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ME RE Exam > Ownership > Flashcards

Ownership Flashcards

1
Q

fee simple absolute

A

greatest form of ownership; possession/quiet enjoyment/gift/sale/control use

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2
Q

fee simple subject with conditional subsequent

A

defines use of the property and what it cannot be; if it is used for such purposes, it will revert back to grantor/heirs

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3
Q

fee simple determinable

A

defines use of what the land needs to be used for; if it is used for something else, it reverts back to grantor/heirs

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4
Q

estate in remainder

A

l

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5
Q

estate for years

A

FIXED TIME; defined. Terminates automatically

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6
Q

Estate from year-to-year

A

PERIODIC; automatically renew unless one party gives notice to the other during the prescribed time at the end of the estate

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7
Q

Estate at will

A

duration is unknown, may be terminated at any time by either party

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8
Q

Estate at sufferance

A

occupation of a property previously in lawful possession and now is not

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9
Q

sole ownership

A

held by one person

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10
Q

concurrent ownership

A

2+ people

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11
Q

Tenancy in common

A

2+ people holding title; no right of survivorship; upon death the deceased’s share will pass to the person’s heirs; can sell share without destroying the tenancy relationship

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12
Q

Joint tenancy

A

unity of time, title, interest, possession. Same interest in property; receive title at same time (same source), same degree of undivided ownership and right to possession. Right of survivorship: one joint tenant dies, shares divided among remaining joint tenants. If one sells their interest, the new person becomes a tenant in common while others are still joint tenants.

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13
Q

Joint tenancy

A

unity of time, title, interest, possession. Same interest in property; receive title at same time (same source), same degree of undivided ownership and right to possession. Right of survivorship: one joint tenant dies, shares divided among remaining joint tenants. If one sells their interest, the new person becomes a tenant in common while others are still joint tenants.

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14
Q

Maine Condo Act

A

1983 - condos created must include a declaration and bylaws

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15
Q

condo declaration

A

name, legal description, plat, plan, description of common elements and limited common elements, allocated % interest, restrictions

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16
Q

Consumer Protection Requirements: Condos (First Time)

A 
current balance sheet & projected budget
expenses that will become common
special fees paid at closing
liens, defects, encumbrances 
public offering statement
description of insurance coverage provided for unit owners
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17
Q

Sole proprietorship

A

business owned by 1 individual

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18
Q

Partnerships

A

business owned by 2+ partners; do not have to have the same degree of interest

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19
Q

Corporation

A

artificial being only existing in contemplation of law; created by charter granted by its state of incorporation

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20
Q

syndication

A

organization of investors in real estate

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21
Q

joint venture

A

organization of 2+ parties for the purpose of investing in real estate

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22
Q

trust

A

arrangement where property is transferred by its owner to a trustee; trustee holds title and manages property for the benefit of 1+ beneficiaries

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23
Q

air rights

A

ownership of land and the rights to the area above the surface of the earth

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24
Q

mineral rights

A

right of the owner to take minerals from the earth

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25
riparian rights
rights of an owner of property bordering a body of water; affords access to and use of the water
26
riparian rights
rights of an owner of property bordering a body of water; affords access to and use of the water
27
eminent domain
government power to take private property for public use; owner must be paid FAIR MARKET value
28
police power
power of govn't to fulfull responsibility to provide for the health, safety, and welfare of the public
29
power of taxation
taxes imposed based on property value
30
power of escheat
owner dies without will/no qualified heirs - property escheats to the state (state takes title)
31
encumberance
anything that diminishes bundle of rights of real property
32
encroachment
a trespass on the land of another by something that was built
33
easement
right to use/have access to land that they do not own
34
dominant vs servient tenement
dominant - land that is benefited by the easement (receiving access) servient - land encumbered by easement (giving access)
35
appurtenance
additions that "run with the land" or stay with title when it is sold
36
easements in gross
railways, powerlines (commercial can be conveyed)
37
affirmative vs negative easement
affirmation - requires servient property to permit activity on servient estate by dominate owner negative - one that prohibits servient owner from doing something on their land because it will negatively impact dominant land
38
affirmative vs negative easement
affirmation - requires servient property to permit activity on servient estate by dominate owner negative - one that prohibits servient owner from doing something on their land because it will negatively impact dominant land
39
Types of Easements
express: using appropriate language in deed implied: actions of the party operation of law: prescription; using land for x amount of time and proving in court. Also eminent domain.
40
Termination of easements
Release by dominant owner Combining dominant/servient lands into one tract Abandonment of easement by dominant owner Purpose for easement ceases to exist Expiration of specified time
41
lien
claim/charge against the property of another
42
mortgage lien
pledge property in security for debt owned
43
mechanic's/materialman's lien
Persons providing material/labor for construction can file lienagainst property for which they provided materials/labor
44
Property Tax/Assessment Lien
real property tax liens have priority over all liens, liens levied by government for repayment of tax or installation of items such as sewer lines, water lines, sidewalks.
45
Vendor Lien
when seller does not receive the full purchase price at the time of title conveyance
46
Vendor Lien
when seller does not receive the full purchase price at the time of title conveyance
47
lis pendens
notice that a lawsuit is pending and that a resulting judgement may create a lien against the property
48
judgement lien
judgement made where one person is indebted to another
49
income tax lien
lien created for past due/unpaid taxes
50
estate & inheritance tax lien
estate tax - inheritance tax for a property | federal estate tax - tax paid by heirs of a dead person; paid from the assets of the estate
51
specific performance
instruction of a court to fulfill obligations under a contract for sale
52
leasehold
nonfreehold estate. one of limited duration that provides the right of possession and control but not title.
53
escheat
power of government to take title to property left by a person who died without a will and valid heirs
54
pur autre vie
"for the life of another"; a life estate measured by the life of someone other than the life tenant
55
estate in remainder
title conveyed to person 1 and then to person 2 after the death of person 1
56
estate in reversion
if will does not name the remainderman, title reverts to the original grantor or grantor's heirs
57
cooporative ownership
form of ownership where stockholders in a corporation occupy property owned by the corporation under a lease
58
2 primary classifications of leases
gross lease - owner pays any expenses of the property net lease - tenant pays all of the expenses
59
ground lease
rental of land alone, which may be improved by the tenant
60
termination of leases (4)
breach of condition expiration of rental term mutual agreement condemnation of the property
61
Actual eviction
aka ejectment | occurs when lessee fails to adhere to conditions of the lease
62
Constructive eviction
results from action or inaction of lessor that renders the premises uninhabitable
63
Importance of Recording a Deed
protects grantee's title against creditors of the grantor and subsequent conveyances by the grantor

ME RE Exam (8 decks)

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