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Kelly Shellhaas Cards > Kelly Cards - Real property > Flashcards

Kelly Cards - Real property Flashcards

1
Q

Conveyance terminates upon the occurrence of a stated event

A

Qualified Fee
(page 105)

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2
Q

The highest estate in land that can be owned. It can potentially last forever and is fully alienable

A

Fee Simple

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3
Q

Type of Qualified Fee:
An instrument providing that the estate shall automatically terminate upon the happening of a stated event. “So long as, while, until”

A

Fee simple determinable

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4
Q

Type of Qualified Fee: Conveyance may terminate and grantor reserves right to re-enter property and take it back with language on deed that states “provided, however, but if”

A

Fee simple on condition subsequent

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5
Q

Type of Easement:

Directly benefits the use and enjoyment of a specific parcel of land

A

Appurtenant Easement

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6
Q

Type of Easement:

When two parcel owners grant each other reciprocal (equal) easements

A

Easement in Common

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7
Q

Type of Easement:
The right or benefit to one person over the land of another which does not benefit another parcel, but benefits the owner

A

Easement in Gross

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8
Q

Type of Easement:
Not granted, but arising from the continued, hostile use of the others real property. Must prove no permission was given and the easement was used for at least 21 years

A

Prescriptive Easement

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9
Q

Type of Easement:
Usually involves landlocked parcels and the property owner must prove that being granted an easement is necessary with no other way

A

Easement by Necessity

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10
Q

Type of Easement:
Easements for specific and obvious purposes and are sometimes referred to as negative easements. Usually for air above ground and created to protect nature

A

Easements for Solar or Scenic View

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11
Q

Type of Easement:
An easement for ingress and egress or transportation purposes. It can benefit an adjoining land owner or a government entity

A

Right of Way Easement

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12
Q

The acronym, OCEAN, is broken down how?

A

Open, continuous, exclusive, adverse, notorious

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13
Q

Acquiring title to real property by showing clear and convincing evidence of “OCEAN” for 21 years

A

Adverse Possession

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14
Q

A general partnership whose name does not include the names of all the partners associated with the partnership

A

Fictitious name

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15
Q

Language of Legal Descriptions:
How big is a Township?

A

An area 6 miles by 6 miles containing 36 sections

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16
Q

Language of Legal Descriptions:
How big is a section?

A

One mile long and one mile wide and has 640 acres

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17
Q

Language of Legal Descriptions:
how big is an acre?

A

One Gunter’s Chain by 10 Gunter’s chains. It is 43,460 sqft

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18
Q

What is the measurement of a square acre

A

208.7 feet by 208.7 feet

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19
Q

Language of Legal Descriptions:

A historic land surveying measurement

A

Gunter’s Chain

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20
Q

What is the measurement of Gunter’s Chain?

A

100 links each at .66 feet totaling 66 feet

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21
Q

Language of Legal Descriptions:

How long is a mile

A

A length of 80 Gunter’s Chains or 5,280ft

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22
Q

Loss of property through attachment, condemnation, foreclosure, etc. Kelly’s definition: Transfer of property without owner’s consent

A

Involuntary Alienation

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23
Q

Legal process by which govt exercises it’s right of eminent domain

A

Condemnation

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24
Q

Property is to be sold as an order by the court and the court confirms the sale to prevent subsequent attacks by mortgagor or other interested parties

A

Judicial Foreclosure

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25
Q

Loss of property from nonfulfillment of some duty or condition

A

Forfeiture

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26
Q

What are the three types of legal descriptions

A

Metes and bounds, govt land survey, and plats

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27
Q

A metes and bounds legal description for lands owned by the federal govt

A

Govt land survey

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28
Q

Recorded survey parcel to include adequate legal and technical wording so the property can be definitely located

A

Plat

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29
Q

Legal description that includes initial point, successive lines bounding the parcel, curved lines, closures, and boundary monuments

A

Metes and bounds

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30
Q

A checking account where funds are deposited by the parties to the transaction for use in that transaction

A

Escrow account

31
Q

Any money that is ready and available and safe for use and disbursement

A

Good funds law

32
Q

Things that are attached or affixed to the land including rights to what is above and below the surface of the land such as crops plants shrubs timber all building structures improvements in fixtures and privileges such as easements oil gas and then all rights

A

Real property

33
Q

What are the five types of real property?

A

Residential, commercial, industrial, agricultural, special purpose

34
Q

What is legal title?

A

Actual ownership of the property
Example: In a trust, the trustee holds legal title to the real property but the beneficiaries hold equitable title

35
Q

What is equitable title?

A

When someone holds title for the benefit of others
Example: In a land contract, the vendor or seller holds legal title but the vendee or buyer holds equitable title

36
Q

Type of estate where an interest in property has a duration of which is not fixed by a specified or certain period of time

A

Freehold estate

37
Q

Type of Estate: An interest in property where the duration is fixed by a specified or certain period of time

A

Non-freehold estate

38
Q

Right to possession of the land during the life of the estate holder

A

Life estate
(page 106 review paragraph)

39
Q

When does a life estate terminate

A

Upon death

40
Q

Person to whom the interest in a property is granted

A

Estate holder
(you studied this without the book on 3/11 at work. Read more about this)

41
Q

The measuring life is the life of another person other than the grantee

A

Life estate pur autre vie

42
Q

One which conveys such ownership rights so as to ensure the buyer will have the peaceable enjoyment in control of the land against all others

A

Marketable title

43
Q

What does it mean when no lease, estate or interest in, shall be assigned or granted, except by deed or note in writing signed by the party assigning or granting it

A

Statute of frauds

44
Q

What are the nine elements of a deed?

A

Grantor, granting clause, grantee, legal description, exceptions, habendum clause, release of dower, signature, acknowledgment

45
Q

What are the four types of deeds?

A

General warranty deed, Limited warranty deed, fiduciary deed (executor administrator trustee etc), quit claim deed

46
Q

Type of deed: Gives a warranty to the grantee that the property is free from all encumbrances

A

General warranty deed

47
Q

Type of deed: Gives a warranty that the property is free from encumbrances made or caused by grantor personally grantor is not warranting it is free from all encumbrances

A

Limited warranty deed

48
Q

Type of deed:
Grantor is acting for the care of someone else

A

Fiduciary deed

49
Q

Grantor grants his interest but makes no warranties that he has good title or that it’s free from encumbrances

A

Quit claim deed

50
Q

What are the two types of tenancies when more than one person owns property together?

A

Joint/survivorship tenancy and tenancy in common

51
Q

What does each type of tenancy mean?

A

Survivorship means upon the death of one of the owners the interest automatically passes to the other owner. Tenancy in common means there is no survivorship language and upon the death of a grantor the interest passes to their heirs rather than the other owner

52
Q

What are the 7 types of easements

A

Appurtenant, Easement in common, easement in gross, prescriptive easement, easement by necessity, easements for solar or scenic view, right of way easement

53
Q

Type of easement:
Directly benefits the use and enjoyment of a specific parcel of land

A

Appurtenant

54
Q

Type of easement:
When two parcel owners grant each other reciprocal easements

A

Easement in common

55
Q

Type of easement:
The right or benefit to one person over the land of another which does not benefit another parcel, but benefits the owner

A

Easement in gross

56
Q

Type of easement:
Not granted, but arising from the continued hostile use of the others real property. Must prove use was open notorious adverse continuous and for a period of at least 21 years. Babe there’s nothing out there there’s nobody here

A

Prescriptive easement

57
Q

Type of easement:
Usually involves landlocked parcels in the property owner must prove that being granted an easement is necessary

A

Easement by necessity

58
Q

Type of easement:
Easements for specific and obvious purposes and are sometimes referred to as negative easements. Usually for air above ground and created to protect nature

A

Easements for solar or scenic view

59
Q

Type of easement:
An easement for ingress and egress or transportation purposes it can benefit an adjoining land owner or a government entity

A

Right of way easement

60
Q

Types of encumbrances:

A

Covenants, conditions, restrictions, encroachments

61
Q

Type of encumbrance:
An agreement written into deeds leases and other instruments promising performance or non-performance of certain acts, or stipulating certain uses or non-uses of real property

A

Covenants

62
Q

Type of encumbrance: Qualifies the nature of the ownership to the property

A

Conditions

63
Q

Type of encumbrance:
Limited ability to use the property in a certain manner

A

Restrictions
Example: Can’t build a fence taller than 3 feet

64
Q

Type of involuntary alienation: The legal process by which a governmental body exercises it’s right of eminent domain to acquire private property for public use

A

Condemnation

65
Q

Property over which the owner has relinquished all right title claim and possession with the intention of not reclaiming it or resuming its ownership

A

Abandonment

66
Q

A proceeding to determine the existence of a mortgage or other lien, ascertain the extent of the liens, to cause the sale of the property encumbered by the lien, and apply the proceeds of the sale to the satisfaction of the indebtedness secured by the lien

A

Foreclosure

67
Q

Loss of property from non-fulfillment of some duty or condition

A

Forfeiture
(page 120: review paragraph)

68
Q

Property owners have an equitable right to “take back” their property at any time before the confirmation of sale

A

Redemption
(Page 120. Review this paragraph)

69
Q

A court action may be brought by a person in possession of real property, against any person who claims an interest therein adverse to him for the purpose of determining such adverse interest.This determines ownership or easement rights to property

A

Quiet title
(Page 121 in book; 1:12:59 on class 2 real property)

70
Q

When two or more parties agree who owns real property together but disagree on how to manage the property or how to sell the property

A

Partition

71
Q

A pending lawsuit

A

Lis pendens

72
Q

Process of judicial sale (7 steps)

A
  1. Lien holder obtains prelim judicial report to determine interests
  2. Lien holder files complaint naming all parties with interest
  3. Interested parties are served and then have the right to answer
  4. Plaintiff files final judicial report which asks for a judgement
  5. Court renders foreclosure decree and county appraises property
  6. Sherriff’s sale is ordered
  7. After sale, a confirmation of sale is filed
73
Q

What is a foreclosure decree?

A

A judgment entry determining the rights of the parties and finding that the debtor is in default and orders a foreclosure

Kelly Shellhaas Cards (5 decks)

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