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[image] Real Property Is either (I...) or (A...)? |
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[image] Mineral and Oil Rights are what type of property? |
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Runs with the land, attached.
Assumed Real Property |
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Real Property Can become
what other type of property? |
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| Personal Property (Oil, Gold, Minerals...) |
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A Car (Property) is hypothecticaly owned until completly paid for. Real Estate Property is Security for Debt. |
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| To Convey Property is to (What) Property... |
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| Fee Simple Estate is a (What) Estate? |
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(Freehold) Estate... Most Interest you can hold in property. |
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| Life Estate is a (What) Estate? |
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(Freehold) Estate,only as long as the life holder is still alive... |
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| Less than Freehold Estate is held by (Who)? |
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By a Lessee or more comonly refered to as a Renter. |
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| A Lease is an (What) in Property? |
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| What is a Sale Leaseback? |
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A Sale Leaseback is how estates can change from Freehold, to a Less than Freehold Estates. |
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Contracts to Lease Property: Does both the Lessor and Lessee need to Sign? |
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| No, If a year and one day or more the contract must be written and signed by the Lessor (Landlord), but not necessary for the Lessee to sign. |
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| Sublease Agreements are also know as (What)? |
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| Sublease Transfers (What)? |
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Wear and Tear caused by Lessee are not Grounds for Eviction. |
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Unlawful Detainer Action is a (What) type of Court Action? |
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| Unlawful Detainer Action is filed by (Who)? |
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| A License is (What) and (What)? |
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Revocable and Personal. Not like an Easement. |
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| Is a License Revocable and Personal? |
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Yes. Not like an Easement. |
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| An Easement Runs with (What)? |
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| What does Title Vesting Mean? |
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| Title Vesting: Ways of holding Title. |
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| Tenancy is a Method of Holding Title. |
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What is Severalty? (Blank) Ownership... |
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Severalty is an Individual, (Sole) Ownership. Another words One Person owns the property. |
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If you here Severalty... How many owners should you think of. |
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| Property held in Severalty is what? |
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Sole Ownership... (I'm repeating for a reason) |
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| Joint Tenancy is another form of (What)? |
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| It is another form of (Vesting [Holding] Property). |
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| What does "T-Tip" stand for? |
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(Same) Time, (One) Title, Interest, Possession (Joint Tenancy) |
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Joint Tenancy can only be established with (What)? |
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(Same) Time, (One) Title, Interest, and Possession. JT cannot be Willed to someon. If you die your part ownership goes to the other JT owners equaly. |
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| "Time" as it relates to Joint Tenancy is (What)? |
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| Time is the (Same Time) owned not Diferent Times. |
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| "Title" as it relates to Joint Tenancy is (What)? |
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| Title is (One Title) owned not Diferent Titles. |
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| What two people create Community Property? |
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| Husband and Wife create Community Property. |
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| If a Wife attempts to sell the property without the Husbands aknowledgement and a Broker finds a "Willing and ready Buyer" and the Husband declines to sell the House...is the commision to the Broker still required? |
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Definition
Yes, the Broker fulfilled his side of the contract.
The commision agreed upon is still owed. |
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What the Three Types of Titles? 1. (What) of Title. 2. (What) Title. 3. (What) Title. |
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Transfer of Title. Alienating Title. Conveying Title. By the way they all mean the same thing. |
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| What is the Definition of Alienation? |
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To Alienate is to Convey, Sell, or Give. This is the opposite of Acquisition. |
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| What is the Opposite of Acquisition? |
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| What is a Cloud on Title? |
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| Clouding a Title would be a once legal name on Title showing up still on Title even after the Title has been conveyed. |
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| What are some State Types of Eminent Domain? |
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1. Condemnation 2. Involuntary Conversion 3. Esheat |
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It is the Governments Power for the good of the general Public Use. Fair Market Value must be offered. This is NOT a Police Power. |
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| It is Eminent Domains Strong Arm to Instruct the Owner to Get Out by Condeming the Property. |
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What is Involuntary Conversion? (What) Domain? |
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| Just another form of Eminent Domain. |
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Involuntary Conversion of Property is just that, it is (What)? |
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Involuntarialy Given/Conveyed/Transfered to the Government. |
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What are some types of Police Power? Give Three Types... |
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1. Zoning 2. Land Usage 3. Planning |
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| Escheat is a (What) type of Power? |
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| Can an Individual Use Escheat as Power? |
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| No this is a Government Power Only. |
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Can a Broker Recive a Commission
for a Probate Sale? |
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Who can authorize the Broker to Recieve a Commission on a Probate Sale? |
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| This can only come thru a Court Order. |
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| For a Deed to be valid it must be (What)? |
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| All Deeds must be Executed to be valid. |
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Deed also has to have what on it to be completely legal? |
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| Your signature...don't forget that. |
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| When are Grant Deeds Execuded? |
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Well whats the definition of Execuded (Signed)... Answer: Grand Deeds are Executed when they are Signed. |
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| When does the Title Pass as Being Legal? |
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Title Passes when it is Delivered. (Not like the Deed...) |
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| Is delivery of Deed Necessary to be Effective? |
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Yes, it not only has to be Executed, but it must also be Delivered to be Effective. Not Legal, but "Effective" |
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It is not necessary to (What) a Deed for it to be Valid? |
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| (Acknowledged) to be Valid, Not Necessary. |
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A Deed however Needs to be Acknowledged to be (What)? |
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In order for a Deed to be Essential the named person cannot be (What)? |
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| They cannot be Ficticious. |
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| What is needed in a Deed? |
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| You must have a Granting Clause in a Deed. |
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Is it possible to have a Deed without a Granting Clause? |
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| No, it is not possible... |
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Name All the Deed Essentials, there are Five Rules... |
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1. Must be Executed (signed). 2. Must be Delivered. 3. No Fictitious Persons 4. Must contain a Granting Clause. 5. And, does not have to be Acknowledged. Acknowldegment is only needed if you are going to record the Deed. |
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