Term
| What is real property? What are the 4 types? |
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Definition
| Real property is immovable or attached to immovable land or buildings. The four types of real property are - Land - Subsurface - Plants - Fixtures |
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Term
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Definition
| Estate is the ownership rights in real property. |
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Term
| What is a Freehold Estate? What are the 3 types? |
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Definition
| Freehold estate is an estate where owner has present possessory interest and can use this shit how they see fit. The 3 types are - Fee Simple Absolute - Fee Simple Defeasible - and Life Estate |
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Term
| What is concurrent ownership? What are the 5 types? |
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Definition
| Concurrent ownership is when two or more properties own a piece of real property. The five types are - Joint Tenancy - Tenancy in Common - Tenancy by Entirety - Condominium - Cooperative |
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Term
| What are future interests? what are the 2 types? |
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Definition
| Future interests are the interest a grantor retains for themselves or a third party. The two types are - Reversion - Remainder |
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Term
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Definition
| A declaration of where you want your shit to go after your death. |
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Term
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Definition
| The subject of the will. Person leaving their shit. |
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Term
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Definition
| Someone that receives the stuff from a will |
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Term
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Definition
| A person that makes sure the will is followed through after the testator's death. |
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Term
| What are the 3 requirements of a will? |
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Definition
1) Testamentary Capacity - of sound mind and legal age to be able to sign a will
2) In Writing
3) Testator's signature
Most states require at least two or three witnesses, none of which can be interested parties. |
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Term
| What is the legal way to change a will? |
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Definition
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Term
| What are Per Stripes, and Per Capita distribution? |
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Definition
Per stripes divides it up among testator's kids (grandkids split parents)
Per capita gives everyone an equal share. |
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Term
| What are the 3 nonpossessory interests? |
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Definition
1) Easement - given/required right to make limited use of land you don't own.
2) License - Document providing access to property
3) Profit - given access to get shit (minerals) off of property |
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Term
| What are the 3 collection remedies? |
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Definition
1) Writ of Attachment - prejudgment court order that says you can take the shit while the trial is still going on
2) Writ of Execution - postjudgment court order that says after the trial you can go and claim the shit
3) Writ of Garnishment - postjudgment court order that says after the trial you can go and get the stuff from the guarantor. |
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Term
| What is a surety arrangement? What is a guaranty arrangement? |
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Definition
| Surety is where a cosigner signs and becomes primarily liable with the debtor. Guaranty arrangement is where someone signs and becomes secondarily liable after the debtor |
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Term
| 3 things required to create security interest |
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Definition
1) Security Agreement, this includes the details of what is being included as collateral, the repayment procedures and stuff, and is signed by the debtor.
2) Attachment, this shows the debtor's interest in whatever is being used as collateral
3) Floating lien, is the security interest in property that wasn't in possession of debtor when security agreement was executed |
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Term
| 3 ways to have perfection of security interest |
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Definition
1) Perfection by filing financial statements - this shows your interest in the collateral
2) Perfection by possession of the collateral - you have it in your possession but you still have to take care of it
3) Perfection by purchase money security interest in consumer goods - creditor that extends credit to someone to purchase consumer goods is protected |
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