Shared Flashcard Set

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Real Estate Law Test 1
6-Land Titles and Interests in Land
16
Real Estate & Planning
Undergraduate 4
09/13/2009

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Cards

Term
What us the highest type of interest?
Definition
Complete, or Fee Simple Absolute
Term
"Charlie has title"
Definition

Charlie is the fee owner

Charlie owns the land in fee simple

Charlie has an estate in fee simple absolute

Term
Leasehold estate.. or Term for Years
Definition
If Charlie, who is the fee simple owner, executes a 10 year lease to Frank. Frank now has a leasehold estate and is the lessee
Term
What is a chattel real
Definition
another name for a lease... some attributes of real property and some attributes of chattel
Term
estate
Definition
used to express the degree, quantity, nature, duration, or extent of interest in land
Term
Divisions of Land Ownership
Definition

  1. Time
  2. Vertically(air rights)
  3. Substance(subsurface)
  4. Co-Owners

Term
Life Estate
Definition
Can use and enjoy the land only during his lifetime
Term
5 ways to create a life estate
Definition

  1. Will
  2. Deed
  3. Dower
  4. Curtesy
  5. Homestead

Term
Trust
Definition
equitable obligation, binding a trustee to deal with the trust property or trust estate for the benefit of the beneficiaries, any of whom may enforce the trustee's obligations
Term
Testamentary Trust
Definition
Frank dies leaving a will that gives all of his property to Charlie the Trustee, in trust, with power to sell the property and make investments, the income of the trust be payable to the Widow during her lifetime, and on her death the trust property to be distributed to Dennis and Sweet Dee..... created by Franks last will and testament
Term
Living Trust
Definition
Frank signs a deed conveying his land to Charlie the Trustee, in trust, with power to sell the property and make investments, the income of the trust to be payable to Landowner during his lifetime, and after Franks death then to Widow then to Dennis and Dee..... called a living trust since it goes into effect while Franks alive
Term
Land Trust
Definition
If Frank wants  to acquire his property but does not want his family to know..so he conveys the land to Charlie the Trustee only acts if directed to... the agreement from Charlie and Frank is unrecorded
Term
Condemnation Proceeding
Definition
The lawsuit involved with eminent domain which is commenced by the city or other public desiring to acquire title
Term
Record or Paper Title
Definition
Complete succession of deeds from the first conveyance from the government down to the current record landowner
Term
Reasons for adverse possession
Definition

  1. it furthers the public policy that encourages the use of land
  2. ownership of real estate often depends on transactions that occurred so long ago that the witnesses who were familiar with the transaction are dead or have forgotten

Term
For adverse possession... it must be
Definition

  1. actual
  2. hostile
  3. notorious
  4. exclusive
  5. continuous
  6. under claim of right

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