Card Set Information

2010-09-20 00:56:24

Property Overview
Show Answers:

  1. Real Property
    Land, buildings, and the (immovable,fairly permanent) items attached to it
  2. Personal Property
    All other property; tangible and intangible. EX: Car, cash, stock, furniture,clothing,collectibles, etc
  3. Joint Tenancy w/ROS (Right of Survivorship)
    • -2+ owners with a right of survivorship. At the death of one joint tenant the remaining tenant becomes the owner of the property
    • -Upon death of one tenant, passes "automatically" to survivor.
    • -To Mary & Monty as joint tenants
  4. Tenancy in Common
    • -2+ owners with no ROS. The deceased tenant's share passes to a chosen successor
    • -Upon death of one tenant, passes through probate court according to will or by intestate law
    • -To Bob & Betty as tenants in common
  5. Community Property
    • Husband and Wife acquire property; through effort, work, labor; during marriage; while living in (domiciled) in CP stte
    • -Upon death of one spouse passes through probate court according to will or by intestate law
    • -If CP with ROS, passes "automatically" to surviving spouse
  6. Characterization
    Legal effect; consequence
  7. Quasi-Community Property
    • -Has most elements of CP, except the required domicile
    • -Couple could have brought the property with them from non-CP state to CP state, or could have purchased property in advance of moving to CP state
    • -Treat like CP
  8. Fee Simple Absolute
    • -Owner has the maximum rights under law
    • -Most common ownership
  9. Life Estate
    • -Life tenant owns for a lifetime
    • -Title terminated upon death of designated party (measuring life)
    • -Life tenant may use as desires; only cannot commit waste
    • -Upon death of designated party, property returns to grantor (donor) - reversion
    • -Or to a 3rd party determined by grantor- remainder
    • -Both reversion & remainder are future interests
  10. Fee Simple Subject to Condition Subsequent
    • -Another similar estate is the fee simple determinable, but CA chose term f.s.subj. to condition subset.
    • -Contains a built-in condition/limitation/restriction on the use of property
    • -If such condition is violated, gives designated party an opportunity to enforce the condition- using the Power of Termination (future interest)
    • -Ex: To City provided that a public park is built and maintained on the land
  11. Rules Against Perpetuities
    • -Originated under common law and sets an expiration date for future interests
    • -Basically, it says that any future interest must take effect within certain time frame or such future interest will expire, leaving the property "free and clear" of conditions (owner takes in f.s. absolute)
    • -Very complicated under English common law, but CA has simplified to a set period of time or 90 yrs
  12. Bank Accounts
    • Certificate of Deposit (CDs) - Probate
    • Money Market Acct - Probate
    • Payable on Death (POD) / Totten Trusts- outside probate
    • Securities (Stocks & Bonds) - Probate
    • Life Insurance- Designated Beneficiary
    • Retirement Savings (401K,Pension,IRA,Roth IRA)- Designated Beneficiary