Relationship between owner & rest ofsociety that includes rights
1. Fee Simple estate2. Life estate3. Joint tenancy4. Tenancy by the entirety5. Tenancy in common6. Community property7. Cooperative ownership8. Condominium ownership
Possession is the exercise of custody orcontrol
Match Landlord-Tenant Estates Governs lease interests in real Estate for years property No fixed termination date, Tenancy at will automatically renews Periodic Tenancy Estate for definite period Permission to occupy as landlord Holdover tenant desires Landlord-tenant law Occupancy after expiration of lease
A license is permission to use real propertyfor a particular purpose
Government seizure of private property,usually requiring condemnation?
Match the Incorporeal interest to it’sdescription Profits à Prendre Preserves value of land Zoning, eminent domain, building Easement codesOther Incorporeal Interests Possessory right to resources Lease Situations Non-possessory right of waySeller’s Restrictions on Land Use Rental matters
Can be created by express words, byimplication, or by prescription e.g. utility, right of way (public shore rights), access An easement generally benefits adjacent land.
Match party to descriptionObjective: describe purpose & operation Mortgagor Right to contractual compensation Trust Deed Mortgagee’s right in default Foreclosure Rights to sell, lease. Or encumber Contract of land 3 party rights to transferred land Mechanic’s lien Seller right to retain title
Select the correct relationship ofparties to a Trust Deed Trustee transfers the land to the trustor who manages for the beneficiary Trustor inherits the land, trustee manages the land for the benefit of the beneficiary Trustor transfers the land to the trustee for the benefit of the beneficiary Trustee holds right to borrow against the land, trustor gives up use of the land for the benefit of the beneficiary None of the above
A lien, granted by law to anyone who repairs a specificpiece of property that secures payment for the repairs. Thecontractor must show:1. Substantial performance of the contract2. Improvement of a specific piece of property under the contract3. Specific mention in the contract of the property to be improved