Barney Fletcher Cram Notes Booklet 2023 Solved 100% Correct

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 Severance - ANSWER-Remove from the land Make real property into personal property Fixture - ANSWER-Tests MIAA 1. Method of attachement 2. Intention of attaching party 3. Adaptation to the article 4. Agreement (seller's disclosure statement best to use altho not law) Trade Fixtures - ANSWER-Personal property used in a business and can be removed by the lessee when the lease terminates. Emblements - ANSWER-Crops/ Fructus Industriales: Real Property (tree, shrub) Fructus Naturalus: Personal Property, not part of land Severalty - ANSWER-Personal, sole ownership; can be corprate Concurrent Ownership - ANSWER-Ownership by two or more persons at the same time 4 Types of Concurrent Ownership - ANSWER-1. Tenancy In Common 2. Joint Tenancy 3. Tenancy by Entireties 4. Community Property Test for Tenancy (TTiP) - ANSWER-T: Time parties take possession T: Title (who is on the deed) I: Interest (equal or unequal) P: Possession: Tenancy in Common - ANSWER-T: Parties DO NOT take possession at same time T: Separate Deeds I: May be unequal P: Undivided Interest Inheritable Joint Tenancy - ANSWER-T: All parties DO take possession at the same time T: All on one Deed I: Equal Interest P: Undivided Interest Right of Survivorship (Not Inheritable) No Probate Court Tenancy by the Entirety - ANSWER-form of joint tenancy ownership for husband and wife Not in GA Community Property - ANSWER-property obtained during the course of the marriage Not in GA Freehold Estates: - ANSWER-Ownership; Two Types 2 Types of Freehold Estates - ANSWER-1. Fee Estates 2. Life Estates (Defeasable with Condition) 2 Types of Fee Estates - ANSWER-1. Fee Simple (absolute, best form of ownership) 2. Conditional (Defeasible) Property deeded with conditions, voluntary or Legal (Statutory) Reversionary - ANSWER-Deeded to the grantee for their life Upon their death, ownership reverts back to grantor Remainder - ANSWER-Deeded by the grantor to grantee. When grantee dies, goes to someone else. Reservation - ANSWER-Grantor reserves possession of all or part of the land for the rest of their life while deeding title to grantee. Pour Autre vie - ANSWER-Grantee's life estate is based on someone else's life. Legal Life Estate - ANSWER-1. Dower (wife receives) NOT in GA 2. Curtesy (husband receives) NOT in GA 3. Homestead (owned and occupied by family and protected against judgement liens Deed - ANSWER-Document used to transfer title 4 types of deeds - ANSWER-general warranty: most promises special warranty: limited bargain and sale: Seizing (implied owner, Court appt sale) quitclaim: no promises; quiet title suit Deed Requirements - ANSWER-Grantor (18, sound mind/body), Grantee (can be a minor), Consideration, Legal Description, Granting Clause and Execeptions, Signature of the Grantor, Delivery and Acceptance Transfer Tax - ANSWER-State or local tax payable when title passes from one owner to another. TT = Sales Price/100 x .10 Title Insurance - ANSWER-a type of insurance that protects the buyer if problems with the title are found later Chain of Title - ANSWER-A history of the ownership affecting title to a parcel of land. 50 years back in GA Clouds are responsibility of the Seller Abstract of Title - ANSWER-A history of the ownership of a parcel of land which lists transfers of title, rights, and liabilities. Certificate of Title - ANSWER-A title examiner's written opinion of the current condition of a property title based on a search of the public records dating back for a specified number of years. Closing Attorney usually provides this Intestate Succession: transfer via alientation - ANSWER-no will; Probate court takes care of who gets property Adverse Possession: transfer via alienations - ANSWER-Squatter's rights; Continuous (20 years unless color of title then 7 years; open, hostile quiet title suit Transfer by Courts: transfer via alientaion - ANSWER-quitclaim or quiet title suit: divorce, no husband Water - ANSWER-Erosion (lose title), Accretion and Relicition (gain title), Avulsion: sudden transfer of soil - don't lose title Riparian - ANSWER-Rights to river or streams Littoral - ANSWER-Rights to lakes/oceans; to high water makrk Cooperative - ANSWER-Corporation in Severalty. Stockholders have lease. Coop pays mortgage and taxes. Condominium - ANSWER-Fee Simple title inside the walls Common Wall (area) owned as Tenants in Common Planned Unit Development (PUD) - ANSWER-Fee Simple title to unit of Land Common area owned by association Party Wall owned by Association Time Share - ANSWER-Interval Ownership encumbrance - ANSWER-Burden/limit title or rights by someone else 1) Liens; 2) Deed Restrictions, 3) Easements, 4) Gov rights Lien Types: 2 - ANSWER-1. Specific 2. General Specific Lien Types (3) - ANSWER-1. Property Tax Lien (always first priority, oldest date if two) 2. Mortgage Lien: Security for the loan 3. Mechanic Liens MADE ON REAL PROPERTY General Lien Types - ANSWER-1. Income Tax Lien 2. Judgement Lien (court order; personal debts owed) 3. Lis Pendes: Pending litigation - an emcumbrance but not lien. 4. Priorities: Property, the date of recording MADE ON REAL AND PERSONAL PROPERTY Easement - ANSWER-the right to use land for a specific and limited purpose Appurtenant Easement - ANSWER-An easement that is annexed to the ownership of one parcel and allows the owner the use of the neighbor's land. (dominant benefits, servient burdened) Easement of Gross - ANSWER-1 property, Be recorded to be valid, Easement by condemnation Easement by Prescription - ANSWER-An easement acquired by continuous, open, and hostile use of the property for the period of time prescribed by state law. Deed Restritions - ANSWER-Type of Easement Private control On public record Injunction, suit for damages Government Rights (PETE) - ANSWER-Police Power Eminent Domain Taxation Escheat: (take title bc of intestate) or abandonment Zoning and Planning - ANSWER-Master Plan; if conflict between public and private; more restrictive prevails Non-Conforming Use - ANSWER-A permissible use under former rules that is now prohibited - automatically granted when zoning regulations change Variance - ANSWER-Permission obtained from zoning authorities to build a structure or conduct a use that is expressly prohibited by the current zoning laws; an exception from the zoning ordinances. Spot Zoning - ANSWER-a change in the zoning ordinance for a particular area DownZoning - ANSWER-A change in zoning resulting in a decrease of allowable density Buffer Zone - ANSWER-area separating 2 zones Dedication - ANSWER-The voluntary conveyance of private land to the Government. Assessment Rate in GA - ANSWER-40% Assessed Value - ANSWER-AV = AR (40%) x Market Value (Ad Valorem) Special Assessment - ANSWER-Improvements - paid for by only those that benefit Capital Gains Tax - ANSWER-Tax owed on investment rate of return/profit Testate - ANSWER-Having made and left a valid will. Intestate - ANSWER-dying without a will Always probate involved Testator - ANSWER-a person who makes a will/dies Devise - ANSWER-Transferring title to real property by means of a will. Devisee - ANSWER-one who inherits real estate under a will Bequest - ANSWER-something left to someone in a will Executor - ANSWER-person designated to execute the terms of a will Administrator - ANSWER-One who manages affairs of any kind. Georgia Wills - ANSWER-2 Witnesses must be in Writing Formal Will - ANSWER-Legal age/ sound mind/ no influence /2 witnesses nuncupative will - ANSWER-an oral will still need 2 witnesses must put in writing in 30 days Holographic Will - ANSWER-A will written will not in GA Leashold Estates - ANSWER-Renting of Estates Demise - ANSWER-Transfer of Real Property through a Lease Lessor - ANSWER-landlord holds legal title maintains the property Leesee - ANSWER-Quiet enjoyment to use property undisturbed for the intended purpose and has consent to enter property for the time of the lease Leashold Estate - ANSWER-An interest in real property that gives a tenant a qualified right to possess and/or use the property for a limited time under a lease. Estate for years - ANSWER-A lease for a definite period of time: the result of an express agreement. No automatic renewal No notice required to terminate Period of Tenancy - ANSWER-Beginning and ending Automatic Renewal Landlord: 60 days notice Leesee: 30 days notice to terminate Tenancy at Will - ANSWER-Verbal Contract Indefinite Time 60/30 Tenancy of Sufferance - ANSWER-No Permission to Stay Actual Eviction Tenant is called "Holdover" Tenant Gross Lease - ANSWER-Tenant pays rents, landlord pays all expenses of property; most common form of residential lease Net Lease - ANSWER-Leesee pays taxes and insurance; Commercial Percentage Lease - ANSWER-Commercial Pay Base plus % of sales, Annual Graduated Lease - ANSWER-Step-Up lease Index Lease - ANSWER-Rent based on an index Ground Lease - ANSWER-Long Term lease: agricultural transfer of rights - 2 Types - ANSWER-1. Assignment: Total Transfer, both parties liable to landlord 2. SubLease: Partial transfer of rights. Only the original tenant is liable to the landlord Lease Termination: Causes - ANSWER--default -notice -property destruction -death -term expiration -voluntary agreement -condemnation -abandonment under certain conditions Evictions: 2 Types - ANSWER-1. Actual: Landlord sues for Possession 2. Constructive: Tenant must Leave, then may be released from the lease if court says so. Contracts - ANSWER--must be valid (competent parties, have offer and acceptance communicated, consideration, and legality) Invalid - ANSWER-Not Valid; listing has expired Void - ANSWER--Missing one or more essential elements to contract -Never was a contract then Voidable - ANSWER-Defected element and voidable by the injured party Misrepresentation - ANSWER-Illegal Buyer/Seller = voidable Agent = suit for damages Minor Buyer = Under Duress Statute of Fraud - ANSWER-Must be in Writing to be enforceable (which means court) -sales contracts -deed -leases over 1 year -brokerage (agency, agreements, compensation) Executory - ANSWER-Promises made but not completed Executed Contract - ANSWER-A contract that has been completely performed by both parties. Agency - ANSWER-a created relationship Listing Agreement - ANSWER-Seller and Listing Broker Buyer's Broker Agreement - ANSWER-Buyer and Selling Broker: Exclusive, expiration date, duties, agency disclosures and compensation Property Management - ANSWER-Owner and Broker (Property Manager) HOA Management - ANSWER-Association and Broker (Property Manager) Open Listing - ANSWER-Broker that procures the buyer gets paid Uni-Lateral Exclusive Agency Listing - ANSWER-Seller may procure the buyer and not pay the Broker Exclusive Right To Sell - ANSWER-Only 1 Broker. No procurement requirement for commission bi-lateral must be written, have expiration date All commissions go to the Broker Protective Period is suggested, not required Net Listing - ANSWER-Illegal listing; broker keeps everything above a certain figure. termination of listing contracts - ANSWER--death of broker or seller -condemnation (zoning issues) -Foreclosure/Bankruptcy -House burns (extinction) -mutual agreement -Broker loses license Real Estate Contract Essentials (4) - ANSWER-1. Competent Parties 2. Offer and Communicated Acceptance (signatures; legal description) 3. Consideration: The Price is the consideration 4. Legal: Nothing can be done illegal Rules of Offering - ANSWER--All offers must be presented unless presented after an already existing binding contract. THEN only written offers must be presented and accepted as BACK-UP. Rules of Multiple Offers - ANSWER--Presented in the order that is BEST for the client NOT order received. Buyer has Equitable Title when: - ANSWER-The contract is Binding (he has right to future title) Survival Clause - ANSWER-Items to be completed AFTER closing Addendums - ANSWER-Regarding a Purchase Agreement, and addition to an existing agreement. Initialed and approved by both parties Amendments - ANSWER-Changes to the original binding contract. Requires consideration; separate agreement. Does death of either party terminate a Real Estate Contract? - ANSWER-NO When a breach of contract occurs: - ANSWER--Rescind: Return to status quo and forgive -Sue for actual damages; equity, expenses -Sue for performance - court action to complete something -Seller's only: Can keep the earnest money Money that can be in the Trust - ANSWER-1. To start the account 2. For service charges 3. to pay commissions (must pay in 30 days) 4. If Interest bearing - must state who gets interest 5. Must be reconciled monthly Interpleader - ANSWER-Court Order Opening a Trust Account - ANSWER--Must be broker approved -Must notify GREC within 30 Days -name of bank, FDIC insured