Term
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Definition
Estates of Ownership for an indefinite period.
Fee Simple
Life Estate |
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Term
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Definition
Leasehold - are estates of possession for a determined period, lease.
Estate for Years
Tenancy at Will
Tenancy at Sufferance |
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Term
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Definition
Freehold Estate
Absolute is the most comprehensive estate and it is inheritable |
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Term
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Definition
Freehold Estate
Measured by a natural life span
Estate in Reversion
Remainder Estate - Vested/Contingent |
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Term
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Definition
Freehold Estates
Life Estate
Occurs when property returns to the grantor |
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Term
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Definition
Freehold Estates
Life Estate
Occurs when property goes to third party
Vested/Contingent |
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Term
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Definition
Freehold Estates
Life Estate
Refers to someone whose legal name is specified |
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Term
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Definition
Freehold Estates
Life Estate
Refers to someone whose legal name is not specified such as first born child |
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Term
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Definition
Non Freehold Estates
written lease agreement with a specific starting and ending date |
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Term
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Definition
Non Freehold Estates
Either an oral agreement or one that has no specific ending date.
Termination -
7 day notice for week to week
15 day notice for month to month |
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Term
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Definition
Non Freehold Estates
when the lease period has ended and the tenant is a holdover |
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Term
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Definition
Estate in Severality
One Owner |
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Term
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Definition
Tenancy in Common
Joint Tenancy
Tenancy by Entireties |
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Term
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Definition
Two or more people
Undivided Possession
Equal or unequal interest
Same or different time
Same or different title
No right of survivorship - Heirs inherit |
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Term
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Definition
Two or more people
Undivided possession
Equal Interest
Same time
Same title
Right of survivorship |
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Term
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Definition
Husband and wife only
undivided possession
Interest equal
same time
same title
right of survivorship |
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Term
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Definition
Surface Rights
Associated with land abutting the banks of a river, stream or watercourse |
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Term
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Definition
Surface Rights
Associated with the land abutting tidal bodies of water. Ocean, Sea or Lake. |
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Term
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Definition
Accretion - Process of land building from water borne rock, and and soil.
Alluvion - New deposits of land as a result of Accretion. Landowner is entitled to new land.
Erosion - Gradual loss of land due to natural forces. Landowner may lose land.
Reliction - Gradual receding of water, uncovering additional land. Landowner gains land. |
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Term
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Definition
DUPE
Disposition - Right to sell, mortgage and protection of private rights of ownership.
Use (Control) Unterrupted use and control of the land.
Possession (Occupy) - Right to occupy the premises.
Exclusion (Quite Enjoyment) - Home is castle. Right to control entry onto land. |
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Term
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Definition
Homestead includes protections:
Protected from forced sale for all but certain taxes and liens. (Property, Assessments, mortgages...)
Tax Exemption - $50000 assessed value deduction.
1/2 acre within city
160 acres outside city.
Protection for family - Spouse receives life estate and children receive remainder estate. |
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Term
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Definition
| Upon death, surviving spouse man elect to file elective share. 30% of the net estate of real and personal property. |
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Term
| Exempt Property Elective Share |
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Definition
| Property defined as household furniture, furnishings, appliances up to a net value of $10000 plus autos. |
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Term
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Definition
Form of ownership of real property wherein legal title is vested in a corporation. Stock entitles the purchaser to a proprietary lease and the right ot occupy the unit for the life of the corporation.
Corporation may stipulate shareholders sell stock back versus selling on open market and may be at original purchase price depriving of profit. |
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Term
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Definition
| Form of real property consisting of units and elements. Structural and common areas are elements. |
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Term
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Definition
Delcaration - creates the condominium by recording in the county records.
Articles - Not for profit ususally. Creates the coporate entity by filing with State.
Bylaws - Operational requriements of the association.
FAQ and Estimated Budget which forms basis for monthly fees. |
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Term
| Comdominium Disclosures and Cancellation |
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Definition
Documents are required to be filed with Division of Condos, timeshares and mobile homes.
20 or more units must have prospectus
New unit sale may be cancelled within 15 calendar days of signing.
REsale may cancel with 3 days. |
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Term
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Definition
Ownership involves undivided interest in a living unit accroding to the number of weeks purchased.
Of note, unlawful for real estate licensee to collect an advance fee for the listing of time share unit.
Interval Ownership - Owned out right
Right to Use - Period ownership then reverts back to developer seller. |
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Term
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Definition
| Property that is not real. AKA Chattel. Savings Account, Car and Jewelry. |
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Term
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Definition
| All real estate in land or business including any assignment leasehold, subleasehold, or mineral right. Does not include cemetery lot, mobile home lot or recreational lot. |
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