National Interactive Study Group

Transcription

1 National Interactive Study Group 1 BOBRA TAHAN HOWARD HARRIS UNIT 2

2 Notes for Tonight 2 Chat is the best way to communicate questions.

3 CONTACT INFORMATION 3 OUR ADDRESS IS: nationalleadinstructor@brightwood.edu

4 Topics for Tonight 4 Your questions Governmental rights Freehold and Leasehold estates Encumbrances

5 REVIEW The four government rights can be remember by P.E.T.E Police Power - right to determine land use Eminent Domain right to take private land for public use- The process is condemnation Taxation- right to set property taxes on real property Escheat- right to take back property that has been abandoned. 5

6 The right of a local municipality or county to take private land is; 6 A.condemnation B.suit for escheat C.eminent domain D.spot zoning

7 All of the following are government rights in real estate EXCEPT; 7 A. Taxation B. Eminent Domain C. Condemnation D. Police Power

8 10 Special assessments are often charged on the front footage. True False

9 Property taxes take priority over other liens. 12 True False

10 ESTATES Page Estates Freehold (Ownership) Leasehold (Possession) Fee Simple Absolute Fee Simple Defeasible/ Qualified Fee Life Estate Estate For Years Periodic Tenancy Estate At Will Estate at Sufferance 10

11 Freehold estates are estates of while leasehold estates are estates of. 11 A. Possession ownership B. Ownership sufferance C. Obligation non-obligation D. Ownership- possession

12 Freehold Estates 1. Fee simple absolute lasts forever and features the maximum control of use Fee simple defeasible lasts so long as the condition is not broken. 3. Life estate lasts for the duration of a person s lifetime. 4. Created by a DEED

13 Life Estates 13 Grantor Grantee (Life Tenant)

14 Life Estate-Reversion 14 Fee Estate Grantor Grantee (Life Tenant)

15 Life Estate 15 Grantor Grantee (Life Tenant) Third Party

16 Life Estate-Remainder 16 Fee Estate Grantor Grantee (Life Tenant) Third Party (Remainderman)

17 A life tenant holds a fee simple absolute estate. 22 True False

18 18 The deed states grantor (owner) is giving the property to the grantee to have and hold forever what type of estate is being transferred? A. Fee simple defeasible B. A life estate pur autre vie C. Fee simple absolute D. A life estate for the life of the grantee.

19 19 The deed states grantor (owner) is selling the property to the grantee to have and hold for as long as the property is used as a park, what type of estate is being transferred? A. Fee simple defeasible B. A life estate pur autre vie C. Fee simple absolute D. A life estate for the life of the grantee.

20 In which freehold estate does the grantee not have ownership of the property? 20 A. Fee simple defeasible B. A life estate C. Fee simple absolute D. None of these

21 A lease that establishes a tenancy for years; 30 A. Continues indefinitely until proper notice is given B. Has a definite termination date C. Renews automatically for the same length of time as its original terms until proper notice is given D. Must be in writing

22 Which of the following is NOT an encumbrance? 22 A. Easement in gross B. Property Tax lien C. A requirement that all fences be painted white within the subdivision D. A license to use the neighbor s property to park

23 Which of the following is a general lien? 23 A. Mortgage lien B. Judgment lien C. Property tax lien D. Mechanic s lien

24 A homeowner employed a contractor to build a swimming pool on his property. Upon completion of the swimming pool, the contractor filed a lien when payment for the work was not received. This lien could be considered any of the following EXCEPT; A. A specific lien B. An encumbrance C. A general lien D. A mechanic s lien 24

25 Practice Question 25 A buyer and seller have entered an executory purchase contract for the sale of the seller s home. The contract states the seller will pay off the lien and convey clear title at closing. The title commitment shows a recorded easement for the neighbor s driveway. In this instance, the property will have what encumbrances when the buyer receives title? A. None B. The easement C. The mortgage lien D. The easement and mortgage lien

26 Easements are considered to be; 26 A. Encumbrances B. Liens C. Deed Restrictions D. Licenses

27 A condominium complex has a deed restriction that states only Caucasians may live in the complex. This is a valid deed restriction? 27 True False

28 Contact Information Any questions I missed or that you still have? Remember if you think of something after class you can reach both Bobra Tahan and Howard Harris at : 28 nationalleadinstructor@brightwood.edu