Review Chapters 9-13

Review Chapters 9-13 - STUDY GUIDE FOR TEST III (CLOSED...

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STUDY GUIDE FOR TEST III ( CLOSED BOOK EXAM ) R/E Principles Scan all the end of chapter questions as well as the questions emailed to you after classes. They will help, and there may be a couple of repeats. You will not need a calculator. The following topics do not represent a total list of the topics tested, but a pretty fair amount of the test. You will need a scantron. Types of R/E ownership Sole Proprietorships Partner Ships Corporations Limited Liability Companies Cooperative ownership Condominium Ownership Differentiate between joint tenancy and TIC Tenancy in common- each of the owners holds an undivided fractional interest in the property Joint Tenancy- is the ownership of real estate by two or more people with the right to survivorship. Actors and activities of trust A trust is a device by which one person transfers ownership of property to someone else to hold or manage for the benefit of a third part. The Trustor is the person who creates the trust. The beneficiary is the person who benefits from the trust. The Trustee is the party who holds legal title to the trust and is entrusted with carrying out the trustors instructions regarding the purpose of the trust. Methods of legally describing real property in U.S. 1. Metes and bounds 2. Rectangular survey and 3. Recorded subdivision plat (lot and block) Metes-and-bounds is a legal description of a parcel of land that begins at a well-marked point and follows the boundaries, using direction and distances around the tract back to the place of beginning. Rectangular Survey System- system established in 1785 by the federal government providing for surveying and describing land by reference to principal meridians and base lines.
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Lot & Block Description- a description of real property that identifies a parcel of land by reference to lot and block numbers within a subdivision, as specified on a plat of subdivision duly recorded in the county clerk’s office. Reasons to measure elevation of property So that the owner of a parcel of land may subdivide the air above his or her land into air lots. Which are composed of airspace within specific boundaries located over a parcel of land. Legal description of property in U.S.: methods to legally describe
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Review Chapters 9-13 - STUDY GUIDE FOR TEST III (CLOSED...

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