Capitus Exam Study Guide Flashcards

Capitus Exam Study Guide Flashcards Freehold Estatesestates that don't have a definite ending date Valid legal description includesname of subdivision, lot, block, plat book, plat page number, land lot, district, section, name of county, and state Allodial systemanyone can acquire the rights of ownership, subject to the government's control MARIATests for Determining if an Item is a Fixture Reversionarygoes back to the original granter & heirs Life tenantowner of the estate during their lifetime Property tax lienslevied against each property owner according to the value of the property (they are involuntary specific liens) Fructus Industriales / EmblementsCrops that are planted annually Fee Simple on Condition Subsequent (qualified or defeasible) Wording "On the express condition..." or "Provided that..." Private Encumbranceeither grant another person interest in the property as security for a debt or they affect the use of the property DeedTransference of property Potable waterpure enough to drink (think pure enough to put in a pot and cook with it) Legal Life Estatecreated by law (non-possessory b/c as long as spouse is alive, it doesn't exist. Not recognized by GA) area preference/situsSum of factors that affect value Estate for Yearsstated period of time; has a definite ending date Encumbrancesany external limitations that restrict the owner's rights, use, or affect the value of the property AgreementWhat does the contract state? It takes priority over any of the other tests because all parties are deemed to agree to all aspects of the contract if they signed it Dowerwife's interest in husband's estate; Right to to ½ of interest of any property the husband owns Mechanic's Lienallows contractors and subcontractors to place a lien against property to ensure they get paid (involuntary specific lien) Judgement Lienarises out of a lawsuit (General Lien) Federal and State Inheritance/ Estate Taxes property owned by a decedent is subjected to taxes after certain exemptions (general lien) Estate From Period-to-Periodstated period, auto renews for original stated period; month -to-month, quarter-to-quarter, year-to-year Plat of Surveya drawing that shows locations and boundaries of a land parcel and may show subdivided lots as though you were looking down on it.

Equitable liensbased on principles of justice and fair play, normally voluntary Eminent DomainGovernment's power to take property with or without the owner's consent Involuntary lienswithout the owner's consent (tax lien) Voluntary lienswith the owner's consent to be recorded, did it on purpose (ex. mortgages) Fee Simple DeterminableBased on time - words that are used in transfer; "For so long as" ,"During", "Until" Percolating waterUnderground water that isn't confined to a specific waterway Mineral RightsSubsurface rights that you have to the minerals and other materials underneath the land that you own Estates in LandRefers to the quality, quantity, nature, and extent of ownership interest ImmobileLand can never become personal property because you can't move it Writ of executionAuthorizes the sheriff to seize the property and sell it to pay off the debts Specific liensattached to just one parcel of property (roof, chimney, etc.) Property tax liens, mortgages, vendors liens, mechanic liens, attachment liens, etc.Appurtenancesimmovable property (trees, bushes, etc),Air rights, Land Rights, Subsurface rightscan lease or sell them Attachment Liengrants the court custody of a property to prevent the owner from transferring ownership of it while a suit is being decided (Involuntary Specific lien) Vendor's lienPurchase money mortgage (seller financing) - loan is either first or second mortgage and property is pledged as security collateral Economic lifereturn on investment that the owner will realize after a period of time Use or Controlthe right to use or control your property in any legal way you see fit Leasehold EstateCreated by a lease; tenant's rights when they receive a lease Homestead (Family Home) Protectionset amount exempt from foreclosure sale Ordinary Life EstateLife of the tenant; Created through deed, will, or trust Remainderdesignated third party that will receive it FixturePersonal property that becomes real property - automatically stays with the property and will convert with the buyer when it's purchased.Non-possessoryPossession postponed until preceding possessory estate is terminated

General Liensattach to all real and personal property of the debtor; Needs to be recorded in all the counties where the debtor owns property Estate At WillAs long as the landlord wills it or approves Right of Possessionthe right to occupy or possess your property Chattels Reallease, mortgage, contract.Escheatthe state's right to take ownership of property that's been abandoned or owner died without a will or heir Correlative RightsYou can't do anything to damage the water or take an unreasonable amount of water from anyone else Life Estate Pur Autre Vie(for another's life) Chattels PersonalMOBILITY!! Anything not physically attached to said property Taxesthe right of local or state government to levy taxes on real property Lienwhen a property is put up as collateral for a debt PropertyThe thing plus the rights and interests the owner has in that thing Dispositionallowed to dispose of property in any way you see fit Special assessmentbased on special benefit (speed bump, sidewalks, etc.) Reverter clausea clause in the deed that would specify which violations would cause the property to revert back to the original owner Littoral RightsRights to use and enjoy water when property adjoins a large lake or ocean ModificationHas the building or item been modified in order to fit in that place? Would it be obvious if it were to be replaced?The Bundle of RightsRight of Possession, Use or Control, Enjoyment, Disposition, Separating Rights Enjoymentyou get to enjoy possession, use, and control of your property without interference from your neighbors Scarcitythe less available land where needed, the more valuable the land Wastelegal duty obligates the tenant to pay the property taxes and mortgage payments and not substantially alter the property from its intended use or allow it to deteriorate in value by failing to make reasonable repairs.Mortgage liensexists when an owner pledges a property to the lender as security for a loan (Voluntary Specific Lien) Water tablethe level at which percolating water is found Separating Rightsyou can choose to give one of those rights over to another person/company/group etc.AttachmentsTenements - things that are permanently attached to the land

Conventional Life EstateCreated by will, trust, or a deed Spot Surveythe process of locating the exact boundaries, shape, and area as well as the improvements on the land (normally will only happen if the buyer gets a survey at closing) Types of AttachmentsArtificial (man-made), Improvements (permanent and appurtenant), Frutus Naturales, Frutus Industriales Vendee's Liencreated when the sales contract between the buyer and the seller is recorded (voluntary specific lien) Estate at Sufferancestaying beyond lease period Datuma point from which height or depth can be measured (air rights and mineral rights) Riparian RightsRights a property has to water when it's on a river or a stream; Property owner owns to the center of the river or stream Intention of the annexing partyDid the person who installed the item intend for it to stay or remain in the property?Non-homogeneityno two parcels are alike Egresscan leave your property Holdover TenantWhen a tenant who was there legally stays even after the lease expires Trade FixturesItems attached by a tenant and used in their trade or business; You must remove these items before the end of the lease unless the contract says otherwise Law of CaptureAllows a well drilled for oil or gas on one property to extract from a pocket of oil or gas extending under adjoining land - Whoever drills for the oil, gas, etc. first has ownership of it Curtesyhusband's interest in wife's estate; Right to of interest Federal and State Income Taxesarises out of unpaid federal and state income taxes (general liens) Fructus NaturalesGrowing on your property and doesn't require annual cultivation (no harvesting). Ex. Shade tree, shrubbery, perennial plants Bundle of Legal RightsEnjoyment, possession, control, and disposition Police PowerGovernment's right (local, state, national) to enact and enforce laws that regulate the use of our property; Zoning, Building Codes, Environmental Protection Laws Relationship of the partiesWhat is the relationship of the parties regarding the item?Ad valoremTaxes are levied in GA according to value Recorded Plat (Short Form)Used primarily with subdivisions Air rightsExtend into space above the land to infinity Ingresscan get in your property Metes and Bounds Legal Descriptionidentifies the parcel by describing its boundaries; Metes are distances and directions, Bounds are landmarks or monuments that serve as markers each time distance and direction changes