Level 1 -Real Estate Basic Flashcards

Question

What Is and Is NOT Agricultural Real Estate:

Answer 1

A real and complete house on a agriculture field, like a farm house, house with + corn field This is important to note for tax purpose.

Answer 2

1. Often publicly owned 2. Require substantial reinvestment to convert to another purpose or use 3. Do not come up for sale as frequently as other property types

Answer 3

* Churches * Schools * Recreational facilities * Cemeteries * Government-held land

Answer 4

Real vs. Personal Property

Answer 5

Things Belongs to Seller, Or Owner's Personal belongings ( not a part of a real property ) Also unpacked/unboxed fixtures. Items that are NOT permanently attached inside or outside the house. Also they are movable. Also Known as Chattel,

Answer 6

Personal property or personalty : personal or movable property Remember chattel as cattle because cattle is movable and personal property

Answer 7

land + Improvements + Bundle of rights)

Answer 8

Real Property are home, ranch, warehouse, office, factory, chicken farm, cornfield etc. (a land + Improvements + Bundle of rights)

Answer 9

Vacuum cleaner, dinning tables, clothes, rugs, furniture, and any unpacked boxed items, etc. Items that are NOT attached permanently inside and outside the house

Answer 10

1. Bill of sale, or request in a will | 2. Deed

Answer 11

fruits of nature that do not require annual planting such as apple trees or blueberry bushes as well as flowers and Plants ( perennial ) it consider as mostly a real properties. Apple trees, or blueberry plants, flowers and Plants ( perennial ) Part of a real property's landscape. These are attached in the ground and part of a landscaping. Unless otherwise mentioned on the contract.

Answer 12

Annually cultivated crops | generally considered to be personal property, even prior to harvesting

Answer 13

New Topic ( for reference )

Answer 14

it is permanently attached to the land.

Answer 15

* Housing 🏡 * Landscaping 🌷 * Permanent BBQ pit 🍔 * Horse stables 🏇

Answer 16

1. Fixtures 2. Annexation 3. Severance

Answer 17

an object that was once personal property but is now firmly attached to the land in such a way that it is considered to be real property. Like Ram’s ceiling fan * Chandeliers (They're like a tiara for your ceiling!) * Garage door openers (attached in walls) * Shelves * Bidets (Are you trying to make a robot blush?)

Answer 18

The PROCESS of converting personal property to real property is called affixation or annexation.

Answer 19

When Ram’s ceiling fan is attached to the ceiling, it is converted from personal property to real property through affixation (or annexation).

Answer 20

* Close association * Adoption * Agreement

Answer 21

A conceptual linkage to real property, * such as a remote garage door opener, ( Even if it is a * custom-made garage door opener ) * Fireplace remote control etc. Therefore Close Association is also a part of 'changing personal property into real property'.

Answer 22

the customization of personal property for use with real property, such as drapes cut for a window in a room with a vaulted ceiling. Therefore Adoption is also a part of 'changing personal property into real property'. EXAMPLE Let's say Amir builds his own home with 100-foot ceilings and floor-to-ceiling windows. He purchases custom drapes for these windows from Custom Curtains LLC, his favorite drape store. When Amir sells his home, these massive drapes will likely be considered real property, as they are customized specifically for the home.

Answer 23

is when the parties to a contract agree that personal property will remain with the real property (make sure to get this in writing!) Example: let’s say big portable TV stand was requested by buyer and seller agrees to throw that with house deal

Answer 24

A tenant's personality property and they can usually take trade fixtures with them when they leave because they need it for their business. EXAMPLE Shelves that a store owner attaches to the wall when leasing a storefront in a strip mall are trade fixtures.

Answer 25

The act of converting real property into personal property. You could say, then, that severance is the opposite of affixation. Example Homeowner Picking up berries from his backyard for his morning breakfast after he sold the house. This performing is an act of severance that converts the berries from real property to personal property

Answer 26

``` 1. Answer • Method of attachment • Adaptability • Relationship of the parties • Intent • Agreement ``` 2. Answer: To determine things if they are privet or real property.

Answer 27

How the potential fixture is installed. Example: Anything that would damage the home to remove? That's probably a fixture (real property)

Answer 28

that if anything specifically adapted to the home. Example: • Window Shades ( real Property) • A box air conditioning unit on the window • or a specially-sized door could be a fixture.

Answer 29

Relationship of the parties refers to landlord-tenant relationships. When tenants install things in a home, they are allowed to take them when they leave, like a trade fixture. EXAMPLE Lenny rents a commercial property to house his bakery. He installs shelves in the unit to hold his 47 types of flour. When Lenny's lease is up, he can take his shelves with him.

Answer 30

The question about intend of a owner about why did he installed to be permanent or to take it with them if they move? * Like installing a basket ball net on the driveway wall, * A projector on the basement,

Answer 31

Agreement /contract (in writing) between the parties. What stays and what's not? Example: Ceiling fan was intended to be a permanent on the house when seller installed but later she decided she wants to take it with her. So she disclosed that on the contract the light fixture is her personal property.

Answer 32

* Indestructibility * Immobility * Non-homogeneity

Answer 33

Cannot be destroyed neither by people or nature

Answer 34

You can't move land. It's immobile

Answer 35

Every parcel of land is unique. There is no parcel of land that is exactly the same as another parcel of land Even two nearly identical lots in a subdivision differ in their position on the Earth

Answer 36

* Accession * Accretion * Erosion * Reliction * Avulsion

Answer 37

Accession is the right to all that one's own property produces, including that which is added, either naturally or by human action, to the property already owned Example: Strawberry plants sprout in your backyard. You didn't plant them, but you still have the right to pick them, eat them, or make them into strawberry shortcake. 🍰

Answer 38

Accretion is the process that results in the gradual increase in land area through deposits of soil by natural forces. EXAMPLE Soil is deposited over time on the shore banks and deltas of a river. (The soil that gets deposited is also referred to as alluvion.) This gradual increment of one person's land might be a gradual loss of another person's land. Because overtime the river swept the soil and deposit from one property to another. So One person's Accretion could be another person's Erosion

Answer 39

Erosion is the gradual loss of land over time. This most often happens when bodies of water wash away bordering land. EXAMPLE •The Grand Canyon was formed by the Colorado River through erosion. •The rocks under Niagara Falls are slowly worn down as the Niagara River passes over them. This gradual loss of one person's land might be a gradual increment of another person's land. Because overtime the river swept the soil and deposit from one property to another. So One person's Erosion could be another person's Accretion

Answer 40

Reliction is a gradual increase in land area when water gradually withdraws. Example 10 years drought can cause water level to dry up and making water property's land large.

Answer 41

Avulsion is the sudden loss of land by flood or when a stream or river changes course. Because it's a sudden change, no title is lost. Avulsion is caused by water. This is not to be confused with alluvion, which is the soil that gets deposited in accretion. EXAMPLE Let's say Kevin's property borders a river. During a massive rainfall, the river floods and washes away tons of the soil from the banks of Kevin's property. Kevin's sudden loss of land is called avulsion. Pro tip: One way to remember avulsion is that it sounds like convulsion, which is a sudden movement, and avulsion is the sudden loss of land.

Answer 42

Gradual increase of Land Vs sudden loss of land by water

Answer 43

How Lands and its Values are impacted by the economy ( just for reference )

Answer 44

(population badera Jagga/land ko bhau badnu) Scarcity is the economic characteristic that informs the economic principle of supply and demand. The supply of land will never increase, but the demand for land will increase as the population grows. And this is because land is scarce. EXAMPLE Moving from Woodbridge to Washington DC. When you move, you find that property prices in W DC are much higher than they were in your hometown. This is partially due to scarcity.

Answer 45

Situs ( land location, around, nearby ma opportunities harule garda demand badnu buy & sell garda) Situs refers to the economic significance of a property's location. The popular real estate phrase, “location, location, location,” is referring to the preferences people have for certain areas. Situs considers not only the geographical location of property, but also the economic qualities of that area that make it more or less desirable. EXAMPLE Let's say a buyer wants to move from a rural area to a home in a nearby city because the city has a strong local economy with plenty of job opportunities. This buyer is influenced by situs.

Answer 46

(conference hall Banda baneshwor ko jagga ko bhau badeko jasto) Increment of property due to the development near by. Example: In Orlando, FL, after the construction of Disney World®, the farmlands that surrounded the theme park suddenly appreciated in value.

Answer 47

( chado land kin bech grana Garo hune, paisa long term fasna sakne) Fixity refers to the fact that real estate exists in a fixed location and cannot be moved. (This economic characteristic is very similar to the physical characteristic of immobility.) Fixity describes this truth about land (it can't be moved) from an economic viewpoint. Fixity is super important to people who invest in real estate. In contrast to investments in personal property, investing in real estate tends to take a lot more money up front and takes a long time to pay off – it's not a liquid asset. It can't be packed up and moved or quickly converted to cash. Because of fixity, investors must carefully analyze the long-term nature of owning property.

Answer 48

( chahieko bela/emergency ma land becna parda, sasto ma bechnu parna situation aunna sakne) Illiquidity is the relative difficulty of converting an asset to cash without loss of value. EXAMPLE: It takes time to convert property into cash, and to rush the process, you would likely have to drop the price significantly to get someone to commit that quickly (and lost value).

Answer 49

Land Rights ( just for reference )

Answer 50

(small or midsize grass ko mini hills) Mounds: Some Area like in Seattle; native American build mounds (artificial small hills made by people) are still present to this day in lots of the area. They are very protected by gov to preserve the native American’s history. If your clients look at those lands, you need to let them know about the mounds on the backyard. Because there are limitations what they can do with that land.

Answer 51

( land ko surface ma banaune right haru) Surface rights are the rights to access the surface area of a parcel of real property. ( within a boundaries) They govern both natural elements and structures (called improvements) built on or attached to the uppermost layer of the land. Example: Building a barn in back yard or Cutting down the trees)

Answer 52

Jamin Muniko sabai kura ( minerals ) haruko adhikari/Ownership Subsurface rights are ownership rights to all that is found beneath the surface of the tract of land owned, extending downward to the center of the earth. The importance of this right lies largely in the fact that it may secure ownership of mineral deposits located under the surface of a property. For this reason, subsurface rights are also commonly referred to as mineral rights. Take Note: Subsurface rights may be sold separately from surface rights. In the event that two parties each hold an interest in a property — one holding the subsurface rights and the other holding the surface rights — the holder of subsurface rights has priority and may legally enter the property to extract the minerals they have rights to, but they must take care to not materially disturb the surface. EXAMPLE Let's say William owns the surface rights to a property and Laura owns the subsurface rights. Laura has the right to enter William's property and extract some of that delicious black oil she has the right to, but she can't excavate William's whole backyard to get to it. That would be a material disturbance. Minerals: In the process of being extracted from the land, they move, categorically, from real property to personal property.

Answer 53

Subsurface has more priorities Take Note: Subsurface rights may be sold separately from surface rights. In the event that two parties each hold an interest in a property — one holding the subsurface rights and the other holding the surface rights — the holder of subsurface rights has priority and may legally enter the property to extract the minerals they have rights to, but they must take care to not materially disturb the surface. EXAMPLE Let's say William owns the surface rights to a property and Laura owns the subsurface rights. Laura has the right to enter William's property and extract some of that delicious black oil she has the right to, but she can't excavate William's whole backyard to get to it. That would be a material disturbance. Minerals: In the process of being extracted from the land, they move, categorically, from real property to personal property.

Answer 54

(Jasko Tanna /chusna sakne sakti usaiko bhakti ) A discussion of mineral rights should always include the rule of capture (also called the law of capture), which states that a landowner who drills a well for gas or oil on their land is entitled to all that well produces — even if the gas or oil migrates from beneath a neighbor's property. EXAMPLE • Owner A and Owner B both have oil underneath their land. How lucky! • But Owner B takes all of the oil because the oil flows towards the lowest point of pressure, i.e., the point from which Owner B is actively pumping oil. • Owner B has the right to take all that oil

Answer 55

Supporting rights is the legal concept of responsibility adjacent landowners share. Land is supported by the land that surrounds it. So, landowners shouldn't do anything that undermines that support.

Answer 56

* Lateral support | * Subjacent support comes from the underlying earth.

Answer 57

is provided by adjacent properties. Example Lateral support: entitles a landowner to the right of NOT having their neighbor excavate land that might cause damage or shifting houses to surrounding property (adjacent properties )

Answer 58

( Akash Land owner le arko land owner Bikash lai uskai land muni bata large rocks/lawyers of rocks haru nikalna Nadine.. kina bhane tyo nikalda, Akash ko jamin shft bhayera ghar dhalna sakcha Subjacent support means the support of the surface by the underlying strata of the earth. It is also defined as the right of the land to be supported by the land which lies under it. An adjoining landowner is owed subjacent support[i]. Therefore, a party who removes the subjacent support is absolutely liable for damages caused by subsidence[ii].

Answer 59

Digging holes, wells, ponds on ADJECENT properties Vs Removing Large rocks, layers of rocks from underneath the ground on ADJOINING properties Dictionary Definition: The term adjacent property: naturally, refers to a property's position regarding other properties close to it. While adjoining is used to describe objects or properties joined in one form or another, adjacent properties are those properties that are close by but don't touch.

Answer 60

Air rights is the right to use the air space above the surface of land. Air space is the area above ground that is owned along with a property. It could include space above a piece of land, or the space owned inside a condominium unit. These rights may sold separately, and may have restrictions on some cities or nearby airports. Buyers needs to be aware if they are building sky scraper on the property where the area is restricted.

Answer 61

The doctrine of prior appropriation is a legal doctrine that grants water rights to the first individual or entity to take water from a source for beneficial use.

Answer 62

are water rights (granted by the government) that allow a party to take water from a body of water for a specified and approved use.

Answer 63

Virginia honors the Reasonable Use Rule, a law which allows property owners to extract water from a water source (such as a river) IF the water is put to reasonable use. What's important is that water taken from a water source MUST be used on the tract of land where it was extracted. It cannot be transferred to another tract of land.

Answer 64

In dealing with water rights, the prior appropriation doctrine states that water rights are determined by priority of beneficial use. This means that the first person to use water or divert water for a beneficial use or purpose can acquire individual rights to the water.

Answer 65

is the legal doctrine that the first person to take a quantity of water from a water source for "beneficial use" (agricultural, industrial or household) has the right to continue to use that quantity of water for that purpose. Subsequent users can take the remaining water for their own beneficial use if they do not impinge on the rights of previous users.

Answer 66

River ( flows ) | Lake ( stationary )

Answer 67

Riparian rights govern the use of flowing water, such as rivers and streams that pass through or border a property. In accordance with riparian rights, a property owner does NOT own the water, but they may use the water and share those same rights and uses with other property owners whose land also interacts with the water.

Answer 68

Littoral rights govern lakefront or oceanfront property and usually allow the property owner to use the water bordering their property.

Answer 69

Where riparian rights (flowing waters) come into play, and the water is considered navigable, the landowners to each side of the water own the land just to the water's edge. 2. ownership extends to the midpoint beneath the flowing water that divides their property. Remember: When evaluating littoral water rights, the water is always considered navigable, so ownership is always only to the water's edge. When there are tides involved, the water's edge is considered to be the mean high-water mark (high tide).

Answer 70

1. A body of water, such as a river, canal, or lake, is navigable if it is deep, wide, and calm enough for a water vessel to pass safely. 2. to bodies of water that a ship is unable to pass through

Answer 71

( jamin Muni ko pani ko adhikar)

Answer 72

the use and ownership of underground water. Real property owners have a right to access that water by installing wells for their own use.

Answer 73

(Ghar ra jamin sang permantly jodiyeko sabia kura haru) Appurtenances are rights that run with real property ownership, most often transferred with the property, but possible to sell separately.

Answer 74

* Rights of access * Air and water rights * Mineral and gas rights * Oil rights * Other rights EXAMPLE Let's say an oil company obtains rights to the oil accessible beneath a piece of property. Should that property be sold again in the future, the property owner would convey all rights to the buyer EXCEPT the oil rights that were no longer the landowners to sell. The new buyer would have to honor the pre-existing oil rights of the oil company. undefined EXAMPLE Though appurtenances secure a right for one party, an appurtenance may also limit the right of another party. Let's say Linda owns the surface rights of a property and Maura owns the subsurface rights. When Linda sells the property to Kent, Maura's rights are protected, and Kent's rights are slightly limited.

Answer 75

(chaal/achaal sampati current or future Adhikar ) An estate includes a present or future right to ownership and/or possession of real property. One of the ways assets, such as land and property, are conveyed is through estates

Answer 76

( Jagga Jamin-ma/(ko) Adhikar ) A right in real property, including access, improvement, water right, fee simple interest, easement, land use easement, partial interest in real property, mineral right, remainder or future interest, or other interest or right in real property In another word: When someone holds a possessory interest in real property, they have an estate

Answer 77

Possessory | Non-Possessory

Answer 78

( Jagga jamin ko current owner/Adhikari) A possessory interest or estate is a present interest. (I own this property right now! I'm living in it! I have the right to occupy it!)

Answer 79

( future ko sampati khane owner/adhikari) A non-possessory interest or estate is a future interest (I will inherit and own this property in 10 years! I can't wait to change the curtains.)

Answer 80

possessory interest in real property When someone holds a possessory interest in real property, it is said that they have an estate

Answer 81

for indefinite duration that can exist for a lifetime or forever. Some types of freehold estates are classified as "estates of inheritance," where the estate continues beyond the life of the holder and descends to their living heirs upon death as specified by the will or by law.

Answer 82

considered more temporary, as they usually last for a specific duration of time.

Answer 83

The owner of a freehold estate is called a freehold tenant Depending on the type of freehold estate, the freehold tenant may also have a right of disposition, or right to convey, the interest they own.

Answer 84

Fee simple estate | Life estate

Answer 85

The estate that grants the most unlimited, most absolute interest in real property. This means that there are NO conditions on the title. (It is also known as a fee interest or simply fee estate.) An estate in fee simple is the highest or fullest type of interest in real estate recognized by law. It is one in which the holder is entitled to the full bundle of rights connected to the property A fee simple estate is: • Of indefinite duration • Freely transferable • Freely inheritable When a grantor conveys a fee simple estate, the grantor conveys (to the grantee) full ownership of a property for the grantee’s lifetime. An estate in fee simple is the highest or fullest type of interest in real estate recognized by law. It is one in which the holder is entitled to the full bundle of rights connected to the property — yes, we're talking about that same bundle of rights you learned about earlier. The grantee then has the right to use, occupy, and/or dispose of the property as they see fit. A fee simple estate may also descend to heirs. There are no limits or conditions on the title of a fee simple estate – that's what makes it simple!

Answer 86

* Absolute Estate | * Defeasible Estate (or fee simple defeasible)

Answer 87

is an estate without restrictions that is freely given to heirs (this is the most common type of residential real estate). This is also called a fee title estate.

Answer 88

A defeasible estate (or fee simple defeasible) is an estate characterized by perpetual ownership on the condition that the property is used for a certain purpose or under specific conditions. Ownership reverts back to the original owner if these stipulations are violated, but the condition RUNS WITH THE LAND. This is also called a qualified fee estate. Dictionary Definition is a legal term and type of property ownership, where the ownership is dependent on specific conditions. If the "conditions of ownership" are violated, the property may be returned to the grantor or to a specified third party This is also called a qualified fee estate. ``` More Definitions: Defeasible Estate (or fee simple defeasible) So, defeasible estates are any estates conveyed by a grantor with conditions that – if violated – could make them null or void. ``` EXAMPLE: Let's say your parents own a vacation home on the beach. They promise to let you have the vacation property if, and only if, you master the secret family chili recipe. If you meet this condition, the property is yours! If not, you're out of luck (and chili). ( this is what it means to the condition on land but seems it also seems against the person cause he has to learn to cook)

Answer 89

The condition placed on the estate creates an encumbrance ( burden) that "runs with the land." An encumbrance is a non-possessory interest in a property that burdens the title. This means an encumbrance is against the land or the use of the land; it is NOT a personal vendetta against the owner of the land Example: Let's say Geraldine has a possessory interest in a property as a fee simple defeasible estate (meaning Geraldine owns the property). However, Geraldine's Uncle Hoover is the one who granted the estate. When he did this, he attached the condition that Geraldine could own the property ONLY IF she cared for his 237 tabby cats. • This condition, or encumbrance, is not a personal vendetta against Geraldine – Uncle Hoover just wants to make sure his tabby cats are cared for. • The condition is an encumbrance: It runs with the land and it is from a non-possessory (Uncle Hoover doesn't own the land) interest. Just think of an encumbrance as a restriction or limitation on a property that might be annoying or limiting to an owner.

Answer 90

* Determinable | * Condition subsequent

Answer 91

( condition violation garekr khanda court ya authority ko approval bina turuntai estate original owner ko ma firta jane ) A fee simple determinable is a type of fee simple defeasible estate which causes the title to automatically revert to the original owner if the deed requirements regarding property use are violated. • The estate will come to an end automatically and immediately upon the occurrence of a designated event. • The time of that occurrence is uncertain (because the occurrence depends on an action, not a date). • No legal action is required of the grantor in order to assume recovery of this kind of estate. 11 EXAMPLE Jennifer owns acres and acres of property. She grants land to her church “so long as the land is used only for religious purposes." This works great for 37 years, until the church decides to demolish the church building and use the land to start a circus, instead. The church decided to use the land for a non-religious purpose, so the title will revert automatically to Jennifer (or her heirs or successors)

Answer 92

( condition violation gareko court ma prove garayera warrant/approval liyera matraiii property firta lina milne ) A fee simple condition subsequent estate is the other type of defeasible fee estate. This is the same as a determinable estate in that it comes with specific requirements (or conditions). The difference is that, for ownership to change, the grantor of the estate must prove (in court) that the defeasible fee estate condition has been violated. This MUST happen within a certain time frame. •This change of ownership is NOT automatic, as is the case with a fee simple determinable estate. Once the court is satisfied with an established condition violation, the grantor can exercise their right of reentry, which is the right to retake possession of the property. 12 EXAMPLE Benjamin grants his property to Restaurant Owner Randy on the condition that NO alcohol is sold on the premises of the land. But Randy loves brandy and starts selling brandy-based cocktails on the property. Benjamin has the right to reacquire full ownership of the property. However, it will be necessary for Benjamin (or his heirs or successors) to go to court to assert that right.

Answer 93

( jaslai diyeko tyo manche marepach, afailai firta aune condition) A life estate is the other type of freehold estate. A life estate is so named because it is limited to the duration of a measuring life (this may be the life of the tenant or the recipient of the life estate). This means that life estates are NOT estates ruled by inheritance. What Makes It a Life Estate? • The life tenant enjoys the full bundle of rights of ownership, but they do so ONLY for the duration of the measuring life. • Life estates can be created by private parties or by law (under specific circumstances). • Life estates create a future interest for the person next in line to receive title to the property. o These future interests can be remainder interests or reversionary interests.

Answer 94

( jaslai diyeko ho tyo mare pachi, tyo marne manche ko najiko adhikari ( reminder) lai jane ) The remainder interest is the interest in an estate that will pass to another party (other than the grantor) at the death of the person upon whom the life estate is based (the recipient of the future remainder interest is referred to as the remainderman). EXAMPLE Consider Benjamin, the young man you met in the last example. Benjamin owns a fee simple estate. He grants a life estate to his grandmother, Diana. When Diana dies, Benjamin designates that the estate goes to Creed (Diana's husband). A has a fee simple estate. He grants a life estate to B, when B dies, The property goes back to B(h) who is B's heirs

Answer 95

sampati jasle payo, tyo paune manche mare pachi, tyo sampati dine manche lai firta (revise) jancha, ya dine manche ko najik afanta lai jancha A has a fee simple estate. He grants a life estate to B, when B dies, The property goes back to A or A(h) who is A's heirs

Answer 96

(A le B lai diyeko sampati life estate marfat, yedi B le bhigarne, bhankaune, modified garne, noksan garne garema tesko cheti purji bhehornu parne huncha) If the life tenant were to do anything to diminish the value of the property, they would be committing an act of waste, for which they could be held liable. A grants a life estate to her son, B. One day B hates the house and demolish the building because B does NOT have the right to destroy A's peaceful house. That would be an act of waste and B would have to pay for it. general knowledge While life estate tenants are entitled to the bundle of rights (of ownership), including both possession and the ordinary use and profits arising from ownership, their rights are not absolute. They must take care that the exercise of their present rights does not encroach (hani garne, chayti garne) on the future rights of the remainderman.

Answer 97

1. Conventional life estate : created by property owners through a grant 2. Legal life estate: created by a function of law

Answer 98

A le B lai granted ( through deed) a free hold estate and this property B bachun jel matrai usko(B) huncha) is a life estate in which the measuring life is that of the life tenant; it is an estate created by a deed that lasts for the duration of the tenant's life. This kind of estate is made through a grant from a property owner to another party. The two different types of conventional life estates are: 1. Ordinary 2. Pur autre vie Conventional Ordinary Pur autre vie

Answer 99

Yo original Life estate nai ho ( as default) matlab jalai diyeko cha deed marfat, tesko ( paune) manche ko life samma matrai huncha. tespach deed ma koslai dine lekheko huncha tesailai jancha An ordinary conventional life estate is a life estate in which the measuring life is that of the life tenant. It is an estate created by a deed that lasts for the duration of the tenant's life. • This is often referred to simply as a conventional life estate and is NOT always called an ordinary conventional life estate (that's a lot to say). EXAMPLE Timmy has a fee simple estate and conveys the estate to Jody for Jody's lifetime. • Jody is the life tenant, and his life is the measuring life. Upon Jody’s death (moment of silence, please), the life estate terminates. Ownership of the property is passed on to Breck, as dictated in the estate's deed.

Answer 100

Jaslai sampathi diyeko cha, tyo payune manch haina arkai manche marema tyo sampati, jale diyeko ho teslai jancha yea deed ma lekhelo lai jancha. A conventional life estate pur autre vie is a life estate in which the measuring life is based on someone other than the life tenant. When the measuring life ends, the estate is returned to the original grantor or passed on to some other designated person according to the provisions of the conventional life estate. • Pur autre vie is a fancy-schmancy French phrase meaning life of another. EXAMPLE Jenny owns a fee simple estate and conveys a life estate in the property to Paula (her niece and private nurse). Paula is the life tenant for the duration of the life of Burt (Jenny’s elderly uncle). • Paula is the life tenant. • The measuring life is Burt’s. Upon Burt’s death, the life estate ends, and subsequent ownership is granted to Elisa, as dictated by Jenny in the deed. But Desh, you're curious! I know you're wondering what happens if Paula should die while Burt is still alive. Well, Paula’s heirs may inherit her life estate. However, when Burt dies, Paula's heirs will lose the estate. To whom it may go then? It goes to whoever Paula mentioned in the deed after Burt's death.

Answer 101

Any property (real or personal) that someone owned is known as an augmented estate once that person dies. Think of it this way: • Living owner? Just your normal estate. • Deceased owner? Augmented estate. A person can die intestate , or without a valid will, or testate, with a valid will. We will cover more on this later. For now, it's only important to understand that augmented estates may or may not be governed by a will (depending on if the owner died intestate or testate). Will banayera maryo ki nabanai maryou Intestate: not having made a will before one dies. Testate: having made a valid will before one dies. When a deceased person dies, relevant parties want to know where, or to whom, that value is going. The value of an estate is found by taking the actual value of the estate and subtracting funeral costs, estate administration expenses (maybe a lawyer is needed), and personal debts.

Answer 102

A. The surviving spouse's property. B. The deceased spouse's property, IF that property is owned by the deceased spouse and another party. Ravi and his friend Sherman invested in a vacation property together. When Ravi passes, his wife doesn't automatically get full possession of the vacation property (though she will likely inherit Ravi's share).

Answer 103

The main difference between a legal life estate and a conventional life estate is that state law creates legal life estates. Its main objective is to look out for a deceased person's survivors (concerning real estate, at least). Pro tip: To keep legal life estates separate from conventional life estates, remember the word legal: Legal life estates are mandated by legal action (state law).

Answer 104

* Homestead * Dower and Curtesy * Elective share

Answer 105

Hometead bhaneko State law le mareko manche ko ghar bar bank wa finiancial instution le lilam garna bata bachaucha, tara Virginia ma homestead law ko honor chaina. Homestead laws: State laws that protect a homeowner from the loss of their principal residence from the claims of most creditors and require both spouses to execute any instruments of conveyance. In other words, they keep a person's primary residence from being forcibly sold to pay debts or the debts of a deceased spouse. Homestead Law Specifics • Virginia does recognize homestead protection legislation and stipulates a spouse could get $15,000 of their deceased spouse's augmented estate. • Homestead law would be used in place of a will.

Answer 106

Yeuta spouse le arko mareko spouse ko sampati ko property inherit garnu Dower/Curtesy: The right of a spouse to inherit property held in their spouse's name after that spouse dies; dower is the word used for women, curtesy for men. Dower/Curtesy Specifics • Property is transferred if one spouse obtains a release from another spouse. • Dower and curtesy are uncommon, as most dower and curtesy laws have been replaced by community property laws or elective share.

Answer 107

Will ma je bhayepani, bacheko spouse le mareko spouse ko sampatiko claim garna saknu. claim nagareko khandama will anusar ko thau ma janu ya other tarikale court le law anusar karba garnu State laws that let a spouse make a claim to their deceased spouse's property, despite what is in the will. The surviving spouse has to make a claim to the property and often gets a percentage of the value. If no claim is made, the estate passes per the will or other applicable law. In Virginia, a spouse can claim one third of the value of an augmented estate if there are children involved and half of the value if there are no children.

Level 1 -Real Estate Basic Flashcards

(133 cards)