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Pleas erespond to sevetlana with 150 words

Svetlana

BRE-110-89170

August 31,2022

Textbook author: Huber, Watt &Tyler, Kim

Chapter: 3 & 4

Overview

In this chapters I learned a lot of new words and term about estates in real property and ownership of real property. In this chapters I’m going to be focusing on concept #1 – Possessory Estates. Concept #2 is -Forms of Ownership. And last one key concept is – Timeshares.

Key concept #1

I learned in chapter 1 about possessory estates. A “possessory interest” is the right to occupy, not own. “An Estate is an interest in real property that is, will be, or may become possessory. A right to immediate possession is called a Present interest. A right to possession in the future is called a Future interest” (p. 77, Hubert, Watt). “With a defeasible fee estate, a deed or will transferring property contains a condition on ownership or use of the property and provides that the ownership and right to possess the property is forfeited if the stated condition is breached” (p. 78, Huber, Watt). A power of termination expires 30 years after the deed granting the conditional fee was recorded, unless the power is preserved.

Key concept #2

In chapter four I will be focusing on concept -Forms of Ownership. When property is owned by one individual, he or she holds title in severalty. In California, when property is owned by more than one individual, they can hold title in one of five ways: tenancy in common, joint tenancy, community property, community property with right of survivorship, tenancy in partnership. “Tenancy in common is the most basic form of concurrent ownership. It is the residual category: co-ownership that doesn’t fit into any of the other three categories is a tenancy in common by default” (p.119, Huber & Watt).

Key concept #3

I learned in chapter four about timeshares. In a timesharing arrangement, buyers purchase the exclusive right to possession of the property for specified periods each year. “Not every timeshare project actually involves co-ownership. In some cases, individuals purchase only a license to use the property, rather than an interest in the property. This is called a Timeshare use” (p.151, Huber & Watt).

Summary

This two chapters very interesting and informative. A tenancy in common is the most basic form of co-ownership. A joint tenancy requires the four unities (time, title, interest, and possession). Property owned by a married couple is either the separate property of one spouse or the community property of both. Spouses have equal control over community. The highest estate is the fee simple absolute, which is of unlimited duration. I also learned about four types of leasehold estates.

Victor Valley College
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Education is what
remains after one has
forgotten what one has
learned in school.
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Estates in Real Property
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I.
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Possessory Estates
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Part I.
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Possessory Estates
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Estate – is an interest in real property that is, will be, or may
become possessory
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A FREEHOLD is a possessory interest of uncertain duration
1. Fee Simple
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Highest and Largest interest
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Inheritable
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Transferable, and
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Perpetual
Fee Simple Absolute
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Not-subject to any conditions
Fee Simple Subject to a Condition Subsequent
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Subject to conditions that can result in forfeiting title
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Future interest – Power of Termination
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❑ The duration of a LIFE ESTATE is based on the length of someone’s
lifetime.
❑ Express reservation
❑ Express grant
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❑ Life tenant (pur autre vie)
❑ Measuring life
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❑ Estate in remainder
❑ Estate in reversion
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❑ Life Estates are NOT used very often anymore.
❑ Living Trusts are more common and have a number of
advantages
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❑ Lessee
❑ Lessor
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❑ Estate for Years
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Duration is a fixed time period.
â–ª
Surrender
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Assignable
❑ Example:
T is a college student renting an apartment for one semester. The
lease gives him the right to possess the apartment from August 20
through December 31. This is an estate for years or term tenancy.
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❑ Estate from Period-to-Period
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Duration is not limited to a specific term
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Continues from period-to-period
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Assignable
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❑ Estate at Will
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Duration has no specified termination date
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Usually no rent is paid
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Cannot be assigned
❑ Example:
P occupies a house in return for maintaining and repairing the
property. This is considered a tenancy at will because it is for an
indefinite time and P is not require to pay periodic rent.
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❑ Estate at Sufferance
â–ª
Tenant wrongfully remains without the landlord’s permission
â–ª
Eviction process must be started
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Part II.
Nonpossessory Estates Encumbrances
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❑ Right held by one person to use the real property of another for
a particular purpose
❑ Easements affect the use and value of property
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❑ Positive easement gives someone other than the owner a right to
do something on the land or take something from the land
❑ Negative easement prohibits the owner from doing something
on his property
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❑ Dominant tenement
❑ Servient tenement
❑ Runs with the land
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❑ Easement does not benefit a piece of land
â–ª
No dominant tenement
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Personal easement in gross
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Commercial easement in gross
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❑ The right to receive sunlight across the property of another
for a solar energy system
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❑ An easement created by the property owner and is binding on
successive owners of the land.
❑ Its purpose is to retain land to preserve it in it’s natural condition.
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❑ Express grant
❑ Express reservation
Example:
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❑ Easement by necessity
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Example:
B owns and lives on several acres of land out in the country. Her
house is connected to a large septic tank capable of serving several
houses. B divides her property and sells half to C. No mention is made of
the septic tank at the time of the sale.
C builds a house on his property. B watches but makes no
objection when C hooks up his plumbing to the septic tank on her
property.
An easement has been created by estoppel. Because of her
failure to object, B cannot later claim that C has no right to use the septic
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❑ Open and notorious
❑ Hostile or adverse
❑ Continuous
❑ Uninterrupted for 5 years
â–ª
Tacking
❑ Recorded Notice
❑ Posted Notice
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❑ Express Termination
❑ Implied Termination
❑ Estoppel
❑ Prescription
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❑ Licenses grant permission, but a license is a purely personal
right.
❑ Easements cannot be revoked whereas a license may be
revoked at any time.
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❑ A LIEN is a financial interest in property
❑ Financial Encumbrances
1. Voluntary Liens
❑ Property owner chooses to have placed against his property,
usually to obtain a loan
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Mortgages
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Deeds of Trust (Trust deeds)
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❑ General Lien
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Attaches to all of the debtor’s property
❑ Specific Lien
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Deeds of Trust
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Mechanics Lien
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Judgment Lien
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❑ General Property Tax is an ad valorem tax imposed annually on real
property
❑ Proposition 13
❑ Assessment and Tax Rates
❑ Limits on Assessment
❑ Proposition 60 – 1987
❑ Proposition 90 – 1988
❑ Proposition 193 – 1996
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❑ Property tax exemptions and deferments
❑ Calculating property taxes
❑ The Levy and collection procedure
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❑ Payment of taxes
❑ Enforcement of the property tax laws
❑ Default
❑ Redemption
❑ Tax sale
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❑ Sale without actual notice
❑ Tax deeds
❑ Special Assessments
❑ Income Tax Liens
❑ State Tax Lien Law
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❑ A homestead is the dwelling of the property owner together with
its land and outbuildings
â–ª
â–ª
â–ª
Basic exemption – $75,000
Family exemption – $100,000
65 or older exemption – $175,000
â–ª
â–ª
Declared homestead exemption
Automatic homestead exemption
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“Educating Generations, Building Communities”
I.
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Possessory Estates
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“Educating Generations, Building Communities”
❖ Read Next Chapter
❖ Write Reflection Summary
❖ Study for Quiz
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“Educating Generations, Building Communities”
❖ Schedule 1 hour of study every day
❖ Plan to be early!
❖ Always be ready
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Only what you put into it!
❖ Take Notes
❖ Stay Engaged
❖ Think of How to Apply
❖ Ask Questions
❖ Participate / Share
❖ Do Activities
❖ Be Grateful
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“Educating Generations, Building Communities”
❖ Educate yourself by attending class
❖ Assignments & Activities
❖ Read every day
❖ Never stop learning!
“The more you LEARN the more you EARN.”
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Student Learning Objectives met
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Victor Valley College

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