Virginia Interests in Real Estate (3) Flashcards Preview

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Flashcards in Virginia Interests in Real Estate (3) Deck (20)
1

In regards to VA eminent domain, just compensation means?

Fair market value of the property at the time of taking.

2

T/F. Regarding eminent domain, real estate licensees are required to disclose to all interested parties that a condemnation is planned for a parcel or an entire area?

True

3

T/F. Virginia recognizes all the major estates in land, such as fee simple and life estates; defeasible and determinable estates; and remainders, reversions, and the possibility of reverter?

True

4

T/F. The concepts of dower and curtesy are recognized by Virginia Law?

False

5

The Augmented Estate and Elective Share Act?

Defines to whom a deceased person's property is distributed if he or she dies intestate, that is, without having executed a valid will.

6

Commonly referred to as the law of descent and distribution, this statute is similar to the old dower and curtesy statutes because it establishes the rights of ownership to property by a surviving spouse and others?

The Augmented Estate and Elective Share Act

7

Under the Augmented Estate and Elective Share Act, the statute defines property or estate as including what 5 things?

1) Insurance Policies
2) Retirement Benefits (exclusive of Social Sec.)
3) Annuities
4) Pension plans and deferred compensation arrangements
5) Employee Benefit Plans

8

When a person dies intestate, how is distribution of assets conducted if there is a surviving spouse and children? If there are no children (or descendants of children)?

1/3 assets passes to surviving spouse
2/3 assets passes to surviving children

1/2 of estate passes to surviving spouse

9

Augmented Estate

Consists of property, both real and personal, owned by the deceased at the time of death plus the value of property transferred during the marriage to third parties without the consent of the surviving spouse, if it can be established that the deceased did not receive adequate and full consideration for the property transferred.

10

Augmented Estate =

Real & Personal Property of deceased + Value of Property Transferred w/o Consent of Surviving Spouse(if can be established that deceased did NOT receive full consideration for property transferred) - Payment of Funeral Expense - Cost of Estate Administrator - Personal Debts of Decedents.

11

T/F. If a husband or wife willfully deserts or abandons his or her spouse until the death of the deserted spouse, the deserting spouse is barred from all interest of the other by intestate succession, elective share, exempt property, family allowance, and homestead allowance?

True

12

Under Virginia's homestead exemption, a householder is entitled to hold a certain amount of real or personal property exempt from unsecured debts. The total value of the property may not exceed _______, plus_____ for each dependent.

$5,000

$500

13

Homestead exemptions laws apply to A) Unsecured Debt B) Secured Debt C) Unsecured AND Secured Debt D) Non of the Above

A) Unsecured Debt (credit cards)

14

What are 3 things that Homestead exemption laws CANNOT exempt?

1) Claims for the purchase price of the homestead property

2) Mechanic's Liens

3) Claims for Taxes

15

T/F. In addition to the homestead estate, the householder is entitled to hold certain other items of real and personal property exempt from sale for the satisfaction of a debt, such as a family bible, wedding and engagement rings, and a burial plot?

True

16

The right to use someone else's land?

Easement

17

T/F. In Virginia with regards to easements, the owner of a dominant tenement may not convey the land without the easement?

False, if the easement is NOT an Easement by Necessity, the owner of a dominant tenement may convey the land without the easement.

18

In regards to Easement by Prescription vs. Adverse Possession, what are the differences between the 1) Use of the Property? 2) Prescriptive Period? 3) If Tacking is Allowed?

1) -Easement by Prescription = Use of the property occurs with the knowledge and acquiescence of the landowner.
-Adverse Possession = Use of the property is hostile and without the true owners permission

2) Easement by Prescription = 20 years
Adverse Possession = 15 years

3) Easement by Prescription = Tacking is permitted
Adverse Possession = Tacking is NOT permitted

19

Tacking?

combining successive periods of continuous uninterrupted use by different parties—is permitted in Virginia.

20

T/F. When an easement is terminated, documents need to be recorded in the clerk's office of the county where the land is located?

False