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Flashcards in Princples 4 Deck (47)
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1

The deceased can name the property’s new owners in a document called?

Will

2

Interstate

-A person who dies without having made a will.

3

Intestate succession

-Legal determination of property ownership

4

Will

A document made by an owner of property who is legally competent to do so, to pass title to the property to another after death.

5

Testator

-Property owner
-The person making a will

6

Devise

The transfer of title to real estate by a will

7

Define Devisor and Devisee

-Devisor= property owner

-Devisee= Person receiving the property by will

8

Bequest of legacy

- transfer of property by will, particularly personal property

9

Legatee

- recipient of Personal property by will

10

Codicil

-A document that can add or amend provisions on a will

11

Community property intestate succession

-1/2 already belongs to surviving spouse
-Remaining 1/2 goes to surviving spouse after decedent’s liabilities have been paid.

12

Community property with right of survivorship interstate succession

If there is a surviving spouse, surviving spouse takes entire property.

13

Separate property surviving spouse no child intestate succession

-surviving spouse take 1/2
-surviving parent, brother or sister, or child of deceased brother or sister, or (if none of these) spouse takes 1/2

14

Separate Property surviving spouse and one child intestate succession

-Surviving spouse takes 1/2
-Child takes 1/2

15

Separate property surviving spouse and more than one child intestate succession

-surviving spouse takes 1/3
-children divide 2/3 equally

16

Separate property no surviving spouse or child intestate succession

-Property is distributed to next of kin in order prescribed by California law, if no heirs can be located, the property will escheat to the state

17

What are the two types of wills currently recognized in California

Witnessed wills- written document, normally prepared by an attorney and signed by a testator in the presence of at least two witnesses.

Holographic wills- One written by hand, dated, and signed by the testator. Does not need to be witnessed but must be entirely handwritten.

18

Probate

Court process that determines the decedent’s heirs and creditors, pays debts owed by the estate, and transfers title to any remaining property from the decedent to the decedent’s heirs.

19

Accession

Refers to an increase in the property owned.

20

Accretion

The process by which land adjacent to a flowing body of water accumulates new soil.

21

Alluvion or alluvium

Buildup of new soil

22

Avulsion

Land lost through natural force

23

Erosion

Process which precipitation wears away the surface of the soil.

24

Reliction

Increases the adjacent owner’s property through water receding permanently and uncovering more (new) land.

25

Adverse possession

-Must occupy the land OPENLY and NOTORIOUSLY without hiding from anyone.
-Must occupy land without permission of owner
-Must claim title or by color of title
-Continuous possession for a period of five years
-Must pay all real property taxes during the five years of possession.

26

Color of title

The possession of a document erroneously appearing to convey title to the occupant.

27

Easement

The right to use or to travel over someone else’s land.

28

Common-law dedication

Occurs when a land owner devotes land to a public use.

29

Lien

a right to keep possession of property belonging to another person until a debt owed by that person is discharged.

30

Mortgage

-a legal agreement by which a bank or other creditor lends money at interest in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon the payment of the debt.

-a loan obtained through the conveyance of property as security.