Indiana Real Estate Exam Prep Review, Verified Solution

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 Deed condition usage restriction that can trigger repossession by a previous owner if not violated Documentary Stamp Tax tax on the conveyance of real property based on price of property conveyed Testate w/ heirs first to creditors then to homestead then to heirs by will intestate with heirs first to creditors then to homestead the to heirs by laws of descent intestate w/ no heirs first to creditors then to state by escheat Evidence of marketable title and ownership title insurance attorney's opinion of abstract title certificates torrens registration Gross lease landlord pays expenses Net lease tenant pays some or all expenses percentage lease landlord receives ren minim plus percentage of retailers sales residental lease gross lease; short terms proprietary lease cooperative unit owners; indefinite term; assigned to new unit owner on sale leasing of rights leasehold transfer of rights for limited use URLTA (Lease) clear lease terms fair market rent cannot waive rights URLTA (Deposits) limits on amounts tenant's right to interest rules and deadlines for returning URLTA Landlord obligations bargain in good faith provide maintenance and repairs comply with building codes provide saferty and access procedure for delivery of notices URLTA Tenant obligations Maintain condition abide by rules and regulations no damage or abuse abide by approved uses no distrubance of other tenants Lease Termination default notice property destruction death Voluntary agreement condemnation abandonment under certain conditions Building code a standard of construction of an improved property established by local government officials Certificate of occupancy a document confirming that newly constructed or renovated property has fully complied with all building codes and is ready for occupancy concurrency a planning policy that requires developers to correct foreseen negative impacts of a develoment during the construction period of the project itself rather than afterwards Condemnation a decree that a parcel fo private property is to be taken for public use under the development during the construction period of the project itself rather than afterwards Deed restriction a provision in a deed that limitson how the deeded property may be used or improved Eminent domain a power of a government entity to force the sale of private property for subsequent public use land use control regulation of how indiviual owners use property in a municipality or planning district control patterns are in accordance with a master plan Master plan a plan that incorporates the community opinion, the results of intensive research and the various land use guidelines and regulation of the state Non-conforming use a legal or illegal land use that is not conistent with the current zoning ordinance Police power a governments legal authority to creat, regulate, tax, and condemn real property in the interest of the public;s health, safety and welfare Restriction e statute, or a limitation on the use of a property imposed by deed, zoning, state statute, or public regulation Special exception