Cal Real Estate
Card Set Information
Cal Real Estate
Is an interest, share, right or equity in real estate that varies from the minimal right of a renter to the maximum right of a full owner
Freehold estates(Real Property)
1. fee simple estates
2. Life estates.
Means an owner has transferred alll rights of a property to a new owner for an indefinite duration of time.
Fee Simple Defeasible Estate
Is a fee estate that is subject to particular limitations imposed by the grantor of the estate.
An ownership interest in real property that oly exists for the life of any designated person or persons.
Estate in Reversion
The party (grantor) granting a life estate.
Less-than -Freehold Estates
Personal rights to the use of real property for a period of time.
Estate for Years
A lease for a fixed period of time, agreed to in advance.
Estate From Period-to-Period
A renewable agreement to rent or lease a property for a period of time, where the rental or lease amount is fixed at an agreed to sum per week, month, or year. needs notice to terminate (30 days)
Estate At Will
A rental agreement that can be terminated by either party (lessor or lessee) at any time. ( not in Ca. need 30 day notice)
Estate at Sufferance
Occurs when the person renting or leasing a particular property remains after the expiration of the stated term without the landlord's consent.
Tenancy at Sufferance
Occurs when a tenant remains in the property after expiration of a lease without the owner's consent.
Means to acquire, buy or pull
To transfer, sell, or push away
Seven ways to Transfer
1. Deed 2. Will
3.Probate 4. Intestate Succession (no will)
5.Accession 6. Occupancy
The document used to effect the transfer of title to property from one person to another.
A written instrument that conveys and evidences title.
The person who grants property or property rights (seller)
The person to whom the grant is made. (buyer)
Document that transfers title ( evidence of property ownership), with the key word being "grant".
Because they are not expressed in writing, but are present.
Is a deed that conveys alll the present rights or interest that a person may have in a property, without any warranty, title, or interest.
Cloud On Title
A claim, encumbrance or condition that impairs the title to real property until disproved or eliminated, as, for example, through a quitclaim deed or a quiet title legal action.
Quiet title Action
A court proceeding to remove a cloud on title to real property.
A.Must be in writing.
b.The parties must be properly named and hve legal capacity.
c.Property must be adequately described.
d. There must be a granting clause. (action clause)
e. It must be signed by the granting party. (grantor)
A direct transfer of the deed from the grantor to the grantee.
Delivery through Recording
The act of putting the title of record in the grantee's name at the county recorder's office.
Requires that a specific event take place before title can be passed, and must be handled by a disinterested third party.
Revocable Living Trust
A trust that is effective during the life of owner,, rather than upon his or her death.
Is a superior Court procedure to determine a will's validity, any creditors' claims, and estavlish the identity of the beneficiaries.
Is the term used if there is no will and there are no heirs; the property will go to the state of California.
Occurs when an owner aquires title to additional land by natural casuses, that is additions to the property by natural growth
Transfer by Occupancy
B. Adverse Possession
C. Prescription (by Use)
Is axquireing title to another's property through continuous and notorious occupancy for five years under a claim of title.
An easemeent, or the right to use another's land which can be obtained through five years of continous use.
The gift of land, by its owner, for some public use.
The right to ownership of land and the evidence of that ownership
The placing of a person's name on the deed and the description of the method by which that person willhold title.
Methods of Holding Title concurrently or in Severalty
1.Severalty ( Sole Ownership)
2. Tenancy in common
3. Joint Tenancy
4. Tenancy in partnership
5. Community Property
6.Community Property ( w/right of survivorship)
Is the sole and separate ownership of property by one individual or by a corporation./ sole ownership
Is a body of persons treated by law as a single "legal Person, " having a personality and existence distinct from that of its shareholders.
Tenancy In common (unity of Possession)
When two or more people own property together with the right to will or sell it
Unity of possession
Tenants in common, which means they each have the right to occupy the property.
When the courts have the responsibility of physicall dividing or selling the property.
Occurs when two or more people have identical interests in the whole property with the same right of possession and the right of survivorship.
Joint Tenancy (T-tip)
T 1. Title -All owners are granted title by the same instrument
T 2. Time- All owners obtain title at the same time.
T 3. Interest- All owners share an equal interest
P 4. Possession- All owners have an equal right to possess the property