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Details

Real Estate Law Test 2
16-Insurance Relating to Real Estate, 18, 19
16
Real Estate & Planning
Undergraduate 4
10/11/2009

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Cards

Term
Nominee
Definition
someone who buys property on another's behalf to keep the prices down when assembling lots
Term
Options
Definition
a promise to sell and an option to buy...most of the time the buyer will not buy unless all sellers have agreed to sell
Term
Contract Provisions
Definition
contingency clause to leave contract if unable to acquire all desired lots
Term
Tenancy in Common
Definition

  • undivided interest
  • all rooms fair game
  • can sell interest
  • if any die, the heirs become tenants in common

Term
With Joint Tenancy, you have 1 and the same ______ and 1 and the same _______.
Definition
interest and deed
Term
If James, David, Mike, and Sam have Joint Tenancy: and James sells to Nick..what happens
Definition
Nick is Tenant in Common
Term

If James, David, Mike, and Sam have Joint Tenancy: and James dies...

With Right of Survivorship

Definition

interest goes to the survivores

David: 33%

Mike: 33%

Sam: 33%

Term
If James, David, Mike, and Sam have Joint Tenancy: If James sells to Nick and and Sam dies...
Definition

Mike and David have each have 1/4 to start with..then Nick has 1/4 interest from the Tenancy in Commn...Then when Sam dies, his interest is divided between Mike and David leaving them  1/4 +1/8=3/8

and Nick still has 1/4

Term
If James, David, Mike, and Sam have Joint Tenancy: If Sam sells to Nick, what kind of onwership does he have?
Definition
Tenancy in Common since his interest did not start when the others did
Term

If a Joint Tenancy is without a Right of Survivorship, the rights go to the heirs after death.

T/F

Definition
True
Term

If an agreement cannot be made as to who gets what land in a partition, the court will foreclose on the property.

T/F

Definition
FALSE-The property is sold and the proceeds are divided according to respective interest
Term
What are the 4 Unities
Definition
Time, Title, Interest, and Possession
Term
Community Properties
Definition
if married, everything is 50-50 not matter who owned first
Term
What are the two exceptions for Community Properties?
Definition
  1. Bring Property to Marriage
  2. Gift that is clearly to one person only
Term
What is the Surviving Spouse Elective Share?
Definition
if married and 1 dies, the survivor gets 1/3...but most waive to recover more from a will
Term

School Taxes are included in the 50,000 exemption for Homesteads.

T/F

Definition
False
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