Unit 7-9

Question 1

What is police power used to enact?

Answer 1

• environmental protection laws
• zoning ordinances
• building codes
• real estate regulations (construction, location, occupancy & size)

Question 2

Eminent Domain

Answer 2

The right of the govt to acquire privately owned real estate for public use

Question 3

Eminent domain v Condemnation

Answer 3

Em dom - power to do it

Condemnation - doing it

Question 4

Taxation

Answer 4

Charge on real estate to raise funds to meet public needs

Question 5

Ad valorum

Answer 5

According to value

In regards to real estate taxes

Question 6

Escheat

Answer 6

State acquiring property when owner has no heirs or will

15 years cheats the norm; supposed to be 20 years

Question 7

What are the Enabling Acts?

Answer 7

Power transferred from STATE to MUNICIPALITY

Question 8

Government Powers

Answer 8

Police power
Escheat
Taxation
Eminent domain

Question 9

What are the four types of co-ownership or concurrent ownership?

Answer 9

1) tenancy in common
2) joint tenancy
3) tenancy by the entirety
4) community property

Question 10

What is PITT?

Answer 10

The four unities in Joint Tenancy

1) Possession-all have an undivided right to possession
2) Interest-all have an equal interest
3) Time-aquired at same time
4) Title-title conveyed to all by same document

Question 11

Severalty

Answer 11

Ownership - severed - only 1

Sole rights
Could be of an individual or a corporation

Question 12

Tenancy in Common

Answer 12

Owned by 2 or more

• each owns undivided fractional interest
• each has unity of possession (right to entire property)
• interest can be sold, conveyed, mortgaged, transferred
• interest passes upon death

*can be SOLD & WILLED

Question 13

Joint tenancy - right of survivorship

Answer 13

Upon death, interest passes to other joint tenant(s)

Can be sold, but not willed

JT - jayZ - Beyoncé - survivor

Question 14

Joint Tenancy Termination

Answer 14

• death (of all but 1 - then, he or she owns in severalty)
• conveyance
• partition (to force division or sale)

Question 15

What is used in CT: tenancy by the entirety or tenancy in common

Answer 15

Tenancy in common

Question 16

Partition

Answer 16

The dissolving of a co-ownership relationship when parties don’t voluntarily agree to its termination

Question 17

Trustor

Beneficiary

Trustee

Answer 17

• one who creates trust
• one who benefits
• holds the trust

Question 18

Testamentary Trust

Answer 18

A trust willed after an owners death

Question 19

Membership camping

Answer 19

Kinda like time share use

Question 20

Land trusts

Answer 20

• Trustor is usually also the beneficiary
• Beneficiary isn’t named (secrecy)
• Security for a loan without having a recorded mortgage

Question 21

Three methods of describing real estate:

Answer 21

Metes and bounds
Rectangular (govt) survey
Lot and block

Question 22

Start place of metes and bounds measurement
And
Can this be either natural or man-made?

Answer 22

POB
Point of beginning

Yes, either.

Question 23

Does a lot and block description refer to either metes and bounds or rectangular surveys?

Answer 23

Yes

Question 24

Does a surveyor or engineer who is preparing a subdivision plat need to be licensed?

Answer 24

Yes

Question 25

Where are lot and block systems mostly used?

Answer 25

Subdivision and urban areas

Question 26

Which description of real estate uses a plat map?

Answer 26

Lot and block

Question 27

Datum

Answer 27

Ground level point where measuring is determined

Question 28

Examples of when datum would be used:

Answer 28

Condominium (btw, separate plat map for each floor) And Air lots Subsurface rights

Question 29

Mile

Answer 29

5,280feet

Question 30

Square mile Square yard Square foot

Answer 30

640 acres 9 sq ft 144 sq in

Question 31

How is rec survey system broken up?

Answer 31

``` Principal meridians (north & south) and Base lines (east & west) 6 miles apart Townships 36 sq miles each thus 36 sections East to west rows called tiers North to south rows called ranges ```

Question 32

Where is section 6 always found?

Answer 32

Northwest or upper-left corner

Question 33

The end of a metes and bounds survey isalways a:

Answer 33

POB

Question 34

What is the number of the designated school section?

Answer 34

16

Question 35

Horizontal property acts regulate what?

Answer 35

Condominiums

Question 36

Principal meridians run north and south. T/F?

Answer 36

True

Question 37

Liness running east to west, parallel to base line, are:

Answer 37

Township lines

Question 38

Range lines are strips of land six miles wide and run parallel to the

Answer 38

Principal meridian

Question 39

The basic unit of the rec survey system is:

Answer 39

``` Township squares (When township and range lines intersect) ```