Term
| The type of ownership where you have the "most" |
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Definition
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Term
| What rights do you have with a Fee Simple Absolute? |
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Definition
| Sell, use, mortgage, rent, raise and sell crops |
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Term
| What type of deed do you use if you don't sell all of the rights of ownership? Where you keep some rights such as mineral rights. |
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Definition
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Term
| As a matter of public policy, courts have determined that certainty is valuable. There is value in knowing what kind of estate you have. If the deed is not clear, what type of estate will it be considered to have changed hands? |
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Definition
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Term
| When you deed property and the property reverts back to someone else but property has to be used for a specific purpose or it automatically reverts. |
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Definition
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Term
| If the reversionary language was not written in a Fee Simple Determinable deed, what type of estate would the court determine the ownership is? |
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Definition
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Term
| If the property is given for a certain purpose and that purpose is no longer met, the party has a right of re-entry. What type of estate is this? |
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Definition
| Fee Simple on a Condition Subsequent |
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Term
| In either a Fee Simple Determinable or a Fee Simple on a Condition Subsequent, what is best practice to do if it does go back to other party? |
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Definition
| Get a quit-claim deed signed by "church" |
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Term
| What type of estate has an automatic reversion back to the original deed holder? |
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Definition
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Term
| What type of estate has a right of re-entry? |
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Definition
| Fee Simple on a Condition Subsequent |
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Term
| What is the name of the party that receives property after the life estate owner dies? |
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Definition
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Term
| If George purchased Mary's life estate, and he died before Mary, who would get his estate? |
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Definition
| His heirs for Mary's lifetime |
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Term
| What is George's estate called if he purchased Mary's life estate? |
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Definition
| Life Estate per autre vie (for the life of another) |
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Term
| If Joseph is the remainderman of Mary's life estate and he died before Mary, who would get the property when Mary dies? |
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Definition
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Term
| What is it called if Mary lessens the value of the property if she owns a life estate? |
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Definition
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Term
| What are some of the things considered waste in a life estate? |
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Definition
| Not paying taxes, not keeping up with maintenance, strip-mining, clear-cutting trees |
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Term
| If Mary owns a life estate and cannot pay the taxes, can she cut all of the trees to sell them to pay the tax? |
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Definition
| No, but she can sell just enough of them to pay the tax. |
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Term
| If Joseph (a remainderman) died without heirs and then Mary died and she had a Life Estate, what happens to the property? |
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Definition
| It goes to the state by escheat. It does not go to Mary's heirs |
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Term
| If Mary owns a life estate and planted crops and died before harvesting, who gets the profit? |
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Definition
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Term
| If Mary who owns a Life Estate, bought the remainderman's estate, she now owns a life estate and is also a remainderman, they merge together and she now owns what? |
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Definition
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Term
| If dad gives a life estate to one son and a remainder estate to "all my children" prior to 1987, what Rule determined that the other children do not actually get anything? |
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Definition
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Term
| Since 1987 if Dad gives life estate to one kid and remainder estate to "all children" then what is the rule? |
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Definition
| All the kids split the property as remainderman. If one child has already died, his share goes to his estate. |
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Term
| If two people own real estate and it doesn't state how it is owned, it is assumed it is what type of estate? |
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Definition
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Term
| If all it says on the deed is that X and Y own property, than it is assumed they own what % and how is it owned? |
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Definition
| 50/50 as Tenants in common |
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Term
| What percentage share must Tenants in common own the real estate |
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Definition
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Term
| If X owns a property by Tenancy in Common and owes a debt, can his share be sold to pay his debt? |
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Definition
| Yes, if it is easily broken in to the shares and his share can be sold, than the court will subdivide the property and give out two new deeds. one to original owner and one to new owner for the share he bought. |
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Term
| If court sold property owned by X and Y and A purchased X's property, than are Y and A co-tenants? |
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Definition
| No, the court would subdivide the property with two new deeds. |
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Term
| What is it called when a court divides property to pay debts of one of the owners? |
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Definition
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Term
| If the land and buildings cannot be divided to pay for debts of one of co-owners in Tenants in common, what is that called? |
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Definition
| Sale in lieu of partition. |
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Term
| If X and Y own property tenants in common and X's share had to be sold to pay for debts, can Y prevent the sale if it cannot be subdivided? |
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Definition
| No, the court can do this without his approval. |
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Term
| What are the three elements of Tenants in Common? |
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Definition
1. Can have unequal interest
2. No right of survivorship
3. When in doubt, it is tenants in common. |
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Term
| What is the type of estate that has right of survivorship without being married? |
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Definition
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Term
| Without right of survivorship stated in a joint tenancy, what type of estate is it? |
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Definition
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Term
| If there is a judgment against one of the owners of a joint tenancy, can it be partitioned? |
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Definition
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Term
| In a joint tenancy, what happens to the tenants property when he dies? |
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Definition
| It goes to the surviving tenants equally, not to his heirs based on right of survivorship. |
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Term
| What % does each party own in a joint tenancy? |
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Definition
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Term
| The last owner of a joint tenancy owns what type of estate? |
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Definition
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Term
| If it is clear that a property is owned by husband and wife, what type of estate is it automatically? |
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Definition
| Tenancy by the entireties |
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Term
| What is the special language needed to create a tenancy by the entireties? |
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Definition
| No special language, it is automatic for husband and wife. |
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Term
| If there is a judgment against the husband, can they take the house? |
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Definition
| No, because they both own 100%. Only if the judgment is against both husband and wife can they take property. |
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Term
| Who owns a freehold estate? |
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Definition
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Term
| What type of estate does a tenant have? |
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Definition
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Term
| What type of interest does a tenant have? |
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Definition
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Term
| What is the tenant act (RRAA) |
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Definition
| Residental rental agreements act |
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Term
| What must the landlord maintain in a unit? |
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Definition
| Electrical, HVAC if they have it, Heat if they have it, plumbing, maintenance. Smoke Detector |
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Term
| What must be in working order when the tenant takes posession and then the tenant can maintain? |
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Definition
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Term
| Heat is not required by landlord in NC in what situations? |
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Definition
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Term
| Where is there a higher level of responsibility in a tenancy situation? |
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Definition
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Term
| What is a landlord required to tell tenant about security deposit |
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Definition
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Term
| Can you keep security deposits in a general escrow account? |
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Definition
| No, they have to be held in a separate account. |
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Term
| Can a landlord keep security deposit for non-payment of rent? |
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Definition
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Term
| What is the maximum late fees a landlord can charge? |
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Definition
| $15.00 per month or 5% of monthly rent. |
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Term
| You cannot discriminate based on: |
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Definition
| Race, color, religion, sex, national origin, family status or handicapp. You cannot refuse to lease to families with children |
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