Term
| What us the highest type of interest? |
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Definition
| Complete, or Fee Simple Absolute |
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Term
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Definition
Charlie is the fee owner
Charlie owns the land in fee simple
Charlie has an estate in fee simple absolute |
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Term
| Leasehold estate.. or Term for Years |
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Definition
| If Charlie, who is the fee simple owner, executes a 10 year lease to Frank. Frank now has a leasehold estate and is the lessee |
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Term
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Definition
| another name for a lease... some attributes of real property and some attributes of chattel |
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Term
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Definition
| used to express the degree, quantity, nature, duration, or extent of interest in land |
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Term
| Divisions of Land Ownership |
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Definition
- Time
- Vertically(air rights)
- Substance(subsurface)
- Co-Owners
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Term
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Definition
| Can use and enjoy the land only during his lifetime |
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Term
| 5 ways to create a life estate |
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Definition
- Will
- Deed
- Dower
- Curtesy
- Homestead
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Term
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Definition
| equitable obligation, binding a trustee to deal with the trust property or trust estate for the benefit of the beneficiaries, any of whom may enforce the trustee's obligations |
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Term
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Definition
| Frank dies leaving a will that gives all of his property to Charlie the Trustee, in trust, with power to sell the property and make investments, the income of the trust be payable to the Widow during her lifetime, and on her death the trust property to be distributed to Dennis and Sweet Dee..... created by Franks last will and testament |
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Term
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Definition
| Frank signs a deed conveying his land to Charlie the Trustee, in trust, with power to sell the property and make investments, the income of the trust to be payable to Landowner during his lifetime, and after Franks death then to Widow then to Dennis and Dee..... called a living trust since it goes into effect while Franks alive |
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Term
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Definition
| If Frank wants to acquire his property but does not want his family to know..so he conveys the land to Charlie the Trustee only acts if directed to... the agreement from Charlie and Frank is unrecorded |
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Term
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Definition
| The lawsuit involved with eminent domain which is commenced by the city or other public desiring to acquire title |
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Term
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Definition
| Complete succession of deeds from the first conveyance from the government down to the current record landowner |
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Term
| Reasons for adverse possession |
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Definition
- it furthers the public policy that encourages the use of land
- ownership of real estate often depends on transactions that occurred so long ago that the witnesses who were familiar with the transaction are dead or have forgotten
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Term
| For adverse possession... it must be |
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Definition
- actual
- hostile
- notorious
- exclusive
- continuous
- under claim of right
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