REP2

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Author:
slutz12
ID:
302553
Filename:
REP2
Updated:
2015-05-13 17:52:46
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principles chapter2
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REP
Description:
RE principles chapter 2
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  1. Lot, Block and Tract System
    a subdividing of land that has been mapped or platted and recorded in the county's office
  2. Metes and Bounds
    the measure of boundaries, often times when land cannot easily be subdivided, using units of measurement and natural landmarks
  3. U.S Government Survey System
    section and township method of survey using base lines and meridian lines
  4. Measurements of a Township
    • each township is 36 square miles broken down into 1 mile square sections. Each section also contains 640 acres of land
    • one mile= 5,280 ft or 320 rods
    • one rod= 16.5 ft
    • one acre= 43,560 sq ft
    • one square acre= 208.71 ft
  5. 5 ways to acquire a title
    will, succession, accession, occupancy and transfer
  6. witnessed will
    formal typewritten document signed by the individual who is making it, declaring the presence of at least two witnesses (signed by all three, prepared by an attorney)
  7. holographic will
    document written, dated, and signed in its entirety in the handwriting of the maker
  8. statutory will
    preprinted form approved by the state in which; requires at least two witnesses
  9. probate
    a hearing to identify the creditors of the deceased and to pay off these creditors, then to determine the identity of rightful heirs
  10. executor/adminstrator
    upon the death of the owner, all property is subject to the temporary possession of an executor/admoinstrator
  11. Probate Sale Guideline
    • 1. initial offer must be at least 90% the appraised value
    • 2. court is petitioned to confirm and may accept additional bids
    • 3. first additional bid must be an increase of at least 10% of the first $10,000 and 5% of any excess
    • 4. court confirms the final sale and sets broker's commissions
  12. Independent Administration of Estate Act
    if all heirs agree in advance, the executor/executrix or administrator/administratrix can seek the property directly to a specific buyer, bypassing a probate sale
  13. succession
    the handing down of property to another person
  14. intestate
    when a deceased person leaves no will; property is divided into two categories- separate and community property
  15. separate property division
    • 1. when spouse/registered domestic partner and one child are left, property is divided 50/50
    • 2. a spouse and 2 or more children- spouse receives 1/3 and children equally divide 2/3
    • 3. court decides if no children or spouse are left behind, often property goes to next of kin
  16. community property division
    passes to the spouse or registered domestic partner (must have a one-half interest in property prior to death)
  17. accession
    property that is added to existing real estate by accretion, avulsion, addition of fixtures, or improvements made in error
  18. accretion
    gradual accumulation of soil (alluvion) on property bordering a stream, river, or ocean shoreline
  19. avulsion
    occurs when a river or stream, during a storm or earthquake, carries away a part of the bank and bears it to the opposite bank. may be reclaimed within one year by applying act of ownership (i.e.cultivation of soil)
  20. addition of fixtures
    person affixes soemthing to the land of another without an agreement permitting removal
  21. property by occupancy
    abandonment and adverse possession
  22. abandonment
    tenant leaves early, technical rules regarding landlord's right to re-rent
  23. adverse possession
    open and notorious, hostile to owner's title, claim of right or color of title, continuous use for 5 years, property taxes paid for 5 years
  24. transfer
    when property is conveyed from one person to another by act of the parties or by act of law though a private grant, public grant, gift, public dedication, and court action (involuntary transfer)
  25. private grant
    an owner voluntarily conveys his or her ownership rights to another via a deed
  26. public grant
    a governmental agency deeds property to an  individual or institution
  27. partition action
    the co-owners of property may sue other co-owners for severance of their respective interests
  28. foreclosure action
    a person holding a delinquent lien on a property institutes proceedings requesting the forced sale of a property
  29. escheat
    legal process whereby ownership of property reverts to the state due to lack of heirs or want of legal ownership
  30. eminent domain
    power of the state to take land from private ownership by due process of law
  31. conditions of eminent domain
    • 1. property must be taken for a public use
    • 2. owner must be paid just compensation; "fair market value"
  32. deed
    written document by which title to real property is transferred from one person, grantor, to another, grantee
  33. essentials of a valid dead
    in writing; parties correctly described and identified; with a competent grantor and capable grantee; with a clear description of the property; granting clause; bearing the signature of the grantor
  34. delivery of dead
    evidence of delivery, time of delivery, date of delivery, conditional delivery
  35. acknowledgement
    a formal declaration before a duly authorized officer by the person who signed a document, stating that the signature is voluntarily given and that he or she is the person whose signature appears on the document
  36. grant deed
    • carries two implied warranties
    • 1. grantor has not already conveyed title to any other person
    • 2. estate being conveyed is free from encumbrances made by the grantor or any other person claiming under the grantor, other than those disclosed to the grantee
  37. quitclaim deed
    carries no implied warranties, the grantor relinquishes any right or claim he or she has in the property
  38. sheriffs deed
    given to the successful bidder after the court orders a sale following a lawsuit; contains no warranties
  39. warranty deed
    grantor is legally responsible to the grantee for the condition of the title
  40. trust deed
    "bare legal title" (but no right of use or possession) to a third party- trustee
  41. recording of a deed
    an acknowledgement, name and address to which future tax statements can be mailed, basis for computing the transfer tax, names of all parties involved in the transaction, an adequate legal description, payment of recording fee

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