Module 3 Flashcards
The full bundle of rights, the maximum amount available in real property, is referred to as _______ simple.
fee
What rights make up the Bundle of Rights - Remembered by the acronym PUTEE.
Possess (to own); Use (to control); Transfer (to sell, rent, transfer at will); Exclude (prevent others from using or entering); Encumber (mortgage, lien).
Freehold estates are always one of two types:
Estates of inheritance, known as _____; and
Estates of non-inheritance, known as ______ _______.
fees
life estates
Less than freehold estates are also known as ______ estates of tenancy
leasehold
Freehold estates are also known as freehold estates of _______ or freehold ________ estates.
ownership
possessory
name four classifications of leasehold estates of tenancy
estate for years
estate from period to period
estate at will
estate at sufferance
name the two types of freehold estates of ownership
fee simple estate
life estate
name the two classifications of a fee simple estate
fee simple absolute
fee simple qualified
name the two classifications of a life estate
reversion
estate in remainder
estates of inheritance are also called
fee estate or estate in fee
A fee tail estate or entailed estate is an estate of inheritance usually limited to certain categories or classes of individuals, such as _______ _____.
family members
In Oregon, all fee estates are fee ______
simple
During the lifetime of the fee simple owner, the estate can be conveyed by ____ or ____ without restriction.
gift
sale
In a fee _____ estate, this includes the right to will the estate.
simple
In Oregon, all fee estates are fee ____ estates
simple
____ ______ is an estate of inheritance, which means that the holder of the estate can transfer the property by a will.
Fee simple
he fee simple estate can be voluntarily transferred, known as ________ _______, while the owner is still living and is of indefinite duration. Indefinite duration means ownership can continue for an undefined, unlimited period.
voluntary alienation
_______ by the involuntary operation of law may be due to foreclosure, condemnation, etc. This is known as involuntary alienation.
Divestiture
The vesting of title is accomplished using a ____
deed
Fee simple defeasible estates are similar to fee simple absolute estates, but with the exception that the defeasible estate is transferred _________.
conditionally
Conditionally means the estate owner can be divested of title if the owner violates some condition of title that some previous owner created.
Fee simple defeasible estates are similar to fee simple absolute estates, but with the exception that the defeasible estate is transferred _________.
conditionally
Conditionally means the estate owner can be divested of title if the owner violates some condition of title that some previous owner created.
________ fee estate, meaning that the estate is not absolute in nature because it is conditioned upon the happening or nonhappening of an event.
qualified
There are three basic fee simple defeasible estates:
- fee simple determinable;
- fee simple subject to a condition subsequent; and
- fee simple subject to an executory interest.
If the estate conveyed is fee simple _______, the fee is granted “so long as” or “while” a specified use is made of the property.
determinable
The key to the fee simple determinable estate is the automatic ________ of the fee to the grantor or the grantor’s heirs upon the violation of the condition.
reversion
the rights of ownership and possession of a freehold estate; responsibility for the property
Seizen
All owners are vested with seizin to the property. Owners have these 4 main responsibilities:
must pay the taxes;
are liable for damages to another caused by the land;
are responsible for seeing that the land is used for legal purposes; and
must abate any nuisance caused.
to transfer real estate to someone by will.
Devise
The deed that gives the buyer the most protection and most commonly used.
Warranty Deed
The deed generally used by executors to convey title on behalf of an estate.
Special Warranty Deed
The deed generally used when a land sale contract has been paid in full.
Bargain and Sale Deed
The deed generally executed for removal of a cloud on title only.
Quitclaim Deed
A deed used in California which has fewer covenants than warranty deed
Grant Deed
A security instrument which creates a lien against a property.
Trust Deed
The instrument executed, delivered, and recorded when a loan secured by a trust deed is paid in full.
Reconveyance Deed
A deed used by a delinquent borrower to deed property to a creditor rather than proceed to foreclosure.
Deed in Lieu of Foreclosure
A deed used to release a portion of property secured by a blanket encumbrance.
Partial Reconveyance Deed
_____ is the government’s power to receive property when a person dies intestate (without a will), and without heirs, or when property is abandoned. This transfer makes the property available for use at the state’s discretion.
Escheat
For the adverse possession claim to be successful, possession must be:
Tip - Remember this acronym: OCEAN-H
(O)pen (C)ontinuous (E)xclusive (A)ctual (N)otorious (H)ostile
_______ is the addition of land through human or natural causes.
Accession
_______ is the gradual and imperceptible addition of soil to a riparian property.
Accretion
_________ is the geological process by which soil is suddenly and violently removed from a property.
Avulsion
________ is the gradual increase in land by the recession of water.
Reliction
_____ ______ - any transfer of land from a government entity to a private party.
Public grant
______ - the making of a voluntary gift of land by a private owner to the public.
Dedication
The weakest form of dedication is nothing more than a grant to the public of a right to use a property.
Common-law dedication
_____ dedication occurs when a developer prepares a map showing the property that is to be dedicated to the public, such as streets or other public spaces, and then submits that map as a part of the approval process to the appropriate jurisdiction.
Statutory
Tenancy in severalty means that a property is owned by
one person
____ means Severed from others
Severalty
Severalty has its origin in the word sever or to cut off from any other person.
TRUE OR FALSE
Scott and Brian buy a home together and can take title as tenants in severalty.
FALSE
In Oregon, the possible vestings that can create a concurrent ownership can be:
a tenancy in common,
a tenancy by the entirety, or
a tenancy in partnership.
Undivided right of possession is also sometimes referred to as the
unity of possession.
Unity of ____ means that all co-tenants acquired their interest at the same time.
time
Unity of ____ `means that all co-tenants acquired their interest in the property through the same deed.
title
Unity of _____ means that all co-tenants have equal interests
interest
Unity of _____ means that all co-tenants have equal interests
interest
Oregon allows four types of co-ownership for real property:
Tenancy in common
Tenancy by the entirety
Survivorship, The Erickson Doctrine
Tenancy in Partnership
Oregon allows four types of co-ownership for real property:
Tenancy in common
Tenancy by the entirety
Survivorship, The Erickson Doctrine
Tenancy in Partnership
A _______ in common is created when two or more people have an undivided interest in the property.
tenancy
Unity of _____ - The co-tenants can take title to the property at different times.
time
