lw 270 ch 48 exam 1
License
a document that grants a person the right to enter on another's property for a specified and usually short period of time
Express easement
easements that are expressly created by words; these include easements by grant (occurs where an owner expressly grants another party an easement across their property), easement by reservation (occurs where an owner sells land that they owns to another party but reserves an easement on the sold land)
a ____________ is a right of possession that returns to the grantor after the expiration of a limited or contingent estate.
reversion
Subsurface rights (mineral rights)
rights to the earth located beneath the surface of the land
a ______________ is a form of co-ownership in which the interest of a surviving tenant in common passes to the deceased tenant's estate and not to the co-tenants.
tenancy in common
Real property
the land itself as well as buildings, trees, soil, minerals, timber, plants, and other items permanently affixed to the land
a ______________ is an estate in which the owner has a present possessory interest in the real property.
freehold estate
a __________________ is a deed that protects a grantee of real property from defects in title caused by the grantor and prior owners of the property.
general warranty deed (grant deed)
Theo and James were married on June 20, 2015, and they decided to make their home in Portland, Oregon, where they own a two-story home with an attached garage. The documents of ownership clearly state that should either Theo or James die, their interest in the property will pass to the surviving party. Neither Theo nor James can sell his interest in the property without the other's consent. This form of co-ownership is best described as a
tenancy by the etirety
Servient estate
the land over which an easement is granted
Dominant estate
the land that benefits from an easement
Grantee
the party to whom an interest in real property is transferred
Grantor
the party who transfers an ownership interest in real property
Sale (conveyance)
the passing of title from a seller to a buyer for a price • When a buyer has been located and the parties have negotiated the terms of the sale, a real estate sales contract is executed by the parties • The seller delivers a deed to the buyer and the buyer pays the purchase price at the closing or the settlement
Surface rights
the right to occupy the land, the owner may use, enjoy, and develop the property as they sees fit, subject to any applicable government laws and regulations
Marketable title (good title)
title to real property that's free from any encumbrances or other defects that aren't disclosed but would affect the value of the property • 3 most common ways of assuring marketable title o Attorney's opinion- an attorney examines an abstract of title and renders an attorney's opinion concerning the status of the title o Torrens system- method of determining title to real property in a judicial proceeding at which everyone claiming an interest in the property can appear and be heard, after the evidence is heard the court issues a certificate of title to the person who's determined to be the rightful owner o Title insurance- a form of insurance obtained from a title insurer who agrees to reimburse the insured for losses caused by undiscovered defects in title
Ownership of real property can be
transferred by gift, will, trust, or inheritance
Nonconforming uses
uses for real estate and buildings that already exist in a zoned area that are permitted to continue even though they don't fit within a new zoning use established for the area
A famous architect wants to build a modern community center building made completely of stainless steel that rises six stories and incorporates sharp angles and an irregular shape, and approaches the zoning commission about building it in Old Town, an area filled with traditionally styled buildings from the 1800s. In following the city's _____________, which require that the traditional aesthetics of Old Town be maintained, the city can deny the architect's building permit for the proposed community center.
zoning ordinances
_________________ is a form of ownership in which each spouse owns an equal one-half share of the income of both spouses and the assets acquired during the marriage.
Community property
______________________ are ownership rights in real property; the bundle of legal rights that the owner has to possess, use, and enjoy the property
Estates in land (estate)
Charles owns a piece of land on which he has constructed a house. There are no limitations on his ownership rights, and he owns this property for the duration of his lifetime. Charles can transfer the property by will to a named beneficiary or beneficiaries when he passes away. The type of freehold estate represented by Charles's ownership is best described as
fee simple absolute (fee simple).
____________________ is title to real property that is free from any encumbrances or other defects that are not disclosed but would affect the value of the property.
Marketable title (good title)
_____________ are uses for real estate that buildings that already exist in a zoned area that are permitted to continue even though they do not fit within a new zoning use established for the area.
Nonconforming uses
______________ are rights to the earth located beneath the surface of the land.
Subsurface rights (mineral rights)
Penelope Stevenson is a wealthy woman who owns many properties in the "old town" area of the town where she lives. A lifelong lover of books, she decides to give one of her properties to the local library foundation for "as long as the property is used as a library." The ownership rights of the library foundation are best described as
fee simple defeasible (qualified fee).
Quitclaim deed
a deed in which the grantor of real property transfers whatever interest they have in the property to the grantee
Special warranty deed (limited warranty deed)
a deed that protects a grantee of real property from defects in title caused by the grantor
General warranty deed (grant deed)
a deed that protects a grantee of real property from defects in title caused by the grantor and prior owners of the property
Easement
a given or required right to make limited use of someone else's land without owning or leasing it
right of survivorship
a legal rule that, on the death of one joint tenant, the deceased person's interest in the real property automatically passes to the surviving joint tenant or joint tenants future interest- the interest that a grantor retains for themselves or a third party • 2 forms o Reversion- a right of possession that returns to the grantor after the expiration of a limited or contingent estate o Remainder- a right of possession that returns to a third party on the expiration of a limited or contingent estate, a person who possesses this right is called a remainder beneficiary
Easement appurtenant
a situation created when the owner of one piece of land is given an easement over an adjacent piece of land
Your aunt is selling her house in New Hampshire to move to a condominium in Florida. The house includes a number of storage spaces, such as built-in kitchen cabinets and shelving in many of the bedrooms. This cabinetry cannot be removed from the house without causing significant damage to the walls. The cabinets and shelving in your aunt's house are best described as
fixtures
concurrent ownership (co-ownership)
a situation in which 2 or more persons own a piece of real property • recognized forms: 2 or more parties can own real estate as joint tenants (includes the right of survivorship), tenancy in common (the interest of a surviving tenant in common passes to the deceased tenant's estate and not to the co-tenants) the parties involved are called tenants in common, tenancy by the entirety (can be used only by married couples), community property (each spouse owns an equal ½ share of the income of both spouses and the assets acquired during the marriage) property that's acquired through gift or inheritance either before or during marriage remain separate property, condominium (common form of ownership in a multiple-dwelling building in which the purchaser has title to the individual units and owns the common areas as a tenant in common with the other condominium owners), cooperative (a form of co-ownership of a multiple-dwelling building in which a corporation owns the building and the residents own shares in the corporation
Nonpossessory interest
a situation in which a person holds an interest in another person's property without actually owning any part of the property
Adverse possession
a situation in which a person who wrongfully possesses someone else's real property obtains the title to that property if certain statutory requirements are met • To obtain title under adverse possession, most states require that the wrongful possession must be o For a statutorily prescribed period of time o Open, visible, notorious o Actual and exclusive o Continuous and peaceful o Hostile and adverse
Recording statute
a state statute that requires a mortgage or deed of trust to be recorded in the county recorder's office of the county in which the real property is located • Recording the deed gives constructive notice to the world of the owner's interest in the property
Quiet title action
an action brought by a party, seeking an order of the court declaring who has title to disputed property, the court "quiets title" by its decision
Easement in gross
an easement that authorizes a person who doesn't own adjacent land to use another's land
Easement by prescription
an easement that's created by adverse possession
Freehold estate
an estate in which the owner has a present possessory interest in the real property (the owner may use and enjoy the property as they sees fit, subject to applicable government regulation or private restraint) • 3 types o fee simple absolute (fee simple)- a type of ownership of real property that grants the owner the fullest bundle of legal rights that a person can hold in real property if a person owns real property in fee simple their ownership: is infinite in duration (Fee), has no limitations or inheritability (simple), doesn't end on the occurrence of any event (absolute) o fee simple defeasible (qualified fee)- a type of ownership of real property that grants the owner all the incidents of a fee simple absolute except that it may be taken away if a specified condition occurs or doesn't occur o life estate- an interest in real property for a person's lifetime; on that person's death, the interest is transferred to another party estate pour autre vie- a life estate that's measured by the life of a third party
Variance
an exception that permits a type of building or use in an area that wouldn't otherwise be allowed by a zoning ordinance
Deed
an instrument that describes a person's ownership interest in a piece of real property
In college, you and fifteen of your friends pool your resources and buy a house. You create a corporation, then each friend buys shares in the corporation, and then you all sign lease agreements for different rooms in the house. You can't take out a loan based on the room that you own, but the corporation can borrow money on a blanket mortgage, in which case you would be jointly and severally liable on the loan. This type of co-ownership is best described as a
cooperative
Profit-à-prendre (profit)
document that grants a person the right to remove something from another's real property
Martin and Carl own properties that are adjacent to one another, and Carl's property abuts a public pond and grazing area for animals. For 35 years, Martin has crossed to the pond and grazing area via a path that cuts across the back of Carl's property. Martin's longtime use of the path across Carl's property has created an
easement appurtenant
an ______________ is an easement that is created when an owner subdivides a piece of property that has a well, path, or road on it that serves the entire parcel, and the purchasers of the subdivided pieces of property have an implied easement to use the well, path, or road.
easement by implication
Implied easement
easements that are implied from the circumstances; these include easements by implication and easements by necessity
Fixtures
goods that are affixed to real estate and thus become part thereof
Laurie and Steve own a small candy shop together, located on Main Street in Allentown, Pennsylvania. Their agreement spells out that should one of the parties die, that person's interest automatically passes to the surviving party. Laurie and Steve's agreement is best described as a
joint tenancy
a ___________ is an interest in real property for a person's lifetime; on that person's death, the interest is transferred to another party.
life estate
Zoning ordinances
local laws that are adopted by municipalities and local governments to regulate land use within their boundaries
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
Many states provide a _____________ after a tax sale during which the taxpayer can redeem the property by paying the unpaid taxes and penalties
period of redemption
Licensor
person granting the license
Licensee
person receiving the license
Plant life and vegetation
plant life and vegetation growing on the surface of land are considered real property
Cindy decides to gift her brother, Bob, with a small cottage that she owns on a piece of property adjacent to her main summer home. To transfer her interest in the house to Bob, Cindy signs a
quitclaim deed
______________ is the land itself as well as buildings, trees, soil, minerals, timber, plants, and other items permanently affixed to the land.
real property
Greenwhite Bank makes a loan to Joseph Stokes to purchase a house and takes back a mortgage. When Joseph's loan is taken out, Greenwhite Bank fails to record the mortgage in the country recorder's office, so when Joseph tries to borrow more money on the house from a national bank, no recorded mortgage is found. Greenwhite Bank should have filed the mortgage at the country recorder's office under the state's
recording statute
Carla Stewart is the brother of Matthew Stewart, who lives in a house granted to him by their aunt Joelle. Joelle has conveyed the property to Matthew Stewart for his lifetime, and after Matthew passes away, the right to possess the property will pass to Carla. In this arrangement, Carla Stewart represents the
remainder beneficiary
a ___________________ is a deed that protects a grantee of real property from defects in title caused by the grantor.
special warranty deed (limited warranty deed)
You decide to purchase a parcel of land near Atwood, Michigan. When the purchase is completed and you own the land, you intend to begin construction of a new home for you and your family. Your rights to use, enjoy, and develop the land you own are called
surface rights
