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
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)