SECTION 6/ UNIT 2

What happens after a lien foreclosure sale if not enough money were made from the auctioning of the property to pay off the lien holders?

A deficiency judgment against the property owner for the outstanding balance to the lien holders is issued.

The addition of value to property through labor or the addition of new materials

Accession

The build-up of land from sand, silt, or gravel over water

Accretion

Which term is defined as land that is built up by water depositing sand, silt, or gravel?

Accretion

The land mass formed by the build-up of sand, silt, or gravel over water

Alluvion

Whew! You met all of the requirements for a claim of adverse possession, and now you can just kick back and relax in your new million dollar home, right? Not quite. What else do you need to do to acquire ownership of your new abode? Select the two that apply. File the paperwork to transfer title and send a quitclaim deed request to the owner. Appear in court and move to quiet title. Prove you've met all requirements for the statutory period of time. File an affidavit of intent with the title company.

Appear in court and move to quiet title. Prove you've met all requirements for the statutory period of time.

The sudden loss or gain of land due to water

Avulsion

If a borrower is too strapped for cash to use the right of redemption, then bankruptcy may be the last line of defense against foreclosure. Use the resource to match the choices to the type of bankruptcy filed. Involves demonstrating how you will reorganize your finances

Chapter 11

If a borrower is too strapped for cash to use the right of redemption, then bankruptcy may be the last line of defense against foreclosure. Use the resource to match the choices to the type of bankruptcy filed. Title conveyed to a bankruptcy trustee

Chapter 7

If a borrower is too strapped for cash to use the right of redemption, then bankruptcy may be the last line of defense against foreclosure. Use the resource to match the choices to the type of bankruptcy filed. For corporations or individuals

Chapter 7 and Chapter 11

If a borrower is too strapped for cash to use the right of redemption, then bankruptcy may be the last line of defense against foreclosure. Use the resource to match the choices to the type of bankruptcy filed. Temporarily stalls foreclosure actions

Chapter 7 and Chapter 11

In which method of involuntary alienation does a court decide how the proceeds from the sale of land owned by tenants in common will be distributed?

Court-ordered partition of property

The person named as the recipient of real property in a will is called the _______.

Devisee Real property conveyed through a will is called a devise, and the person who is named as the recipient of the property is called the devisee.

The gradual loss of land due to water, wind, or other natural disturbances

Erosion

Alice died alone with no known relatives and no will. No one made a claim to her house, so the property is taken by the state and turned into a home for children. What method of involuntary alienation was used in this situation?

Escheat Because Alice's estate had no heirs or creditors, the state took the property and repurposed it for public use.

The Johnsons have owned a small restaurant for more than 20 years. It's open for lunch and dinner six days a week, and 80% of its weekday revenue comes from the happy hour drink and appetizer specials. The town in which their restaurant is located recently constructed a new middle school and stripped the liquor license from the Johnsons' restaurant, because it no longer complies with the ordinance to be 500 feet from a school property. The Johnsons have accused the town of _____.

Inverse condemnation

Let's start off by sorting one method of alienation from another. Identify each method as either voluntary or involuntary.

Involuntary: Eminent domain, Adverse possession, Escheat, Descent, Regulatory taking, Foreclosure, Natural processes, Court-ordered partitioning

Document used to convey a PUBLIC GRANT is called

Land Patent

Greg died of a heart attack on his 75th birthday, leaving no will. His wife is deceased, and the couple had no children. Greg's estate goes into probate, and the court determines which of Greg's heirs will inherit the family home. What method of alienation was used in this situation?

Law of descent Because Greg died without a will, his estate's assets were distributed according to the law of descent and distribution.

So, what does a public grant actually grant to private individuals? Select all that apply. Power An easement Real property

Real property Real property License Good job! A public grant is when the government actually grants power, license, or real property to a private individual or individuals. That's mighty generous, isn't it?

The increase of land resulting from the gradual, permanent withdrawal of water

Reliction

Kelo vs. the United States was a Supreme Court case that centered on a city's use of the power of eminent domain. The resource briefly describes the focus of this case. What was significant about the court's ruling?

The court ruled that cities can exercise the power of eminent domain to promote private economic development, stating that the public will get an economic benefit.

Let's start off by sorting one method of alienation from another. Identify each method as either voluntary or involuntary.

Voluntary: Deed, Will