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real estate > patents and titles > Flashcards

patents and titles Flashcards

1
Q

what is ROOT OF TITLE?

A

ROOT OF TITLE: the beginning of ownership of realty by an individual.

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2
Q

what is VACATION OF TITLE?

A

VACATION OF TITLE : Government giving realty back to the private citizen.

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3
Q

what is DEDICATION OF TITLE?

A

DEDICATION OF TITLE: Private citizen giving realty to the government.

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4
Q

what is LEGAL TITLE?

A

LEGAL TITLE is in the deed.

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5
Q

what is EQUITABLE TITLE?

A

EQUITABLE TITLE: Land contract- Vendee

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6
Q

what is a QUIET TITLE?

A

QUIET TITLE : A COURT ORDER CLOSING A GAP OR CLOUD in the chain of title. (different from a quietclaim warranty - usual in divorce)

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7
Q

what is a GAP IN TITLE?

A

a GAP IN TITLE: an incomplete history in the chain of title.

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8
Q

what is a CLOUD ON TITLE?

A

a CLOUD ON TITLE: any claim that may impair title

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9
Q

any claim that may impair title is called ______?

A

a CLOUD ON TITLE.

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10
Q

what is a CHAIN TITLE?

A

CHAIN TITLE : lists all grantors and grantees of the realty since the patent.

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11
Q

what is an ABSTRACT?

A

ABSTRACT: Lists all the activity of title since the root of title

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12
Q

what is a PATENT?

A

PATENT: Original conveyance of title from the government to an individual

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13
Q

what is RIPARIAN RIGHTS?

what is LITTORAL RIGHTS?

A

RIPARIAN RIGHTS- applies to rivers and stream rights. you own to the middle of river - IF YOU CANT NAVIGATE IT WITH BOATS. EX: A SMALL CREEK.

LITTORAL RIGHTS: applies to lake or ocean rights
you own up to the high water mark. - EX: LAKEFRONT PROPERTIES ON TAHOE-

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14
Q

what is RIPARIAN RIGHTS?
what is LITTORAL RIGHTS?
what is PRIOR APPROPRIATION?

WHAT ARE ALL THREE RIGHTS TO?

A

RIPARIAN RIGHTS- applies to rivers and stream rights. you own to the middle of river - IF YOU CANT NAVIGATE IT WITH BOATS. EX: A SMALL CREEK.

LITTORAL RIGHTS: applies to lake or ocean rights
you own up to the high water mark. - EX: LAKEFRONT PROPERTIES ON TAHOE-

PRIOR APPROPRAITION- Government to administer the right of water within that state.

ALL THREE ARE RIGHTS TO FORMS OF WATER.

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15
Q

what is ESTOVERS?
what is EMBELEMENTS?

HOW ARE THESE TWO SIMILAR AND WHAT ARE THEY IN REGARD?

A

ESTOVERS- right of tenant to use wood of owner in a lease situation for needs only.

EMBLEMENTS- regareded as personal property. the fruit of the crop once harvested.

(until embements are harvested they are considered realty)

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16
Q

what is the right or restiction rules with waste?

A

WASTE- lessor or life estate holder hails to keep realty in the same condition they received. CAN BE a restriction ex: SULLIVANS NURSE *porters house - if you dont keep property in the same condition then you loose the right to own the property. in this case she couldn’t repair the house so the house sold and she lost the right to own property.

17
Q

what is SEVERANCE?

A

SEVERANCE - turning realty into PERSONAL PROPERTY.

18
Q

what is the ALLODIAL LAND SYSTEM?

A

ALLODIAL LAND SYSTEM- the basis of real property law whereby individulas can hold CLEAR TITILE to real property and have full ownership of rights - however YOU MUST USE IT OR YOU LOSE IT.

19
Q

what is ADVERSE POSSESSION?
what is TACKING?

HOW ARE THEY SIMILAR?

A

ADVERSE POSSESSION - acquisition of property by continuous, actual, open and notorious use of the land of another without their permission for a specific period of time. (squaters rights)

TACKING- Combining successive periods of continuous use or occupation of real property to establish advese possession or a prescriptive easement.

PRESCRIPTIVE EASEMENT- use property but dont claim it. say you have the right to use it. ex: the golf cart path - Dave Kingman put up a sign so the public cant claim an ADVERSE POSSESSION right to it - its his property but everyone uses it.

ADVERSE POSSES IS ONE PERSON’
TACKING CAN BE MULTIPLE

20
Q

what is LICENSE AND WHO DOES IT PERTAIN TO?

A

LICENSE - Privilege to be on someone’s property

  • can be canceled by licensor (owner) at anytime.
  • Privilege attaches to the person, not the realty

PERTAINS TO A PERSON.

21
Q

what is ENCROACHMENT?

A

ENCROACHMENT- Illegal physical extension on another’s property, such as a wall or fence.

22
Q

what are ENCUMBRANCES?

A

ENCUMBRANCES- Anything that AFFECTS VALUE of REALTY including a lien.

23
Q

what is a FIXTURE?
what is a TRADE FIXTURE?
what is it called when a trade fixture is left behind?

A

FIXTURE- an OBJECT that was once personal property and has been ATTACHED to realty in a PERMANENT WAY. ex: cabinents or lights installed in the house.

TRADE FIXTURE- a business related article installed by a tenant under terms of a lease and removable by the tenant before lease expires, failure to do so, gives lessor ownership, called ACCESSION.
ex: something someone needs for a buisness (an oven for a resturant - the owner can take the oven in order to continue his work)

ACCESSION- a trade fixture that has been left by the previous owner.

24
Q

what is TANGIBLE REALTY AND ANOTHER WORD FOR IT?

WHAT IS INTANGIBLE REALTY AND ANOTHER WORD FOR IT?

A

TANGIBLE/CORPOREAL - VISIBLE VALUE of realty, something you can touch. ex: a house ( a car)

INTANGIBLE/INCORPOREAL - INVISIBLE VALUE of realty, more of a right; something you can’t touch ex: water rights, sun rights. ex: in a city- air space

25
Q

what is DATUM?

A

DATUM- a HORIZONTAL PLANE from which heights above or below sea level are measured with original datum in New York City harbor.
( a right and term of realty)

26
Q

what is a BENCHMARK AND WHAT IS IT USED FOR?

A

BENCHMARK - Permanent metal plates throughout cities in the US to derive elevation heights (in surveys - an established baseline so you dont have to measure all over.) established as a guideline.

USED FOR MEASUREMENT.

27
Q

what is INCHOATE?

A

INCHOATE- a dormant (not growing not changing- have ownership but dont participate) spouse’s right in realty while both are alive in a noncommunity property state.

28
Q

what is ALLUVIUM and what is RELECTION?

A

ALLUVIUM- addition of soil and rock

RELECTION- an addition of land by receding water

29
Q

what is a SURVEY DO?

A

SURVEY- The process by which boundaries are determined for a plot of land including easements and encroachments.

real estate (5 decks)

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