Term
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Definition
| someone who buys property on another's behalf to keep the prices down when assembling lots |
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Term
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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 |
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Term
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Definition
| contingency clause to leave contract if unable to acquire all desired lots |
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Term
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Definition
- undivided interest
- all rooms fair game
- can sell interest
- if any die, the heirs become tenants in common
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Term
| With Joint Tenancy, you have 1 and the same ______ and 1 and the same _______. |
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Definition
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Term
| If James, David, Mike, and Sam have Joint Tenancy: and James sells to Nick..what happens |
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Definition
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Term
If James, David, Mike, and Sam have Joint Tenancy: and James dies...
With Right of Survivorship |
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Definition
interest goes to the survivores
David: 33%
Mike: 33%
Sam: 33% |
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Term
| If James, David, Mike, and Sam have Joint Tenancy: If James sells to Nick and and Sam dies... |
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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 |
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Term
| If James, David, Mike, and Sam have Joint Tenancy: If Sam sells to Nick, what kind of onwership does he have? |
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Definition
| Tenancy in Common since his interest did not start when the others did |
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Term
If a Joint Tenancy is without a Right of Survivorship, the rights go to the heirs after death.
T/F |
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Definition
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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 |
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Definition
| FALSE-The property is sold and the proceeds are divided according to respective interest |
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Term
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Definition
| Time, Title, Interest, and Possession |
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Term
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Definition
| if married, everything is 50-50 not matter who owned first |
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Term
| What are the two exceptions for Community Properties? |
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Definition
- Bring Property to Marriage
- Gift that is clearly to one person only
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Term
| What is the Surviving Spouse Elective Share? |
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Definition
| if married and 1 dies, the survivor gets 1/3...but most waive to recover more from a will |
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Term
School Taxes are included in the 50,000 exemption for Homesteads.
T/F |
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Definition
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