Course 1-2

Question 1

Estate Owenership in Severalty

Answer 1

Single party ownership

Question 2

Co-Opwnership

Answer 2

Tenancy in common, joint tenancy, tenancy by entirety, community property. (MINNESOTA DOESNT RECOGNIZE TENENCY BY ENTIRETY OR COMMUNITY PROPERTY.

Question 3

Living Trust

Answer 3

Lets trustor during life to convey title to a trustee for benefit of third party.

Question 4

Land Trust (Deed in Trust)

Answer 4

Allows trustor to convey the fee estate to the trustee and to name himself or herself the beneficiary. The trust applies only to real property, not to personal property.

Question 5

Tenancy in Common

Answer 5

AKA estate in common is the most common co owernship when the owners are not married.

Two or more owners
Identical rights
Interests individually owned
Electable ownership shares
No survivorship
No unity of time

Question 6

Two or More owners

Answer 6

Any number of people can be co tenants in a single property

Question 7

Identical rights

Answer 7

Co tenants share an indivisible interest in the estate

Question 8

Interests individually owned

Answer 8

All tenants in common have distinct and separable ownership of their respective interested. Co tenants may sell, encumber, or transfer their interests without hindrance.

Question 9

Electable ownership shares

Answer 9

Tenants in common determine among themselves what share of the estate each party will own, basically different percentage buy ins.

Question 10

No survivorship

Answer 10

A deceased co tenants estate passes by probate to the decedents heirs rather than back to the other co tenants

Question 11

No unity of time

Answer 11

It is not necessary for tenants in common to acquire their interests at the same time. A new co tenant can walk in at anytime.

Question 12

Joint Tenancy

Answer 12

Two or more persons collectively own a property as if the were a single person.

Unity of ownership
Equal ownership
Transfer of interest
Survivor-ship

Question 13

Unity of ownership

Answer 13

Whereas tenants in common hold separate title to their individual interests, where joint tenants together hold a single whole title.

Question 14

Equal ownership

Answer 14

Joint tenants own equal shares in the property, without exceptions.

Question 15

Transfer of interest

Answer 15

A Joint tenant may transfer his interest in the property to an outside party, but only as a tenancy in common interest.

Question 16

Three main forms of ownership?

Answer 16

Inseveralty- held by one
In co ownership - held by two or more
In Trust - Held by third party for the benefit of someone else

Question 17

That two types of co ownership does MN recognize

Answer 17

Tenancy in common

Joint Tenancy.

Question 18

What does a living trust do

Answer 18

Allows the trustor during his liftime to convey the title to a trustee for third party benefit.

Question 19

What are the four unities needed to create a joint tenancy?

Answer 19

Unity of time
Unity of title
Unity of interest
Unity of possession

Question 20

Binder

Answer 20

Recapitulates the property description, interest to be insured, names of insured, and exceptions to coverage.

Question 21

Three Items not covered by a title insurance policy

Answer 21

Problems with the title that occur after the date the owner purchased the policy.
The penalties of the owner’s failure to pay for the property.
An unrecorded title defect that the owner knew about or allowed to occur.

Question 22

What is a chain of title

Answer 22

The succession of property owners of record dating back to the original grant of title from the state to a private party.

Question 23

What is an abstract of title?

Answer 23

A document that briefly summarizes the various activities that affect the ownership of a parcel of land

Question 24

What does the job of an abstractor entail?

Answer 24

An abstractor must verify that the abstract is complete by reviewing recent certifications that the abstract is correct, checking for gaps in dates and certification numbers, and ensuring that a proper legal description appears with each entry.

Question 25

Why is recording a deed important and how is that result accomplished?

Answer 25

Recording the deed to a property gives an owner protection from any other titles to the property that are not recorded in the public record. This is done through constructive notice.

Question 26

Running the chain of title

Answer 26

Identifying the list of owners from the present/current owner back to the original owner.

Question 27

Grantor

Answer 27

The person who conveys whatever title he or she has to a property. The grantor (seller) conveys title to a grantee (buyer).

Question 28

Mortgage

Answer 28

A debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments.

Question 29

Lis pendens

Answer 29

Latin for “a suit pending,” a written notice that a lawsuit has been filed which concerns the title to real property or some interest in that real property.

Question 30

Judgment

Answer 30

A decision handed down by the court that resolves a controversy between the parties involved in the lawsuit.

Question 31

Special assessments

Answer 31

Taxes that are imposed on homeowners and landowners to cover the cost of improvements that will benefit all those upon whom the tax was imposed.

Question 32

Judgment lien

Answer 32

A court ruling that gives a creditor the right to take possession of a debtor’s real property if the debtor fails to fulfill his or her contractual obligations. This is used as a way to be certain that the debtor actually pays off the debt.

Question 33

Property Lien

Answer 33

A lien placed on a property by the lender when granting a mortgage for a property. If the borrower defaults on the terms of the agreement (for example, he or she doesn’t pay the mortgage), the lender may take action to repossess or foreclose on the property that was pledged as a security interest.

Question 34

Court with probate jurisdiction

Answer 34

a court that has the power to hear and decide cases that deal with the probate of wills and the administration of estates