chapter 7 and 8 Flashcards

Question

what is a lien?

Answer 1

is charge against property that provides security for a dept or an obligation of the property owner

Answer 2

are private agreement that affect land use. Once place in the deed by previous owner, they "run with the land", limiting the sue of the property and binding to all grantees

Answer 3

are private agreement that affect land use typically imposed by a developer or subdivider to maintain specific standard in subdivision.

Answer 4

is the right to use the land of another for particular purpose.

Answer 5

is attached to the ownership of one parcel and allows the owner the use of a neighbor's land. For appurtenant easement to exist, two adjacent parcels of land must be owned by two different parties

Answer 6

can be exterior wall of building that straddles the boundary line between two lots, or it can commonly shared partition wall between two connected properties

Answer 7

is an individual or company interest in or right to use someone else's land

Answer 8

an easements commonly created by a written agreement between parties that establishes the easement right. it may be created by grantor in a deed of conveyance, in which the grantor either reserves an easement over the sold land or grant the new owner an easement over the grantor's remaining land. two other ways for easement to be created are easement by necessity and easement by prescription

Answer 9

an easement that is created when an owner sells a parcel of land that has no access to a street or public way except owner the seller's remaining land an easement by necessity is created by court order based not eh principle that owner must have the right to enter and exit their land

Answer 10

if the claimant has made use of another land for certain period of time as defined by state law, an easement by prescription the prescription period may vary from 10 to 21 years in state the claimant's use must have been continuous, exclusive and without the owner's approval. the use must be visible and notorious, that is, the owner must have been learn of it.

Answer 11

is personal privilege to enter the land of another for specific purpose. a license differs for an easement in that it can be terminated or canceled by the licensor at any time

Answer 12

occurs when all or parts of structure illegally extends the land of its owner or beyond the legal building lines

Answer 13

in states where water is scarce, ownership and use of water are often determined by the doctrine of prior appropriation under this, the right to use any water with the exception of limited domestic use is control by the state rather than the landlord adjacent to the water

Answer 14

1. severalty 2. co ownership 3. in a trust

Answer 15

where title is held by one person

Answer 16

where title is held by two or more person

Answer 17

where a third person hold the title for benefit of another

Answer 18

severalty occurs when property is owned by one person or corporation

Answer 19

when the title to one parcel of real estate is held by two more person, those parities

Answer 20

A parcel real estate may be owned by two or more people as tenants in common. in this each holds an undivided fractional interest in the property.

Answer 21

must state recognize some form of this property owned by two or more people. the feature that distinguishes a joint ownership from a tenancy in common is unity of ownership. title is held as though all the owner, collectively constitute on unit.

Answer 22

1. tenancy in common 2. joint tenancy 3. tenancy by the entirely 4. community property

Answer 23

1. possession 2. interest 3. time 4. title

Answer 24

1. possession - all joint tenants holding an individual right to possession 2. interest - all joint tenants holding equal ownership interest 3. time - all joint tenants acquiring their interest at the same time 4. title- all joint tenants acquiring their interest by the same document

Answer 25

1. title is acquired by one deed 2. the deed is executed and delivered at one time 3. the deed convey equal interest to all parties 4. the parties hole undivided possession of the property as joint tenants

Answer 26

when one of the four unities of joint tenancy is terminated, a joint tenant is free convey interest in the jointly head property but doing so destroys the unities of the time and title, the new owner cannot become a joint tenant and will hold interest as a tenant in common, rights of the other joint tenants, however are unaffected

Answer 27

partition is legal way to dissolve the relationship when the parties do not agree to its termination

Answer 28

some state including IL allows husband and wife to use a special form of co ownership- for the residence. In this form of ownership, each spouse has equal, undivided interest in the property. A spouse who are tenant by the entirely have right of survivorship. during lives, they can convey title only by a deed signed by both parties. One party cannot convey a one half interest and generally they have no right to partition or divide.

Answer 29

1. right of survivorship 2. no probate delays 3. if lawsuit against spouse- no liens 4. to convey, both must sign 5. only for a personal residence, homestead

Answer 30

1. by court ordered sale of the property to satisfy a judgement against the spouse as joint debtors 2. by death of either spouse 3. by agreement between parties 4. by divorce

Answer 31

Judgement, Sale, Death, Agreement, Divorce

Answer 32

is personal property that was owned solely by either spouse before marriage. it also includes property acquired by gift or inheritance during the marriage as well as any property purchase with separate funds during marriage. Any income earned from person's separate property belongs to that person

Answer 33

consists of all other property, both real and personal acquired by either spouse during the marriage. Any conveyance or encumbrance of community property requires the signatures of both spouse. when one spouse dies. the survivor automatically now one half of community property. the other half is distributed according to the decease spouse's will

Answer 34

gives the courts flexibility in determining the precise division of martial property. this difference from community property states.

Answer 35

is device by which one person transfer ownership of property to someone else to home or marriage for the benefit of a third party

Answer 36

real estate to be held in trust as part of a living or testamentary trust as the sole asset in a land trust

Answer 37

a property may provide for her own financial car or for that of the owner's family by establishing a trust. the may be created by agreement during the property during the property owner's lifetime or established by will after the owner's death

Answer 38

IL permits the cation land trust in which real estate is the assets. the beneficial has the right of pros session and the right and and income or proceeds from its sale.

Answer 39

it continues for definite term, such as 20 years. in beneficiary does not extend the trust term when it expires, the trustee is obligated to sell the thermal estate and return the net proceeds to beneficiary

Answer 40

However law requires that the trustee disclose the beneficiary's name to certain under specific circumstances.

Answer 41

1. to the concerned housing authority within ten day after receiving a complaint of a violation of building ordinance 2. when applying to any state IL for license or permit affecting the entrusted real state 3. if selling the entrusted property by land contract 4. if the trustee is named as defendant in a private lawsuit or criminal complaint regarding the subject real estate 5. if a fire inspector or another officer is investigating

Answer 42

by directing their funds into a real estate investment trust (REIT), real estate investors stake advantage of the same tax benefits as do mutual fund investors. a real estate investment trust doesn't have to pay corporate income tax as long as 95% of income is distributed to it shareholders. Certain other conditions also must be met. to qualify as REIT, as least 75% of the trust income must come from real estate

Answer 43

syndicate is two or more people or firms joined together to make an operate a real estate investment.

Answer 44

A joint venture is form of partnership in which two more people or firms carry out a single business project. the venture is characterized by a time limitation resulting from fact that the joint venture don't intent to establish permanent relationship

Answer 45

each unit owners also own a specified share of the undivided interest the remainder of the building and land, known as the common elements.

Answer 46

in many state have adopted the uniform condo act, under it provisions, a condo is created and established when the owner of an existing building executers and records a detailed report and description of the property called Declaration of condo

Answer 47

creation of a condo in IL is governed by IL condo property act

Answer 48

the law and owner may elect to submit parcel of real estate as a condo situation by recording a declaration to which attached a three dimensional plat of survey of the parcel showing the location and size of all units in the building.

Answer 49

once property is established as a condo, each unit becomes a separate parcel of real estate that is owned in fee simple and be held by one or more person

Answer 50

is a corporation holds the title to the building and land. the corp offers shares to protective tenants

Answer 51

is used to describe any type of housing connected by common walls. this is between a single family home and condo located with two floors and a small lot each unit and lot is vested in individual owner. Each owner also has a fractal interest n the common areas and is proportionately financially responsible

chapter 7 and 8 Flashcards

(76 cards)