520860
| Question | Answer |
| What two doctrine of law relating to land ownership has arisen? | 1) Doctrine of Tenure 2) doctrine of Estate |
| What are the 7 types of estates? | 1) Estate to Uses 2) Fee Simple 3) Fee Simple with Conditions 4) Fee Tail 5) Future Estate 6) Leasehold Estates 7) Life Estate |
| Define Estate to Uses? | ownership held for a future buyer and was often used to avoid dower rights (spousal rights) |
| Define Fee Simple? | holder has most rights and fewest limitations. |
| Define Fee Simple with Conditions? | created so that it terminates under certain conditions or some event. |
| What is a future estate? | arises from life estate-a large portion of the fee simple remains when the life estate ends. Reversion & Remainder both have an % in life estate. |
| Define Leasehold Estate? | % in land for a defined period |
| Define Life Estate? | A grantor in a deed or will may grant an % in land to someone for a lifetime period. The % cease on the death ie to Jones for his life. |
| What is Concurrent Ownership? | When 2 or more persons have a right of ownership at the same time. |
| What is Joint Tenancy? | ownership of land by 2 or more pple whereby on the death of one, the surviving tenant acquires the whole % in the property. |
| What are the 4 Unities of Joint Tenancy? | 1) Title 2) Time 3) Possession 4) Interest |
| What is Tenant in Common? | Ownership in land by 2 or more pple where the % of the decease does not pass to the survivor, but is treated as an asset of the deceased's estate. |
| What is the Right of the Survivorship? | Is important aspect of JT in which the % of the decease transfers automatically to the surviving tenant |
| What is the legal structure of a Condominium? | Declaration (Constitution of the Corporation) & Description (blueprint) |
| List some ownership alternatives | Condo, co-operative, co-ownership, partnership, |
| Describe co-operative housing? | property is owned by a corporation and members have a lease for a specific housing unit and may be permitted to acquire a share in the corporation (equity co-op) |
| Define:EQUITY CO-OPERATIVE (WITH SHARED CAPITAL): | involves a corporation that owns the land and buildings with members as shareholders in the corporation. Ownership is by share certificate in combination with an occupancy agreement relating to a specific unit |
| Define:NON-PROFIT CO-OPERATIVE (WITHOUT SHARE CAPITAL) | has the primary objective of providing housing for its members without the purpose of gain for those members |
| Describe Co-Ownership? | when 2 or more persons own property jointly eg owning a family home, 4 family members owning a recreational property etc |
| What is he difference b/t Real Estate vs Real Property | Real Property includes both tangible (land and improvements) and intangible (rights). Property is viewed as real or personal. Real property is immovable while personal property is movable (chattels). |
| What are 5 Rights and Fractional (Lesser) Interests? | air right, surface right, mineral right, easement and riparian rights. |
| what are 4 categories of govt limitations??? | 4 categories: 1) Right to regulate (police powers) 2) Right to Levy taxes 3) Right to take private property (expropriation) 4) Right to have ownership returned if no heir can be found (escheat) |
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