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| A riparian owner owns to the center of an inland lake. A littoral owner (big water) owns to the high water mark. |
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| The area from the high water mark to the wet sand is controlled by the state; exclusive use is limited to the littoral owner. The public retains the right of passage only from the wet sand into the water. |
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| Personal property is also known as: |
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| All items that are movable or the right/interest one holds in movable things. |
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| A member of the National Association of Real Estate Brokers. |
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| Defects that are hidden; those of which only a seller would be aware. |
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| Defects which are obvious and one which a reasonable buyer would be expected to discover. |
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| Duty to Present all offers |
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| A listing agent must present all offers made on a represented seller's property (unless the seller embowers the agent to reject offers below a certain amount) |
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Definition
$1.10 per $1000 of Sales Price OR
0.55 per $1-$500 of Sales Price |
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| Transfer Tax (total calculation) |
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| $860 per $100,000 of Sales Price |
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| A future interest where the estate reverts or returns to the original fee simple owner/grantor. |
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| A future interest created in someone other than the original grantor. |
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| An easement consisting of two adjoining properties. One property contains the easement that benefits the neighboring property....runs with the land. |
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| Personal privilege to do some act, or series of acts, on the land of another without possessing any title, interest or estate in the land. Such as hunting. |
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| Any illegal intrusion that invades a highway, waterway or property of another. If a building, or some part of it, illegally extends beyond its lot line..... |
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Definition
| Since nearly all liens are of equal importance, the issue of priority typically comes down to timing....who gives first notice as to the existence of his lien has priority. |
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Definition
| A concurrent form of ownership in which 2 or more persons owns a single estate in land on an entirely equal basis. Four unities must be present. |
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Definition
| A concurrent form of ownership (2 or more persons at the same time) where each person hold separate titles and an undivided/fractional interest. Interests don't have to be equal. |
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| Tenancy by the Entireties |
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Definition
| A concurrent form of ownership which is enjoyed exclusively by a husband and wife. Five unities must be present. |
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Definition
| All owners must have obtained title at the same moment. |
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Definition
| All owners must share the same title. |
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Definition
| All owners must share equal fractional shares of ownership. |
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Definition
| All owners have the right to possess, use and enjoy the entire property. |
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| Information which one has been directly given or has personally learned from direct contact. (e.g. possession) |
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| Information the law imputes to a person (charges him with knowing) even though he may not actually be aware of the facts. (record written notice) |
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| Title Assurance - Two ways to determine quality of title are: |
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Definition
| Abstract of Title with Opinion of Attorney OR Master Deed with Title Insurance |
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Definition
| Process used to divide and allocate part of a financial obligation to seller and purchaser. (E.g. taxes) |
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| Monuments property description |
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Definition
| A property description that uses monuments to mark the starting point and all boundary markers. |
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| Metes and bounds property description |
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Definition
| An accurate tool for describing property that specifies measurements, directions and exact shape of the lot boundaries. |
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| A particular parcel of land within a section described as a fractional portion of that section. (e.g. North 1/2 of the Northwest 1/4 of the Northeast 1/4 - WORK BACKWARDS) |
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| A method of describing property that makes use of a previously recorded plat. |
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| Parcel ID Number or Tax ID Numbers - used to identify lots |
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| A district area that separates two districts with different zones. The intent is to make the inconsistent uses blend more easily with one another. (e.g. Sterling Heights) |
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| A zoning restriction that makes it difficult for low income or certain social groups to locate within a community. |
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| According to MI wetlands protection , no person may build or otherwise develop a designated protected area without first obtaining a permit. |
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| Various MI acts are designed to preserve farmland and other open space areas by affording special tax treatment for non-development. |
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Definition
| Sometimes an offeree wants to have some time to decide whether to accept an offer....to prevent the offeror from revoking his offer, a special provision limiting this right must be included. (Must be supported by consideration - e.g. seller includes home warranty) |
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| Silent Fraud is also known as: |
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Definition
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Term
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Definition
| A law that requires certain classes of contracts to be in writing to be considered enforceable by a court of law. |
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Term
| Contracts that are affected by the Statute of Frauds: |
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Definition
* Contracts for the sale or transfer of an interest in land.
* Contracts for more than 1 year
* Contracts for the sale of goods in excess of $500
* Contracts to pay commission |
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