Real Estate Section 2

what is a lien?

A claim against the property of another as security for a debt or charge

General lien

A claim against some or all of a debtor's property; any property may be sold to satisfy the debt

covers all real & personal property

Specific lien

A claim against a specific piece of property; only that individual property may be used to collect against the debt

Mortgages are?

Specific liens

PITT stands for?

Possesion, Intrest, Title, Time

Joint Tenancy

Tenancy with right of survivorship and various other characteristics

General Partners

oversees and runs the business

Limited Partners

do not partake in managing the business

Blue Sky Laws

used for commercial propertg (cannot misrepresent value)

Constructive Notice

Recording a valid deed

Divorced wife gets the house, husband disappears and is still on title, Wife must do what?

file a title action to sell the home

A license is NOT an ___________ on a property since it is a short term permission and revocable

encumbrance

Alcohol restriction on a deed from seller makes the borrower have?

Fee Simple Defeasible Estate

Estate From Year to Year

Fee Simple Estate

Tenancy-in-common

Unequal percentage ownership can only be accomplished through

Tenancy-in-common

Deficiency Judgment

Lender gets balance due after forclosure

Intestate Succession

Died without a will

Attorney In Fact is created through

Power of Attorney

Co-op owners do not receive individual

tax bills

Estate for Years rental

Specific beginning and end

What does a condo owner and an apartment dweller have in common?

They both have an estate real property

Homestead Protection

protects home from being taken fof debts (Not in GA)