ADMS 2610 Lecture Notes - Lecture 10: Escheat, Fee Simple

99 views2 pages

taupedog644

23 May 2017

School

York University

Department

Administrative Studies

Course

ADMS 2610

Professor

Rudi Lof

For unlimited access to Class Notes, a Class+ subscription is required.

Document Summary

Fee simple: canada all land still owned by crown and estates of land in fee simple granted by. Can dispose of land by way of sale, will, or inheritance. An estate in land in which the right to possession is based upon a person"s lifetime. Expropriation: the forceful taking of land by a government or government agency for public purposes. Easements: a right to use the property of another, usually for a particular purpose. Dominant tenement a parcel of land to which a right of way or easement attaches for its better use. Servient tenement a parcel of land to a right-of-way or easement. Right of way a right to pass over the land of another, usually to gain access to one"s property. Chattels permanently or constructively attached to real property. Early rule: use and enjoyment of the particular item. Chattel attached to improve the land became a part of realty.

Related Questions

TRUE OR FALSE

1. _____ Under the feudal system of land ownership, the responsibility for providing services, determining land use, etc., was held by the king.

2. _____ Government rights limit private rights in real property by the use of appropriation.

3. _____ When real property is taken by means of eminent domain, the government has to pay the landowner fair market value.

4. _____ Railroads have the right to condemn private property for public use.

5. _____ A family had a lion as a pet at their home outside the city. When the area became incorporated, the city made him get rid of the lion by their use of police power.

6. _____ A government may acquire ownership of privately held land by patent.

7. _____ If title to real property is said to be fee simple, it can NOT be alienated.

8. _____ A fee simple estate in real property may not be transferred with a bill of sale.

9. _____ The greatest estate in real property is a fee simple estate.

10. _____ The bundle of rights includes the right of escheat.

11. _____ An encumbrance affects the loan to value ratio.

12. _____ An easement may be created by a written document granting the right to another.

13. _____ An easement may be removed from county records by a quit claim deed signed by the owner of the easement.

14. _____ When a parcel of real property is sold in foreclosure, the easement rights transfer with title.

15. _____ An easement appurtenant passes with the title to the dominant estate.

16. _____ A private road on Donâs property has often been used by fishermen as a walkway to the lake. If Don wishes to break the fishermenâs claim to an easement by prescription, while still allowing the use, he must give notice of his consent to their use of the property.

17. _____ The legal right of a utility company to maintain power lines along the back of a lot is called adverse possession.

18. _____ The best way to determine whether a property has an encroachment is to search the title.

19. _____ A property owner lived in an area newly zoned for business but his deed contains a restriction against commercial usage. In this case the zoning laws would prevail.

20. _____ The type of lien used by someone who does work or supplies materials for a home and has not been paid is called a mechanicâs lien.

1. All the following forms of property interests givethe holder current possessory enjoyment rights EXCEPT

a) leasehold

b) vested remainder

c) life estate

d) fee simple absolute

2. All the following statements concerning the estatetaxation of life insurance proceeds are correct EXCEPT

a) The proceeds are included in an insuredâs gross estate if thepolicy is payable to his or her gross estate.

b) Group life insurance proceeds are treated in the same manneras individually owned insurance.

c) The proceeds are included in the insuredâs gross estate ifpayable to an inter vivos trust that is required to pay theexpenses of the insuredâs estate.

d) The proceeds must be excluded from the policy owner-insuredâsgross estate if payable to the surviving spouse because of themarital deduction.

3. All the following statements concerning the deferralof payment of estate tax under Sec. 6166 for estates that holdclosely held business interests are correct EXCEPT

a) The tax deferral is limited to the estate tax created by theinclusion of a qualified business interest.

b) The principal payments on the deferred tax may begin up to 5years after the normal due date, with interest only payable duringthis initial period.

c) To qualify for such a deferral, the estate must hold aclosely held business interest valued at greater than 65 percent ofthe adjusted gross estate.

d) The deferred tax is accelerated if the heirs dispose of thebusiness interest.

4. All the following statements concerning property heldby a married couple as tenants by the entirety are correctEXCEPT

a) The entire property must be included in the estate of thefirst to die.

b) The property passes automatically to the survivor at the timeof the first death.

c) Each holds an undivided interest in the whole property.

d) Neither spouse can unilaterally transfer his or herinterest.

cyanspider596

______ 1. If a person dies without a valid will or fails to dispose of certain items of property in a will, the person is said to have died _____.

______ 2. A(n) ______ is a document that verifies the wishes of the testator to restrict the use of extraordinary procedures and equipment to prolong life.

______ 3. Many states provide that _____ children are entitled to receive the amount they would have received through intestate succession.

______ 4. A gift of personal property is called a(n) _____.

A. Self-Proving Will B. Probate C. Pretermitted D. âLast Wishesâ Statement E. Intestate

F. Devise G. Living Will H. Bequest I. Intestate Succession

TRUE/FALSE:

T F 5. All states require that a valid will be signed by the testator.

T F 6. Will Contests are held annual on a state wide and regional basics to see which lawyers write or âdraw upâ the best will.

T F 7. Probate includes the collection of the decedentâs assets and the payment of debts.

T F 8. A legacy bequest in a will is where money from the estate is given to a nonprofit to do charitable work with it.

ADMS 2610 Lecture Notes - Lecture 10: Escheat, Fee Simple

Document Summary

Get access

Related Documents

ADMS 2610 Lecture Notes - Lecture 6: Title Search, Concurrent Estate, Land Registration

ADMS 2610 Study Guide - Midterm Guide: Income Approach, Gross Income, Business Cycle

ADMS 2610 Lecture Notes - Lecture 8: Adverse Possession, Crown Estate, Concurrent Estate

Related Questions