable it is to consumers looking for real estate. Utility or usefulness - A three-bedroom house is more useful to some consumers than a one- or two-bedroom house. Scarcity - One property will sell quickly if only a few properties in a particular area are on the market. Transferability - When loans are available and rates are low, real estate is readily transferable from seller to buyer. Situs - The location of a parcel of land offers advantages and disadvantages unique to that location.

Tenancy by the entireties

Exclusively for husband and wife. It features: Survivorship-- if death occurs, the decedent's interest passes automatically to the other spouse. Equal, undivided interest-- each spouse owns the estate as if there were only one owner No foreclosure for individual debts-- the estate is subject to foreclosure only for jointly incurred debts. Termination-- the estate may be terminated by divorce, death, mutual agreement, and judgments for joint debt.

Name the three reasons why a land description and survey is required in a real estate transaction.

Existence of the property Relationship of the property to adjoining properties Relationship of occupied lines to recorded lines

Gaps and Gores

Gaps and gores refer to portions of land areas that do not conform to boundaries found in land surveys based upon imprecise measurements and other ambiguities of metes and bounds.

General Lien

General-- alien placed against any and all real and personal property owned by a particular debtor. An example is an inheritance tax lien placed against all property owned by the heir.

Meander Line

If a boundary is a navigable river or lake, this boundary is called a meander line.

encumbrance

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

The function of the Bureau of Real Estate Professions is to administer and enforce the following:

Illinois Real Estate License Act of 2000 Real Estate Appraiser Licensing Act of 2002 Provisions and Rules of the Uniform Standards of Professional Appraisal Practice Auction License Act Home Inspector License Act The Bureau has responsibility to license and regulate brokers, leasing agents, real estate firms, appraisers, auctioneers, auction firms, home inspectors and home inspector entities. In addition, the Bureau oversees real estate schools, instructors, courses, appraisals, auction, home inspector institutions and curriculum.

Imaginary Township Lines

Imaginary township lines were drawn every six miles north and south of the baseline to form a horizontal row or tier of townships. These rows were numbered according to their distance from the baseline. For example, the first row of townships north of the baseline was called Township 1 North (T1N) and the first row of townships south of the baseline was called Township 1 South (T1S).

Freehold estate

In a freehold estate, the duration of the owner's rights cannot be determined: the rights may endure for a lifetime, for less than a lifetime, or for generations beyond the owner's lifetime. Freehold estates differ primarily according to the duration of the estate, and what happens to the estate when the owner dies.

Shareholders interest

In owning stock and a lease, a co-op unit owner's interest is personal property that is subject to control by the corporation. Unlike condominium ownership, the co-op owner owns neither a unit nor an undivided interest in the common elements.

Intangible Property

Intangible property is abstract, having no physical existence in itself, other than as evidence of one's ownership interest. Stocks, copyrights, bonds, trademarks, patents, franchises, and listing agreements are examples of intangible personal property.

Estate at Will (AKA Tenancy at Will)

It has no definite expiration date and hence no "renewal" cycle. The landlord and tenant agree that the tenancy will have no specified termination date, provided rent is paid on time and other lease conditions are met. For example, a son leases a house to his father and mother "forever" or until they want to move. terminated by proper notice, or by the death of either party.

Heterogeneity

Land is heterogeneous in the sense that every parcel is unique. Even if two adjacent parcels are very similar and have the same economic value, they are inherently different because each parcel has a unique location.

Immobility

Land is immobile in the sense that a parcel of land cannot be moved from one site to another. Its geographical location is fixed and cannot be changed. One can transport portions of the land such as mined coal, dirt, or cut plants. However, as soon as such elements are detached from the land they are no longer considered land.

Indestructibility

Land is indestructible in the sense that one would have to remove a segment of the planet all the way to the core in order to destroy it. Even then, the portion extending upward to infinity would remain. For the same reason, land is considered to be permanent.

Metes and Bounds

Metes and Bounds Survey System Boundary of the survey must produce a closed area Bearing of the courses must be continuous from the POB around the area of the tract of land until the final course ends at the terminus Bearings must be given the same basis of true direction Metes mean measurements in length (measured in feet) from one monument to another. Bounds refer to the direction. The directions of the boundary lines are given in degrees (o), minutes ('), and seconds (") A metes and bounds description measures the dimensions of the property using DIRECTION and DISTANCE between landmarks and monuments. A metes and bounds description is often lengthy because it must identify each line and angle. starts and ends at POB

Priorities in Metes and Bounds Descriptions

Natural or permanent monuments are used over less permanent ones. Lot and block descriptions are more widely accepted than metes and bounds descriptions. Map references generally control a metes and bounds description. If the call (description) for a monument refers to one having width, the boundary line generally extends to the center of such monument. For example, land adjoining highways and streets vests title to the center of the street.

Estate in land (estate)

Ownership rights in real property; the bundle of legal rights that the owner has to possess, use, and enjoy the property

Person

Person: this term means and includes individuals, entities, corporations, limited liability companies, registered limited liability partnerships, and partnerships, foreign or domestic, except that when the context otherwise requires, the term may refer to a single individual or other described entity.

Personal Property

Personal property is ownership of anything that is not real estate, and the rights associated with owning the personal property item. Items of personal property are also called chattels or personalty.

Fixture

Personal property that has been converted to real property by attachment is called a fixture. Typical examples are: chandeliers, toilets, water pumps, septic tanks, and window shutters.

Emblements

Plants and crops requiring human intervention and labor are called emblements. Emblements, despite their attachment to land, are considered personal property. If an emblement is owned by a tenant farmer, the tenant has the right to the harvested crop, whether the tenant's lease is active or expired. If the tenant grew the crop, it is his or her personal property, and the landlord cannot take it.

Real property

Real property is ownership of real estate and the bundle of rights associated with owning the real estate.

Riparian Rights

Riparian rights concern properties abutting moving water, such as streams and rivers. If a property abuts a stream or river, the owner's riparian rights are determined by whether the water is navigable or not navigable. If the property abuts a non-navigable stream, the owner enjoys unrestricted use of the water and owns the land beneath the stream to the stream's midpoint. If the waterway in question is navigable, the waterway is considered to be a public easement. In such a case, the owner's property extends to the water's edge, as opposed to the midpoint of the waterway. The state owns the land beneath the water. if navigable, abutting property owners own land to water's edge; may use, but state owns underlying land; if not navigable, owner owns land to midpoint of waterway

Selling the entire bundle of rights is known as ... ?

Selling the entire bundle of rights is known as Livery of Seisin - "I own it and I have the right to sell it."

Doctrine of Prior Appropriation

Since water is a resource necessary for survival, some states -- particularly those where water is scarce -- have taken the legal position that the state owns and controls all bodies of water. Called the Doctrine of Prior Appropriation, this position requires that property owners obtain permits for use of water. Doctrine of Prior Appropriation-- state controls water usage, grants usage permits

Property

Something that is owner by someone a set of rights to the item enjoyed by the owner. These rights are commonly known as the "bundle of rights."

Subsurface Rights

Subsurface rights apply to land beneath the surface of the real estate parcel extending from its surface boundaries downward to the center of the earth. Notable subsurface rights are the rights to extract mineral and gas deposits and subsurface water from the water table. Mineral rights may be separate estates. For example, a landowner might sell rights to oil or gas found in the land but keep the rights to all other minerals. The landowner might sell other mineral rights to another party, creating a third party interest in the real estate. In some areas, subsurface rights might be granted for the building of tunnels between parcels to create underground walkways for pedestrians.

Surface Rights

Surface rights apply to the real estate contained within the surface boundaries of the parcel. This includes the ground, all natural things affixed to the ground, and all improvements. Surface rights also include water rights.

Tangible Property

Tangible property is physical, visible, and material. Real estate, by its physical nature, is tangible property. Personal property may be tangible or intangible. Boats, jewelry, coins, appliances, computers, and art work are examples of tangible personal property.

Public Land Survey System (PLSS)

The PLSS is used in some capacity by most states (30 southern and western States) to describe land. The Land Ordinance of 1785 provided for the systematic survey and monumentation of public domain lands, and the Northwest Ordinance of 1787 establishing a rectangular survey system, were the beginning of the Public Land Survey System (PLSS)

When did the State of Illinois get a real estate license?

The State of Illinois has had real estate license laws since 1921. The laws are intended to regulate the industry in Illinois for the intention of protecting the public. The previous law in effect in Illinois was known as the Real Estate License Act of 1983. This, however, has been fully replaced by the Real Estate License Act of 2000, as amended 12/31/2009, often referred to simply as "the Act."

Pocket Card

The card issued by the Department to signify that the person named on the card is currently licensed.

Cooperative association's interest

The corporate entity of the cooperative association is the only party in the cooperative with a real property interest. The association's interest is an undivided interest in the entire property. There is no ownership interest in individual units, as with a condominium.

Address of Record

The designated address recorded by the Department in the applicant's or licensee's application file or license file as maintained by the Department's licensure maintenance unit. It is the duty of the applicant or licensee to inform the Department of any change of address, and those changes must be made either through the Department's website or by contacting the Department.

Expense Liability

The failure of individual shareholders to pay monthly expense assessments can destroy the investment of all the other co-op owners if the co-op cannot pay the bills by other means. Since the corporation owns an undivided interest in the property, debts and financial obligations apply to the property as a whole, not to individual units. Should the corporation fail to meet its obligations, creditors and mortgagees may foreclose on the entire property. A completed foreclosure would terminate the shareholders' proprietary lease, and bankrupt the owning corporation. Compare this situation with that of a condominium, in which an individual's failure to pay endangers only that individual's unit, not the entire property.

Judicial regulation

The judicial system exerts an influence on real estate ownership and use through decisions based on case law and common law, as distinguished from statutory law. Case law consists of decisions based on judicial precedent. Common law is the collective body of law deriving from custom and generally accepted practice in society.

Pre-renewal period

The period between the date of issue of a currently valid license and the license's expiration date.

Recorded Plat System

The recorded plat system describes property by identifying the registered lot and then block on a recorded subdivision plat or survey. The recorded plat system is also called the lot and block system or subdivision map system. It is one of the easiest and most widely used methods of describing land. A plat is a subdivision map filed with the county recorder's office that shows the location and boundaries (lot and block number) of individual parcels of land (lots), street right-of-way, subdivision name, and easements. Lots and blocks are assigned numbers or letters. A lot is a single parcel of land that will be sold within a subdivision to a buyer. A block is a contiguous group of lots, which are generally bounded by man-made features, such as streets or natural features, such as creeks.

The legal concept of land encompasses:

The surface area of the earth Everything beneath the surface of the earth extending downward to its center All natural things permanently attached to the earth or in the ground, including plants, trees, and grass The air above the surface of the earth extending outward to infinity Minerals beneath the earth's surface Water on or below the earth's surface

Real Estate

This term means and includes leaseholds as well as any other interest or estate in land, whether corporeal, incorporeal, freehold, or non-freehold, and whether the real estate is situated in Illinois or elsewhere.

Ministerial Acts

Those acts that a licensee may perform for a consumer that are informative or clerical in nature and do not rise to the level of active representation on behalf of a consumer. Examples of these acts include without limitation:

Township

Townships are six miles by six miles, 36 square miles Sections are one mile by one mile, 36 in each township and contain 640 acres Townships run east and west in ranges and north and south in tiers. Each township is described by its location, relative to the intersection of the baseline and meridian we have just discussed.

Trade/Chattel Fixtures

Trade fixtures, or chattel fixtures, are items of a tenant's personal property that the tenant has temporarily affixed to a landlord's real property in order to conduct business. Trade fixtures may be detached and removed before, or upon surrender, of the leased premises. Should the tenant fail to remove a trade fixture, it may become the property of the landlord through accession. Thereafter, the fixture is considered real property. Examples of trade fixtures include a grocer's food freezers, a merchant's clothes racks, a tavern owner's bar, a dairy's milking machines, and a printer's printing press.

Tenancy in common

Two or more owners have identical rights -- unity of possession Interests are individually owned -- Co-tenants have distinct and separable ownership of their respective interests; may sell, encumber, or transfer their interests without obstruction or consent from the other owners; a co-tenant may not encumber the entire property. Electable ownership shares -- Co-tenants determine what share of the estate each party will own; in the absence of stated ownership shares, it is assumed that each has a share equal to that of the others. No survivorship -- A deceased co-tenant's estate passes by probate to the decedent's heirs and devisees rather than to the other tenants in common. Estate in Common -- No unity of time -- It is not necessary for tenants in common to acquire their interests at the same time. A new co-tenant may enter into a pre-existing tenancy in common.

Involuntary Lein

Type of lein created without the property owner's express permission... get attached to all properties that you own...IRS, child support, etc.

The conditions for creating a joint tenancy are referred to as the four unities. Name them.

Unity of time-- all parties must acquire the joint interest at the same time Unity of title-- all parties must acquire the property in the same deed of conveyance Unity of interest-- all parties must receive equal undivided interests Unity of possession-- all parties must receive the same rights of possession

Datum

When measuring land, a surveyor uses datum. A datum is a point, line, or surface against which measurements are made. Horizontal datums use longitude and latitude. Vertical datums are used to measure height as in a condominium unit or depth, such as subsurface mineral rights. The most common datum used in the United States is mean sea level. Starting at a datum, government survey teams establish benchmarks to act as reference points for surveying. A benchmark is a survey reference mark made on a monument indicating a known location and elevation.

Littoral rights

abutting property owners own land to high water mark; may use, but state owns underlying land; navigable, non-moving water Littoral rights concern properties abutting bodies of water that are not moving, such as lakes and seas. Owners of properties abutting a navigable, non-moving body of water enjoy the littoral right of use, but do not own the water or the land beneath the water. Ownership extends to the high-water mark of the body of water.

Voluntary Lein

actually sign to this ..... a property owner may create a voluntary lien to borrow money or some other asset secured by a mortgage.... created by the borrowers actions such as taking out a mortgage

Blind advertisement

any real estate advertisement that does not include the sponsoring broker's business name and that is used by any licensee regarding the sale or lease of real estate, including his or her own, licensed activities, or the hiring of any licensee.

Courses

courses are directions of a line as it varies from north or south

Legal Life Estate

created by state law rather than by a property owner's agreement. focuses on defining and protecting the property rights of surviving family members upon the death of the husband or wife. major forms of legal life estate are the homestead, dower and curtesy, and elective share.

A parcel/ tract of land

is a portion of land delineated by boundaries.

Testamentary Trust

is a trust created by a will. It only comes into use when the person making the will dies. A testamentary trust is structurally and mechanically the same as a living trust, except that it takes effect only when the trustor dies. Provisions of the decedent's will establish the trust. Testamentary trusts may involve personal property as well as real property.

accretions

land resulting from the soil build-up caused by the natural action of the river or stream.

Proprietary Lease

the co-op lease is called a proprietary lease because the tenant is an owner (proprietor) of the corporation that owns the property. The lease has no stated or fixed rent. Instead, the proprietor-tenant is responsible for the unit's pro rata share of the corporation's expenses in supporting the cooperative. Unit owners pay monthly assessments. The proprietary lease has no stated term and remains in effect over the owner's period of ownership. When the unit is sold, the lease is assigned to the new owner.