Concurrent ownership Study guides, Class notes & Summaries

A corporation is a legal entity that can buy and sell real estate as set out in its charter. Ownership in severalty is property owned by one individual or corporation. A house is owned by three joint tenants, and one of the owners, as permitted by state law, sells that interest to a new owner. The result is a tenancy in common between the new owner and the remaining joint tenants The owner of a condominium unit learns that a neighbor has failed to pay real estate taxes. I...

Barney Fletcher Cram Notes Booklet Exam deed - Answer-the instrument used to transfer real property Title - Answer-Ownership and the owner's rights Real Estate - Answer-Land + improvements (appertenances) Physical Characteristics of Land - Answer-1. Immovable 2. Indestructable 3. Non-Homogenous (unique) Economic Characteristics of Land - Answer-1) Situs 2) Improvements 3) Fixed Investment 4) Scarcity Personal Property - Answer-anything that is not real property; Chattel Seve...

Humber Real Estate - Course 2, Module 3, Understanding Residential Property Types, Ownership and Planning Graded A Define a 'Dwelling Unit' A self-contained housing unit with one or more habitable rooms containing at minimum a kitchen, bathroom facilities and an exit from the building. What is the difference between a semi-detached structure and a vertically divided duplex? - A duplex is under single ownership (under 1 title) ... the dwelling units can then be lived in or rented out - The 2 d...

Course 1 Terms (Real estate Humber) Latest Update Graded A Fee Simple Estate (Free Hold) It is the highest form of an estate and is also known as absolute right. It provides maximum rights with minimum limitations. Includes the rights to use, sell, enter, possess, lease, or give away Leasehold Estate Interest in land for a definite time period An estate that gives the holder (Tenant) a temporary right to possession, without title. The grantor is called the landlord (lessor) and the grantee i...

These are always members of a person's family of orientation Correct Answer-Parent(s) A family unit that is composed of relatives in addition to parents and children who live in the same household Correct Answer-Extended family The concurrent marriage of a person of one sex (male or female) with two or more members of the opposite sex (male or female) Correct Answer-Polygamy The practice of marrying within one's own social group or category Correct Answer-Endogamy The social instit...

Because the United States started as an English colony, our legal system is a mix of common law and civil law Which of the following is not one of the four main sources of law? Contract law Based on the two broad categories of law, which one covers typical cases involving contracts and property ownership? Civil law The California _________ is the highest court level and all courts in California are bound by its decisions. Supreme Court Some courts recommend that p...

Michigan Real Estate Licensing 100% SOLUTION 2023//2024 Allodial System - ANSWER The type of land ownership existing in the United States whereby individuals may hold title to real property absolutely. Association of Real Estate License Law Official (ARELLO) - ANSWER Founded in 1929, a group of real estate license law officials that regulates more than 2 million real estate licensees. Feudal System - ANSWER A type of land ownership in medieval Europe, whereby only the king could h...

Michigan Real Estate Licensing 100% SOLUTION 2023//2024 Allodial System - ANSWER The type of land ownership existing in the United States whereby individuals may hold title to real property absolutely. Association of Real Estate License Law Official (ARELLO) - ANSWER Founded in 1929, a group of real estate license law officials that regulates more than 2 million real estate licensees. Feudal System - ANSWER A type of land ownership in medieval Europe, whereby only the king could ...

Define 'Estate' - correct answer An interest in land that contains various rights associated with ownership or tenancy. What are the 2 most common types of estates? - correct answer Fee simple & leasehold. What type of rights would be required to build a bridge, railroad or skyscraper? - correct answer Air rights What type of rights would be required to build on a parcel of land? - correct answer Surface (or ground level) rights What type of rights manage the property owner...

Define 'Estate' CORRECT ANSWER An interest in land that contains various rights associated with ownership or tenancy. What are the 2 most common types of estates? CORRECT ANSWER Fee simple & leasehold. What type of rights would be required to build a bridge, railroad or skyscraper? CORRECT ANSWER Air rights What type of rights would be required to build on a parcel of land? CORRECT ANSWER Surface (or ground level) rights What type of rights manage the property owner's access to an...