National Interactive Study Group

Transcription

1 National Interactive Study Group 1 SESSION 3 BOBRA TAHAN HOWARD HARRIS

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

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

4 Your questions Forms of Ownership Deeds Probate Adverse possession Prescriptive easements Topics for Tonight 4

5 Sole and separate ownership is known as an estate in severalty. 5 True False

6 6

7 Three individuals bought a building and took title as joint tenants. One of the owners died testate. The remaining owners now own the building; 7 A. As a tenant in common with rights of survivorship B. As joint tenants with each other. C. Subject to the terms of the deceased owner s will D. As tenants in common with the deceased owner s heirs

8 Review 8 Joint Tenants ABC Joined Together by PITT Co-ownership review Must Have Equal Possession Interest Title all at the same Time

9 Co-ownership review Tenants in Common Review 9 A B C To the Children Both Tenants in Common and Joint Tenancy have equal rights of possession. Tenants in Common allows the co-owners or cotenants to have unequal shares or interests in the property.

10 A broker should advise married couples that the best way for them to take title is as; 10 A. Tenants in common B. Advised by an attorney C. Joint tenants D. Tenants in common with right of survivorship

11 Properties in which the owner is required to pay assessments to an association which manages and maintains the common elements are known as; 11 A. Residential or commercial condominiums B. Townhomes C. Timeshares D. All of the above

12 A condominium is created by filing a(n); 12 A. Declaration B. Dedication C. Domain D. Dominant Estate

13 Under the cooperative form of ownership, a purchaser receives a proprietary lease and the right to use the common elements. 13 True False

14 To be valid a deed must have all of the following EXCEPT; 14 A. Competent grantor B. Words of conveyance C. A legal description D. A notice of recordation

15 Practice Question The buyer and seller have a liquidated damages clause in an executory purchase agreement. The buyer has requested the seller supply them with the deed which will give the buyer the most protection. At closing the deed which offers the grantee the most protection and in which the grantor gives the most promises is a; A. Special warranty deed B. Quitclaim deed C. General warranty deed D. Bargain and sale deed 15

16 16 Consideration and a competent grantee are necessary elements for a valid deed. True False

17 The moment when conveyance occurs is upon delivery and acceptance of the deed. 17 True False

18 To be valid, a deed must be signed by the grantee. 18 True False

19 A grantor wanting no future claim or liability for the transfer of real estate would use what type of deed? 19 A. Special warranty deed B. Quitclaim deed C. General warranty deed D. Bargain and sale deed

20 The seller has told the buyer that the transfer of title will be by a quitclaim deed. In this case the grantee accepting a quitclaim deed should require a title insurance policy as part of the purchase contract? True False 20

21 A homeowner has received a legal estate which protects them from creditors taking their primary home, this estate is known as; 21 A. Fee simple B. A cooperative C. A homestead D. Fee simple defeasible

22 A mother died testate, leaving all her property and possessions to her daughter. In order for the daughter to claim her inheritance she will need to; 22 A. Probate the will B. Probate the will and file a deed for title to the property C. Do nothing as transfer is automatic in joint tenancy D. Follow the state laws of intestate succession

23 23 Adverse possession is open, continuous, exclusive, actual, and notorious (hostile) possession of another s property for a period of years as determine by state law. True False

24 Memory Aid Remember: OCEAN- Open, Continuous, Exclusive, Actual, and Notorious (hostile) without the owner s knowledge 24 OCEAN is required to create adverse possession or a prescriptive easement If the owner is aware of the use or possession and gives the user permission e.g. a license, to continue, the possession or use will NOT meet the criteria of notorious.

25 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 : 25 nationalleadinstructor@brightwood.edu