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CONDOS AND CO-OPS
Terms in this set (29)
This co-ownership unity states each co-owner has an equal right to enjoy possession and the use of the whole property, not just some designated portion thereof. Which unity is this?
Unity of Possession
For Joint Tenancy to occur, what unities are required?
In which type of ownership do legal spouses each hold an equal and undivided interest in the property which cannot be conveyed or encumbered without consent of the other?
-tenancy by the entirety
Tenancy by the Entirety
What is true about Condo Owners and Residential Owners?
-Condo Owners own the interior but NOT the exterior of the unit, unlike Homeowners
- Condo Owners are bound by BYLAWS and CC&Rs, unlike Homeowners
- Condo owners pay fees for common areas, unlike homeowners
- However...a single condo unit can be mortgaged, like a single detached house.
As a Retail Business owner, what type of lease are you most likely going to sign?
Old Electrical transformers and capacitors pose a hazard because they contain what?
Polychlorinated Biphenyls (PCBs)
With forced air systems, furnaces typically do NOT use what as a heating source?
If your property has a market value of $500,000 and an assessed value of $475,000, what's your property's LOA?
475,000/500,000 = 95%
What are the 4 different kind of encumbrances?
3. Deed Restrictions
4.Clouds on Title
What is an encumbrance?
A NON-POSSESSORY interest in a property
What are other forms that effect the title of the property other than encumbrances?
What is a license?
The revocable and temporary permission to use someone else's property for a specific purpose. A license does not run with the land or transfer with the transfer of deed or title, which is what makes a license different from an encumbrance.
What is an example of a license?
A property owner gives someone the right to hunt on their property
What is the difference btw a License and Encumbrance?
Creation - Licenses can be established with nothing more than an oral agreement between the property owner and the license holder. An easement generally requires legal action or a written agreement.
Duration - Licenses are temporary, but easements continue to exist indefinitely.
Attachment - Licenses don't have to run with the property, but easements always do.
Assignment - Unlike an easement, a license terminates if the license holder dies. The license holder can't assign their license to someone else, either.
Ella granted Ol' Sam permission to gather chanterelles in her woods. When Ol' Sam passed, Lil' Sam came by asking to take over the mushroom hunting. Ella said no. Did Ol' Sam have a license or an easement, and why?
License, bc it was granted to a person
What is an encroachment?
Physical property that crosses the boundary into a neighboring landowner's property.
What is an example of an encroachment?
A driveway that partially crosses a neighbor's property line
Without permission, Betsy's neighbor built a fence that extends onto Betsy's property. What is the fence?
Jacqueline had a new fence put up. Her neighbor, Frank, realized it is actually on his property. What is NOT something Frank can legally do to remedy this encroachment?
Tear down the fence
What is a constructive notice?
the legal presumption that individuals will obtain information through due diligence.
What is an Easement in Gross?
an easement that applies to the person or entity, not the specific land
What is an Easement in Necessity?
a type of easement by implication that occurs when the dominant tenement could not be used without an easement, even without a longstanding, apparent use
Easement by Prescription?
an easement granted after the dominant estate has used the property in a continuous and open manner for a prescribed period of time without the owner's permission
Easement by Condemnation
easement in which private property is taken for public use via eminent domain; declaration that a structure must be closed or demolished because it is unfit for occupants
Easement for Light and Air
a negative easement that prevents the owner of adjoining land from doing anything that could block light and air from the dominant tenement
What is an Affirmative Easement?
If the easement gives the right for people to use personal property for a specific purpose
What is a Negative Easement?
if the easement does not allow a property owner to perform an otherwise legal activity
What are 3 ways easements are usually created?
1. By the deed
2. By an agreement between the parties
3. By the operation of law
Jim's family decided to sell one of their next-door brownstones, but still wanted to be able to use the next door driveway to access their parking spot. In the deed of the house they sold, they created an easement across the driveway. What kind of easement is it?
Easement by Grant
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