Indiana Real Estate Exam Prep Review,
Verified Solution
Land
Surface and all natural things attached to it, subsurface and air above the surface
Zoning Administration
Zoning Board of Adjustment oversees rule administration and appeals
Real estate
land plus manmade permanent attachments
Real property
real estate plus bundle of rights
Bundle of Rights
Possess Use Transfer Exclude Encumber
Physical Characteristics
Immobility; indestructibilit; hetoerogeneity
Immobility
Land cannot move; forever fixed
Indestructibility
Land is permanen; No depreciation
Non-Homogeneity
no piece of land is the same
Legal Title
full ownership and all the bundle of rights that apply
Equitable title
an interest that gives a lienholder the right to acquire legal title
Riparian Rights
navigable is owned to waters edge
non-navigable is ownership of the underlying land to midpoint of stream
Littoral Rights
own to high water mark
Real Property
Land Fixtures and attachments
Personal Property
chattels trade fixtures and emblements
Differentiation criteria
intention adaptation fuctionality
Conversion (Land)
real to person Property ( affixing )
Emblemnts
plants or cros considered personal property
Trade fixtures
personal property items temporarily attached to real estate in order to conduct business
Interests ( possession )
estates
Interests ( non-possession )
,Encumbrance or public interest
Estates (Freehold)
Fee Simple ( absolute or defeasible ) and Life Estates ( Conventional and legal )
Estates (Leasehold)
Estate for years; periodic; Estate at Will; Estate at Sufferance
Fee simple
Not Limited by one's lifetime
Absoluute (highest form)
Defeasible (reverts to previous owner per conditions)
Life Estate
passes to another upon death
Remainder ( named party to heir )
Reversion ( previous owner )
Conventional
Limited to lifetime of life tenant or named party
Pur Autre Vie: limited to lifetime of another
Legal Life Estate
Created by operation of State law
Designed to protect family survivors
Estate for years
specific, stated duration, per lease
Periodic
lease term renews automatically upon acceptance of rent
Estate @ Will
for indefinte period subject to rent payment; cancelable with notice
Estate at Sufferance
tenancy against landlord's will and without an agreement
Tenancy in Severalty
sole owernship
Tenancy in common
Co-tenants individually own undivided interest
no survivorship
Can Convey to outside parties
Join tenancy
equal undivided interest jointly owned
Survivorship
Requires Time Titile Interest and possession
Tenancy by the entireties
Must be Married
Community Property
Joint Property ownership shared by both SPouses
Unity of Ownership
Owners hold single title jointly
Equal Ownership( Joint Tenancy)
Owners always hold equal shares
Transfer( Joint Tenancy )
,may transfer to new owner as a tenancy in common interset with raimning joint tenants
Survivorship ( Joint Tenancy )
On death interest and rights pass to other joint tenants
Creation (Joint Tenancy)
Requires Possesion Interest Time Title
Community Property (Seperate)
acquired before marriage or as a gift
Community Property (Community)
all things acquired during marriage
Estates In Trust Trustor
gisves title, deed, or trust agreement to trustee
Estates in trust trustee
renders fiduciary duties to trustor and beneficiary
Estates in Trust Beneficiary
receives ownership benefits
Condominiums
ownership of a unit of airspace
Undivided interest in the common elements
may be sold, encumbered, or foreclosed
Cooperatives
ownership of shares in owning corporation plus proprietary lease in a unit
sole and undivided ownership
Easement of Appurtenants
attaches to estate
Dominant Tenants right to use over servient tenant
by necessity of owner; landlocked
Easements in Gross
Does not attach to the estate
Personal- ends upon death of easement holder
Easement by prescription
obtainable through continuous, open, or adverse use over a period of time
Easement by License
Personal right to use
Voluntary lien
Mortgage Lien
Involuntary Lien
Tax lien
General lien
against any and all assets
Specific lien
against car or house
Superior lien
paid before junior liens
Junior lien
paid after superiors by date of recording
lien theory state
, lender holds equitable title
title theory state
lender holds legal title
Mortgage lien foreclosure
liquidation of collateral property by judicial; non-judicial; or strict foreclosure
Judicial foreclosure
lawsuit and court-ordered public sale
Non-Judicial Foreclosure
power of sale granted to lender, no suit, no deficiency judgment, no redemption period
after sale
Strict Foreclosure
court orders legal transfer of titile directly to lender with out public sale
Deed in lieu of foreclosure
defaulted borrower deeds property to lender to avoid foreclosure
Notice
how ownership is evidenced to the public
Actual notice
knowledge acquired directly through direct communication
Constructive notice
knowledge one could have obtained, as presumed by law
Voluntary transfer
deed will public grant
Involuntary transfer
descent; escheat; foreclosure; eminent domain; adverse possession
premises
granting
Habendum
type of real estate
Reddendum
restrictions
Tenendum
other property included
Bargain and Sale
I own but won't defend
General Warranty
I own and will defend
Special Warranty
I own and warrant myself only
Quitclaim
I may or may not own and won't defend
Special Purpose deeds
interests conveyed,j or by different parties
Deed restriction
single-property use restriction as stipulated in a deed
Declaration restriction
use restriction in multiple-property declarations; enforce by court injunction
Verified Solution
Land
Surface and all natural things attached to it, subsurface and air above the surface
Zoning Administration
Zoning Board of Adjustment oversees rule administration and appeals
Real estate
land plus manmade permanent attachments
Real property
real estate plus bundle of rights
Bundle of Rights
Possess Use Transfer Exclude Encumber
Physical Characteristics
Immobility; indestructibilit; hetoerogeneity
Immobility
Land cannot move; forever fixed
Indestructibility
Land is permanen; No depreciation
Non-Homogeneity
no piece of land is the same
Legal Title
full ownership and all the bundle of rights that apply
Equitable title
an interest that gives a lienholder the right to acquire legal title
Riparian Rights
navigable is owned to waters edge
non-navigable is ownership of the underlying land to midpoint of stream
Littoral Rights
own to high water mark
Real Property
Land Fixtures and attachments
Personal Property
chattels trade fixtures and emblements
Differentiation criteria
intention adaptation fuctionality
Conversion (Land)
real to person Property ( affixing )
Emblemnts
plants or cros considered personal property
Trade fixtures
personal property items temporarily attached to real estate in order to conduct business
Interests ( possession )
estates
Interests ( non-possession )
,Encumbrance or public interest
Estates (Freehold)
Fee Simple ( absolute or defeasible ) and Life Estates ( Conventional and legal )
Estates (Leasehold)
Estate for years; periodic; Estate at Will; Estate at Sufferance
Fee simple
Not Limited by one's lifetime
Absoluute (highest form)
Defeasible (reverts to previous owner per conditions)
Life Estate
passes to another upon death
Remainder ( named party to heir )
Reversion ( previous owner )
Conventional
Limited to lifetime of life tenant or named party
Pur Autre Vie: limited to lifetime of another
Legal Life Estate
Created by operation of State law
Designed to protect family survivors
Estate for years
specific, stated duration, per lease
Periodic
lease term renews automatically upon acceptance of rent
Estate @ Will
for indefinte period subject to rent payment; cancelable with notice
Estate at Sufferance
tenancy against landlord's will and without an agreement
Tenancy in Severalty
sole owernship
Tenancy in common
Co-tenants individually own undivided interest
no survivorship
Can Convey to outside parties
Join tenancy
equal undivided interest jointly owned
Survivorship
Requires Time Titile Interest and possession
Tenancy by the entireties
Must be Married
Community Property
Joint Property ownership shared by both SPouses
Unity of Ownership
Owners hold single title jointly
Equal Ownership( Joint Tenancy)
Owners always hold equal shares
Transfer( Joint Tenancy )
,may transfer to new owner as a tenancy in common interset with raimning joint tenants
Survivorship ( Joint Tenancy )
On death interest and rights pass to other joint tenants
Creation (Joint Tenancy)
Requires Possesion Interest Time Title
Community Property (Seperate)
acquired before marriage or as a gift
Community Property (Community)
all things acquired during marriage
Estates In Trust Trustor
gisves title, deed, or trust agreement to trustee
Estates in trust trustee
renders fiduciary duties to trustor and beneficiary
Estates in Trust Beneficiary
receives ownership benefits
Condominiums
ownership of a unit of airspace
Undivided interest in the common elements
may be sold, encumbered, or foreclosed
Cooperatives
ownership of shares in owning corporation plus proprietary lease in a unit
sole and undivided ownership
Easement of Appurtenants
attaches to estate
Dominant Tenants right to use over servient tenant
by necessity of owner; landlocked
Easements in Gross
Does not attach to the estate
Personal- ends upon death of easement holder
Easement by prescription
obtainable through continuous, open, or adverse use over a period of time
Easement by License
Personal right to use
Voluntary lien
Mortgage Lien
Involuntary Lien
Tax lien
General lien
against any and all assets
Specific lien
against car or house
Superior lien
paid before junior liens
Junior lien
paid after superiors by date of recording
lien theory state
, lender holds equitable title
title theory state
lender holds legal title
Mortgage lien foreclosure
liquidation of collateral property by judicial; non-judicial; or strict foreclosure
Judicial foreclosure
lawsuit and court-ordered public sale
Non-Judicial Foreclosure
power of sale granted to lender, no suit, no deficiency judgment, no redemption period
after sale
Strict Foreclosure
court orders legal transfer of titile directly to lender with out public sale
Deed in lieu of foreclosure
defaulted borrower deeds property to lender to avoid foreclosure
Notice
how ownership is evidenced to the public
Actual notice
knowledge acquired directly through direct communication
Constructive notice
knowledge one could have obtained, as presumed by law
Voluntary transfer
deed will public grant
Involuntary transfer
descent; escheat; foreclosure; eminent domain; adverse possession
premises
granting
Habendum
type of real estate
Reddendum
restrictions
Tenendum
other property included
Bargain and Sale
I own but won't defend
General Warranty
I own and will defend
Special Warranty
I own and warrant myself only
Quitclaim
I may or may not own and won't defend
Special Purpose deeds
interests conveyed,j or by different parties
Deed restriction
single-property use restriction as stipulated in a deed
Declaration restriction
use restriction in multiple-property declarations; enforce by court injunction
