YT YouTube2Text

YouTube2Text → Transcripts → Real Estate Principles Chapters 1-5

Real Estate Principles Chapters 1-5 — Transcript

by Professor Milnar · 12,711 words · 2,334 segments · language en · Watch on YouTube

Open in transcriber Summarize with AI Download SRT/VTT

Full transcript

0:00hello there my name is greg milner i'm
0:03going to be your professor this semester
0:05for real estate introduction to the
0:09profession
0:10this is actually the book that you're
0:11going to be purchasing and
0:13it's a paperback so it's uh it's not too
0:16heavy for you
0:17and there's a lot of good information in
0:19this but
0:20uh the whole book doesn't really go too
0:22deep into
0:24all the mathematics and the other things
0:25that deal with real estate
0:28but it's an excellent book
0:31i actually put out on the
0:35d2l i'll put up
0:39the syllabus so if you can go ahead and
0:43get that printed off or just have it
0:45available
0:46in the future and that way you can see
0:48all the different dates
0:50that we're going to be doing it has the
0:53course information
0:55it has a little bit about myself my name
0:58again is greg milner i have a bachelor's
1:00of business administration
1:02i'm an alumni from mtsu and
1:06i'm a principal broker and owner of
1:08bellaville properties
1:09which is here in franklin
1:14the i have my tennessee real estate
1:16commission teaching
1:18certificate certificate and that
1:22is from the real estate commission here
1:24in tennessee
1:26and i'm also a managing partner and
1:28owner of milner oregon company
1:31in eagleville tennessee so it's a family
1:34business
1:35so kind of a wide range of different uh
1:40different background and
1:43it should be a good semester together
1:46with you with this online
1:49presentation we're going to have code
1:54words
1:55for each chapter that i go over and the
1:58code word
1:58will give me your actual attendance
2:01here's everybody's printed out
2:03attendance of this online class so
2:07after a chapter i'll give you a code
2:09word that you will email me back
2:12and i'll discuss that war on d2l
2:16on the news section okay so i'm gonna be
2:18communicating with you guys mostly
2:20through the news section and then you
2:23just email me back and forth
2:25i'm going to put tests out there
2:29and he tests which
2:32we're together for 15 weeks so
2:36you get to see me and i don't even have
2:38to wear a mask
2:40it's wonderful now i'm actually teaching
2:43in class also
2:45so i have 17 students coming up
2:49and but we have everything is broken
2:52down eye on your syllabus
2:54so chapters one through five which i'm
2:56going to be filming today
2:58is going to be on test one so
3:02i know that we have two classes before
3:04the test
3:05but what you can do is uh watch chapters
3:08one two three
3:09and then take a break there's a lot of
3:10information with each chapter
3:13uh do the review questions and all those
3:14stuff and then the next week you can
3:16watch uh
3:17chat the chapter four and five
3:20and then i'll ask for those codes for
3:21those chapters so
3:24it's pretty straightforward we don't get
3:26too technical
3:27again it's hopefully going to be a fun
3:30funner class
3:30and again it's an elective so
3:34we try not to get too detailed with
3:37anything
3:38but real estate is a wonderful
3:42opportunity for employment also
3:46for uh anybody that wants to get into
3:49residential or commercial buying and
3:53then leasing out
3:54or whatever so we're gonna go over all
3:56that information coming up
3:58i have uh i go out here
4:02and
4:06we're gonna be going over chapter one
4:08coming up so go ahead and start that
4:14my computer is a little slower so
4:17it just takes a minute and
4:20slide show from the beginning
4:25but if you have any questions on
4:30the syllabus go ahead and email me
4:33there's nothing really there that jumps
4:35out at you we do have a project this
4:37semester
4:38it's a lot of fun i actually put it
4:43on the d2l the project and also
4:47what it's all broken down of what's
4:50required on that
4:53you're actually going to be real estate
4:56person yourself
4:57and create the whole subdivision
5:00uh map layout
5:03everything about the houses what you
5:05offer and then
5:07a brochure and then you'll email me all
5:10that stuff
5:11all nice little package for a grade and
5:14it's
5:15300 points for that so it's a major part
5:18of the class and
5:23it should be fun for you so again
5:26i'm looking at the syllabus i'm trying
5:28to see if there's anything else that
5:29uh you know with the attendance again
5:33you're going to be getting back with me
5:35on
5:36the code words and that's the way i'll
5:38keep your attendance
5:40so but again if you have any questions
5:42at all
5:43please go ahead and email me on that
5:46so we're gonna start out with chapter
5:48one uh this is just an introduction
5:50chapter there's not even review
5:51questions or anything on this chapter
5:53but uh just kind of introduces the
5:58profession to you
6:02i'm gonna go to page three here
6:09introduction to real estate so we have
6:11real estate is a unique subject
6:13okay the fascinating topic of real
6:14estate renders
6:17complex legal theories okay unusual fact
6:21situations fun and interesting business
6:24okay so overview of real estate
6:28transactions
6:29it just goes into you have a property
6:31owner decides to sell okay so you have a
6:34property owner over here
6:37you can have a agent on the other side
6:40usually
6:41that's going to have a listing agreement
6:43so he's going to go to the
6:44owner and say okay what do we need to do
6:47here
6:48to get your house ready to put on the
6:50market
6:51and he's going to bring a listing
6:53agreement and
6:54also all of his legalities of his
6:57business and everything else
6:59and the property owner is going to agree
7:01to
7:02whatever they decide it's always
7:03negotiable for a
7:05commission situation and
7:08then they're going to sign on the dotted
7:09line for the listing agreement
7:12so you have so
7:16individual goes and meets then you have
7:19uh
7:20identifying the property in the
7:23listening agreement
7:24the offer and acceptance once you find a
7:26person for
7:27their property that's interested in
7:29buying that's the offer and acceptance
7:31and they'll sign
7:33the document and that creates a contract
7:36okay between the seller and the buyer so
7:39you'll have a contract
7:40after that once that's signed then it
7:43puts everything into motion
7:45uh the banks are notified the title
7:48company is notified the lawyers
7:49everybody gets together and they say we
7:51got a contract okay let's go
7:54usually today it's about 40 days out
7:57to be able to close a deal sometimes
7:59it's sooner
8:00if it's a cash deal it's going to go a
8:02lot quicker
8:04you can close within two weeks so as
8:06long as everybody is on board
8:08everybody gets the paperwork in
8:11you can't be like basical and just sit
8:14back and say oh
8:15you know well i need to have that in at
8:17this date
8:19everything needs to be on time and
8:22that's what the real estate agent
8:24they're kind of like cat wrangling
8:26everybody
8:27because this is your deal it's the only
8:29way you get paid
8:30is by the commission so at the end of
8:33the deal once it closes
8:35so you're kind of getting everybody
8:37together making sure
8:38things are working and that
8:42everybody stays on track that's the
8:44biggest thing
8:46today we have uh texting back and forth
8:49and that's
8:50a lot of times in a deal with my own
8:52company
8:53uh i might talk maybe one or two times
8:56on the phone uh to the other
8:59realtor that has the other the buyers
9:02on their side if i'm selling the
9:04property everything is through texting
9:06which is wonderful because you can send
9:08a text and as you know
9:10they don't have to reply until they have
9:12a chance to do so so
9:15it's a wonderful thing so we mainly do
9:17texting back and forth
9:20all day long so then
9:23you have an offer and acceptance and
9:25then the buyer finances
9:27through the bank or mortgage lender
9:31and then that you're closing and then
9:34you close everything
9:36they sign all the documents sometimes
9:38all the closing papers it could be up to
9:3980 pages of paperwork
9:42for all the different things because
9:45everything in the closing
9:47is there because probably in the past
9:50somebody has sued somebody else because
9:52of this situation or that situation
9:54so it's been gone over and over and over
9:57and added to
9:58throughout all the years and now it's a
10:00document it's pretty tight
10:03it's it's straightforward and everybody
10:06knows
10:06what's going on by the time everybody
10:08signs and so
10:10it's pretty good situation so we'll go
10:13on
10:14so there's different career
10:15opportunities you have in the real
10:17estate business
10:18for people who are interested in real
10:19estate there are career opportunities in
10:21a variety of areas okay
10:22you got residential commercial
10:25industrial farm and ranch now
10:29it's a huge section of it there's
10:32property management
10:34some real estate companies that's all
10:35they do is property management
10:37so they'll go out they'll do a
10:39subdivision
10:40we have gertner that takes care of our
10:43subdivision
10:45they're tied in with a management group
10:49there's rental services that you can do
10:52praising
10:52you can go around and appraise houses
10:55that's a section
10:56of the real estate business it is a
10:59different license
11:00than a realtor but you have to get your
11:03appraisal license
11:04in that we'll be going over all these
11:07in depth coming up government services
11:11and then land development so there's
11:13several different career opportunities
11:14for everybody
11:18more opportunities you've got urban
11:20planning now with downtown areas
11:23there's the financing security and
11:25syndicate
11:26syndications you can do consulting
11:31title insurance you can get into
11:34education like i'm doing on the side
11:37with
11:37middle tennessee state university and
11:39then investing
11:41and you don't need to even have a
11:42license to invest a lot of people out
11:44there
11:45most people that invest in properties do
11:47not have real estate license
11:49it's not needed but it's a good
11:53good to have a background in it for
11:54investing
11:57license requirements okay this is the
11:59major deal
12:01any person who for compensation okay
12:04remember that word compensation you're
12:06getting actual money you're getting paid
12:09or the promise of compensation so this
12:13requires a license by a state okay
12:16so if you list your offers to list
12:19someone else's property okay not your
12:21own property you can actually sell your
12:23own property
12:24without a license but if you list or
12:26offer to list somebody else's property
12:28you have to have a license
12:29sell or offers to sell by getting a
12:32commission
12:33buys or offers to buy okay negotiates or
12:36offers to negotiate
12:38okay as being a facilitator uh you need
12:41a license
12:42either directly or indirect indirectly
12:44for the purpose of bringing about a sale
12:46purchase or option to purchase
12:49exchange auction lease or rental or re
12:52real estate or any interest in real
12:55estate is required to hold a valid real
12:57estate license
12:58and this is crucial because people have
13:01been
13:02actually sued tens of thousands
13:05some hundreds of thousands of dollars
13:07because they didn't have a real estate
13:08license
13:08or either expired or whatever else so
13:10it's
13:12you have to have it and it's going to be
13:14actually
13:19actually up to date uh you have to
13:22update
13:22update your license every two years okay
13:25with the state
13:27so uh and you have to review the state
13:29laws required
13:31within each state because they do differ
13:33from state to state
13:35so you gotta make sure okay so that's
13:37chapter one
13:39uh with questions and stuff yeah check
13:41any questions or anything just email me
13:43again
13:45let's go out of this we're gonna go to
13:48chapter two
13:50as you can see these chapters go quickly
13:53usually
13:54i try not to add live a lot because
13:55there's a lot of information
13:57and i want you to spend most of your
13:58time reading the chapters
14:00because guess what the tests are mostly
14:03the review questions
14:05at the end of the chapter so if you know
14:07those review questions you know at least
14:09you're going to pass the test
14:10there are a few from the test bank
14:13because a lot of review questions uh
14:16there's 50 questions so there's not
14:18enough review questions to put in there
14:20so i do take a few from the test bank
14:22but the questions from the test bank are
14:25within the chapters themselves
14:28so don't worry about that about not
14:32about me getting something that's not in
14:33the chapter so
14:35we're going chapter two
14:40and it's coming up
14:48there we go all right we got nature and
14:51description of real estate
14:52in chapter two okay
14:56chapter two is
15:01so what is real estate okay
15:06the nature and description of real
15:07estate is land and improvements
15:10in a physical sense as well as the
15:13rights to own or use them
15:15also known as real property i got a
15:17quick picture on here
15:18of the earth you see a big slab of earth
15:22and then you see all the big buildings
15:23on top okay
15:25so that's real estate it's the
15:28improvement of the land
15:29okay and whatever is attached to the
15:32land
15:33okay so we'll go over that here soon
15:38okay real estate's dimensions all right
15:42land includes the surface of the earth
15:44okay so you see the earth's center there
15:48the sky above the earth
15:52and everything to the center of the
15:53earth so
15:56all the way up all the way up where
15:58planes go by your gland
16:00uh you own that air right okay but
16:03of course with the uh all the
16:07companies out there that have airplanes
16:10they
16:11they go over anyway but you can say hey
16:13you're in my air
16:14but you own all the way down just like
16:17that a v
16:20personal property okay it's different
16:22from real property personal property is
16:24your personal things okay
16:25your watch your clothes your
16:29as i have here picture the lady on the
16:31couch the couch is her personal property
16:33her cat
16:35her computer or window accessories
16:39not the window itself because that's
16:40actually connected to the property
16:42personal property or right of interest
16:44in things of a temporary or
16:45movable nature anything not classified
16:48as real property
16:49okay so that's personal property
16:52improvements okay this is what you put
16:54on the land
16:56and you create on the land
16:59anything affixed to the land with the
17:01intent of being permanent
17:03considered to be part of the land and
17:05therefore real estate
17:06okay so once you put it on there and you
17:09bolt it to that land
17:11or build on that land this becomes real
17:13real property
17:14okay and improvement is on real property
17:19fixtures okay whether an object becomes
17:21real estate depends on whether the
17:23object
17:23was affixed or installed with the intent
17:26of permanently
17:26improving the land okay intention
17:30is evidenced by four different tests
17:32okay you have a manner of attention
17:34attachment okay is it bolted on or is it
17:37whatever
17:38uh adaptation of the object okay
17:42is it gonna adapt to the area
17:46existence of an agreement that
17:49people have with it or a relationship of
17:52the parties
17:53okay so it all depends on what how it's
17:55fixed
17:56to the property i have a picture here
17:58plan planet hollywood
18:00the one in nashville actually uh you see
18:03the big earth
18:04and the sign there it actually fell off
18:07the building because the attachment
18:09wasn't on
18:10it actually bolt the bolts weren't fixed
18:13fit enough
18:14and the whole thing came down and hit in
18:16front of the property right there
18:18on the road so luckily it was
18:21during the evening when nobody was
18:22around so nobody got hurt
18:25but imagine that you know planet
18:28hollywood sign coming down on you
18:32other questions of ownership
18:34misunderstanding between the buyer and
18:36seller can also arise when the following
18:38are involved with a real estate sale
18:40okay does the property have prior liens
18:42against fixtures
18:43uh ownership of plants trees and crops
18:47okay so who owns what uh we'll be going
18:50into
18:51uh trees growing on other people's
18:52properties and all that stuff coming up
18:55but you have to when you
18:58sell a piece of property you have to
19:00write down on the contract
19:02yes these trees or whatever else goes
19:05with the property if it's not
19:07shown right there on the plot map
19:11so it's it's everything has to be
19:13written into the contract
19:14to make sure there's no misunderstanding
19:17okay because this could actually get to
19:18the closing table and they say hey
19:21wait a minute i didn't know i didn't own
19:22that or whatever else
19:24and it just stops everything and you're
19:26sweating and you're going oh my god
19:28uh we need to find that other you know
19:31property map from
19:32way back to show where the easements are
19:34or whatever else
19:36so we'll go over all that coming up
19:39a princess is a right or privilege or
19:42improvement that belongs
19:44to and passes with land but it's not
19:46necessarily a part of the land
19:47okay an example of curtains are
19:49easements okay
19:50to be able to uh if you put an easement
19:52for somebody to be able to
19:54get to their property that's in back of
19:55the property in front of them okay
19:58uh rights of way which is condominium
20:01parking stalls
20:02okay how many how many parking spots do
20:05i have to my house here do i have one or
20:07do i have two if somebody parks there
20:08can i tell them to leave because that's
20:10my parking spot okay
20:12shares of stock and mutual water company
20:14and services of land
20:15okay so uh even stock in different areas
20:21could hold true to that
20:25water rights okay so on page 16
20:30we have riparian right
20:36okay
20:40so the ownership of land here on page 17
20:45that borders a river or spring can carry
20:47with it the right
20:48to use that water in common with other
20:51landowners
20:52whose land order same watercourse okay
20:56so the same course of land this is known
20:59as a riparian right
21:00okay ownership of land normally includes
21:04the right to drill pour and remove water
21:08found below the surface the first to use
21:11the water
21:12even underground water has a prior right
21:15to use it okay
21:16this is called doctrine of capture
21:18that's the next one on there
21:21where water is not confirmed to a
21:23definite underground waterway
21:24it is known as colting
21:28water okay uh
21:32for collating sorry percolating water
21:36use some uh elongated words there
21:40so that's that out now
21:45so that's different kinds of water
21:46rights there
21:49lane descriptions okay so there's a lot
21:52to this
21:52and i'm going to go through it
21:56but i want you to read through the
21:58chapter because there's several
22:00on each one of these like meets and
22:02bounds there's chapter after chapter
22:04in a chapter but a paragraph a paragraph
22:06of information about each one
22:08i'm going to skip around a little bit
22:11i'm not going to
22:12bore you to death with all the ins and
22:15outs of everything but
22:16i'm just going to highlight uh different
22:18things here there are six commonly used
22:20methods
22:21of describing the location of land okay
22:24so we have meets and bounds
22:26so remember and it starts
22:30over here on page 18. early land
22:33description in america depended heavily
22:35on convenient nature
22:37and man-made objects called monuments
22:41a stream might serve to mark one side of
22:43a parcel
22:44an old oak tree to mark a corner
22:49a road another side a pile of rocks
22:52a second corner okay a fence another
22:55side
22:56and so forth so what they would do
22:58they'd take actual monuments and they
22:59would mark
23:00okay this is i live over that oak tree
23:04over that fence you know so you see
23:07what's going on here
23:10so the surveyor then describes a parcel
23:12in terms
23:13of distance and direction from that
23:15point from where they start
23:16okay when they're going to survey an
23:19area
23:20this is called meats meets inbounds
23:21surveying
23:23okay which means
23:26distance which is meets
23:29and direction and that's balance okay so
23:32we have meets
23:33which is distance direction is balanced
23:36okay
23:37distance are measured in feet usually to
23:40the nearest one tenth of one hundredth
23:42of a foot
23:43direction is shown in degrees minutes
23:46and seconds
23:47okay you'll see it some things some
23:50examples of that coming up
23:53so then you have the rectangular survey
23:55system
23:59and that's on page 21.
24:04the rectangular survey system was
24:06authorized by congress in may
24:081785 it was designed to provide a faster
24:12and simpler method than meets and bounds
24:14for describing land and newly and
24:16annexed territories and states
24:19okay they had to have a way to do it
24:20when they started
24:23with multi parcels of land also known as
24:27the government survey or u.s
24:28public land survey is based on imaginary
24:31lines
24:32okay imaginary you gotta imagine them in
24:34your head
24:36these lines are the east west latitude
24:39lines
24:40and the north south longitude lines okay
24:42so just think of the earth and the
24:44latitude east and west
24:45goes around the longitude north and
24:48south okay they go all the way around
24:49that
24:51as you can see in the figures on page
24:5321.
24:56certain longitude lines were selected as
24:58principal medians
25:00for each of these our intercepting
25:03latitude line
25:04was selected as a baseline okay every 24
25:07miles north and south of the baseline
25:10correction lines or standard par
25:12parallels or established lines
25:14were established every 24 miles east and
25:18west of principal meridian
25:20guide meridians were established to run
25:22from one standard park so
25:24to the next okay
25:28so that's talking about the rectangular
25:30survey system
25:34okay so
25:37this actually shows describing the land
25:40meets and bounds okay
25:42let me go back to the one before so
25:45we're going to do the beats and bounds
25:46we do a rectangular survey system
25:48i have some of these slides in here
25:51recorded plot
25:53then you have reference to documents
25:55other than maps okay informal references
25:58which you know assessors partial numbers
26:01okay you'll see it on these next ones
26:04so meets and bounds again
26:08you're seeing that up at the top
26:11they have north 80 degrees and then
26:15you have feet and you'll see a monument
26:18there in the middle
26:19point of beginning it'll go around
26:22and then it'll hit another section
26:26so you have a permanent reference mark
26:29of northeast west and south on there
26:31so this is just a little guide that
26:34shows you the
26:35meats and bounds of how they would lay
26:36it out
26:39naming directions for a meets and bound
26:41survey moving in a clockwise direction
26:44from the point of beginning set the
26:45center of a circle compass
26:47on each corner of the parcel to find the
26:49direction of travel to the next
26:51corner okay so you would see
26:54is it 45 degrees or whatever we're not
26:56going to get too involved in all this
26:58this is just
26:58again an introduction of you know kind
27:01of more of the definitions
27:03of how they survey properties
27:07uh parallel and meridians okay so there
27:10are 36 principal meridians
27:13in their intersection intersecting
27:15baseline
27:16in the united states public land survey
27:19system
27:21so this figure here that we're showing
27:24shows the states in which the system is
27:26used
27:27in the land area for which each
27:29principal meridian baseline
27:31act as a reference okay so you see
27:34all those different different angles
27:37there
27:38the public land survey system throughout
27:40the united states
27:42and they show up there
27:47so we're going to talk about townships
27:50here
27:50township is divided into sections okay
27:53you have 36 sections
27:55there's a lot about this too so
27:58make sure you do read it over we're on
28:00page 23 in the book
28:03every six miles north and south of a
28:05baseline okay we talked about base lines
28:07before
28:09township lines are drawn they
28:12intersect with the range lines and
28:13produce six by six
28:15mile imaginary squares called townships
28:19okay so it's six by six
28:23six times six okay so you have 36.
28:29each 36 square mile township is divided
28:33into 36
28:34one square mile units called sections
28:37okay and it shows it right here and then
28:39you say
28:40the first section is all the way over to
28:42the right hand corner
28:44it goes over and it drops down and keeps
28:46on going over
28:47all the way to 36 okay
28:51you see it's six miles by six months
28:57so one section is 640 acres okay
29:01so you have 36 sections and one of those
29:05is 640 acres then that
29:08they break it down into quarters and
29:12it shows here like on the a
29:15it's circled an a on that drawing
29:23so each square miles section contains
29:24640 acres like i just said
29:27and each acre contains 43
29:30560 square feet okay
29:33uh they make you memorize that for
29:37the state test so if you ever take a
29:39take test just remember 43 560
29:42because it's on there any personal
29:44glands smaller than a full 640 acre
29:46section
29:47is identified by its position in section
29:50okay this is done by dividing the
29:52section into quarters
29:54and halves as shown
29:57the shaded parcel a which i said the one
29:59that's squared
30:00you see right there northwest quarter of
30:02southwest corner
30:04described as the northwest quarter and
30:07southwest corner of section 32.
30:10all right you see section 32 at the top
30:12so we're talking that
30:14a little cube down there and it's
30:18t2nr3e 6
30:21okay so they actually label all that
30:23honor additionally it is
30:25customary to name the county and state
30:28in which the land lies
30:30how much land does the northwest quarter
30:33of the southwest quarter of a section
30:35contained
30:36okay that could be a test coming up a
30:39section contains 640 acres right
30:42so therefore the quarter section
30:45contains
30:45160 acres right so divide
30:49a quarter section again into quarters
30:52resulting in
30:5340 acre parcels thus the northwest
30:57corner
30:58of the southwest quarter contains 40
31:00acres
31:01okay so that a right there you see
31:04is 40 acres a little confusing
31:07read it over a couple times
31:10but that's how they block it out
31:13and some people that's all they do
31:17is survey so they deal with all these
31:20calculations and numbers all day long
31:22every day
31:23year after year because it's a wonderful
31:26business
31:27there's a lot of opportunity in it
31:31but if you like number crunching you
31:33might want to be a surveyor so
31:38land description by recorded flat okay
31:41so you'll see
31:41a little subdivision order there so they
31:44have the lots broken out
31:46um they say okay they even call it a
31:49quart
31:50and then you have a cul-de-sac there at
31:52the bottom okay
31:54so that's broken out into a section
31:55there
31:59so a record flat when tractor land is
32:02ready for subdividing into lots for
32:03homes and businesses
32:04like any subdivision reference by record
32:08flat provides the simplest and most
32:10convenient method of land description a
32:12plait is a map that shows the location
32:14of boundaries of individual properties
32:17this method of land description is based
32:19on the filing
32:20of the surveys flat in the public
32:23records office
32:24of the county where the land is located
32:27so anytime
32:28you can go and look up anybody's land
32:30over at the records office because
32:31everything is public knowledge out there
32:34each plan is given a book and page
32:36reference number
32:38and all map books are available for
32:40public inspection okay
32:42like we just talked about note that the
32:44plat
32:45combines both of the land descriptions
32:47just discussed
32:49the boundaries of the numbered lots as
32:51you see in
32:52the little grid there and the beats and
32:55battles
32:57these in turn are referenced to a
32:59section corner in the rectangular survey
33:02system
33:03which we said
33:06so you have an assessor's map here the
33:09tax assessor assigns every parcel of
33:10land in the county
33:11its own parcel number okay for each
33:14the west most parcel lot 50 okay
33:18and the map would carry the number so
33:20lot 50 would be 34-18
33:24all right meaning book 34
33:28okay because i got multiple books with
33:30this stuff book 34 so you grant that
33:32book out
33:33you go to page 18 and then you go to
33:36parcel eight
33:37and then you'll see right there that
33:40that grid that they show pretty
33:43interesting
33:46so we have air and lock and you have
33:49contour lines okay
33:50so this time page 29 an airlock
33:54uh space over a given parcel of land
33:56okay
33:57is described by identifying both the
34:00parcel of land beneath the air lot
34:02and elevation of the airlock above the
34:04parcel
34:06multi-story condominiums use this system
34:09a land description okay
34:11so when you're going up
34:14in a big condo rise and you're on floor
34:1732
34:18well that's still real property because
34:21it's in the air and that's how they so
34:23divide it out
34:25so you're actually buying real estate
34:27even though it's not
34:28sitting your part is not actually
34:30sitting on the ground it's connected to
34:32the ground
34:33but it's up in the air so that's how
34:35they do it
34:37contour maps you see over the side
34:40which are topograph topographical maps
34:42sometimes you'll get a
34:43globe earth and you can feel around it
34:46and it's got bumps on it and stuff well
34:47this is what the bumps are
34:49they're actually the uh on the map uh
34:52it's the connect all points having the
34:54same elevation
34:56okay so you'll see a squirrel you know a
34:59little
34:59circle and then a little squiggly
35:02squirrel
35:03circle i don't know why i'm saying
35:05squirrel
35:08but the
35:12so the purpose is to show hills and
35:14valleys
35:16slopes and water runoff
35:19if the land is to be developed the map
35:21shows where soil will have to be moved
35:23to provide
35:23level building lots so
35:27if the as you see here there's a hundred
35:29foot
35:30and then you have the 90 foot well if
35:32they want that all that land
35:34on the same level they're going to have
35:35to build it up to that 100 foot section
35:38so
35:40all right we're almost done
35:44then you have physical characteristics
35:45of land this is the end of chapter two
35:48here the physical characteristic land
35:50or immobility okay
35:53you're not going to take a piece of land
35:54and move it okay you can take a house
35:56and move it
35:57you can take real estate you can take an
36:00improvement
36:01and move it move it but land is
36:04immobile you can't you can't move land
36:09indestructibility you can take a nuclear
36:12bomb
36:12and blow up the land and it's still
36:14going to be there all right it's going
36:15to be a lot more dusty and everything
36:17else
36:17but it's still going to be there and
36:19then non homage
36:22and that's a lack of uniformity
36:25dissimilarity
36:26not two parcels are the same okay so
36:28there's they're talking about not
36:31length just like a fingerprint okay just
36:34say it's uh land is like a fingerprint
36:37there's
36:37none that is exactly the same so
36:41now
36:44we went through the first chapter
36:47chapter one
36:49and i'm gonna go ahead and give you that
36:50code for chapter one
36:52alright so you're gonna email me this
36:54code
36:55and the code is welcome because it's
36:57introduction
36:58welcome to chapter one so the code
37:01for chapter one is welcome the code for
37:04chapter two
37:05and you can email me this with the code
37:07for chapter one right so chapter one is
37:09welcome
37:10chapter two is fixture so because we
37:13talked about the fixture
37:15on the side of the building and it was
37:17built uh bolted on
37:19the uh planet hollywood so chapter two
37:22code is fixture
37:23all right now we start with review
37:26questions in chapter two
37:28you need to do the review questions and
37:31in the back of the book
37:32they have all the answers to the review
37:34questions all right so
37:36make sure do the review questions see if
37:38you can get them
37:40and then check them in the back of the
37:41book this is going to be one of your
37:43main study guides
37:44for the for the test because
37:47the tests really a lot of it comes from
37:50ruby questions
37:52so they're not going to be actually
37:54exactly the same
37:55but they'll be very similar so as long
37:58as you know the review questions
38:00it's good to go over them so we got
38:03review questions and there
38:05are on chapter two and we've got 17
38:07review questions
38:11i'm not going to go over right now
38:15we may
38:18in the future do a few of the review
38:21questions
38:22if i need to uh cover some time but
38:25right now
38:26i just want you to go read the chapters
38:30make sure you do the read questions and
38:31stay the review questions really well
38:33and also the terms okay so as you see
38:38um we're going to have another
38:41characteristic that we didn't talk about
38:46going back is characteristics of land
38:49here
38:49again the four economic characteristics
38:52of land generally
38:53recognized are you got scarcity
38:56modification housing land modified
38:59fixity
39:00state of being unchanged okay if it's
39:03fixed in a certain
39:05area and citiz which is place a legal
39:08jurisdiction for taxes
39:09so that's how the tax assessor uh what
39:12he uses to be able to tax the land
39:15because of the characteristic and where
39:17it's located
39:18and sometimes there's higher taxes
39:21depending if you're in the city
39:22so it all depends
39:25so now again we have the key terms
39:29know the key terms and the review
39:32questions and you'll do
39:34quite well on the test so now we're
39:36going to go over to
39:39chapter 3.
39:48again if you have any questions at all
39:49just email me but it's
39:51i'm trying to make this as
39:52straightforward as possible
39:56and not too difficult then
40:01to where it's too technical so chapter
40:05three we have rights
40:06and interests in land okay so
40:10i'm gonna go ahead from the beginning
40:15exclusive right to use land all right so
40:17you have two systems that determine the
40:19rights of land
40:20uses are you've got the feudal system
40:22and you've got the lloydio system
40:24okay so the feudal system is a
40:26combination of legal economic and
40:28military customs that flourish
40:29in the medieval european between the
40:3219th and 15th
40:34centuries derived from holding of land
40:37in exchange for services
40:38and labor okay so the king pretty much
40:41owned all the land
40:43and you would lease the land or whatever
40:46else from the king
40:47or pay your labor to be able to stay in
40:50any kind of properties or whatever else
40:53we actually use a loyal system okay we
40:56use a lariat system where land
40:57building and fixtures are owned by an
40:59individual and not a superior
41:01landlord like the king okay now over in
41:04europe
41:06in england the queen
41:09does own a lot of real estate
41:12in the downtown area of london and what
41:15they do they have life leases
41:17so you can lease the property for your
41:20life
41:21and for a hundred year lease or whatever
41:23else and then it will go back
41:25to the crowd after that so they still
41:27use it over there
41:31so government rights on page 33-34
41:37and again with the
41:40under the feudal system the king was
41:42responsible for organized defense
41:44against
41:44invaders making decisions on land use
41:48providing services such as roads and
41:50bridges and the general administration
41:52land and his subjects okay which is this
41:55people an important aspect of the
41:58transition for
41:59feudal and loyal ownership was that the
42:01need for these services did not
42:03end consequently even though ownership
42:06could not be held
42:09by private citizens it became necessary
42:12for the government to retain
42:13the rights of taxation imminent domain
42:16police power and as cheap we're gonna go
42:18over all that
42:20let's look at each of those okay so we
42:22have property taxes here
42:24this is the right of government to tax
42:25private property
42:27okay once everybody owns a house
42:30eventually if you do
42:31or you rent whoever owns that they pay
42:34property tax on that
42:38even commercial property here in
42:41this area have to pay school tax if
42:44you're in the city limits
42:46and it's not even a school it's kind of
42:48crazy that the commercial properties
42:50have to pay school tax but they do
42:53because there is nobody
42:54living in there they're actually using
42:56it for businesses but
42:58it's pretty interesting i just want to
42:59throw that in
43:01eminent domain the right of government
43:03to take private property
43:04for public use upon payment or just
43:06compensation
43:08okay so if they're going to build
43:11if they have a hold out of somebody that
43:13doesn't want
43:14to sell their property and they have
43:16this uh
43:17large say a city
43:20hall or something they want to build and
43:22somebody says no
43:23i don't want to settle i'm going to stay
43:25here you always have that
43:27somebody has a holdout they can actually
43:31if they don't take the money that is
43:33offered to them the government can
43:34actually
43:35take the property from them and it's
43:36called imminent domain
43:40have to have that because nothing would
43:41ever be built
43:43840 interstate 840 out here in tennessee
43:47they have they had it was
43:51on hold for 10 years so what they did
43:54they built
43:54the interstate up to the properties that
43:57were a holdout
43:58and then through all the courts and
44:00everything else took 10 years to solve
44:03and then they were able to complete it
44:05so it happens
44:06all the time government rights
44:10so we have police power and this is on
44:13page 35
44:14the right of government to regulate
44:16private property for protection of the
44:17general public's health
44:19safety morals and welfare okay so that's
44:22police power
44:23and then you have this cheat when a
44:25person dies and leaves no errors
44:28and no instructions as to how to dispose
44:30of real
44:32and personal property ownership or
44:34property passes to the government
44:36okay so ownership of the property passes
44:38to the government
44:39and you can remember as cheap as like
44:42the government trying to cheat you out
44:43of your
44:44land if you're a co-owner or learn rails
44:48if
44:48somebody passes away not corner but just
44:51if you have a family member
44:53and they don't have it in their will
44:54then it could go back to the government
44:56so
45:00protecting ownership page 35 also
45:04fee simple all right fee simple it's the
45:06largest
45:07most complete bundle of rights one can
45:09hold in land
45:11land ownership it's the strongest
45:14ownership of land is fee simple okay
45:18then you have a state which is legal
45:20interest or rights in land
45:22then you have title the right to
45:25ownership of something also the evidence
45:27of ownership such as a deed or bill of
45:29sale
45:30all right that's on page 35 let's go
45:33down to
45:34so this is a bundle of rights okay so
45:37your fee simple ownership has all these
45:39in it
45:41real estate ownership is in actuality
45:44the ownership of rights to land
45:46the largest bundle available for private
45:47ownership is called fee simple
45:49okay so you see the bundle so they they
45:52used to say okay well let's get a bunch
45:54of sticks and each stick represents a
45:56part
45:57of your ownership of this land so you
45:59have occupancy and use
46:01right you have the right to occupy you
46:04have the right to build
46:06you have the right to grant an easement
46:08to somebody for that property
46:11you're available to have a mortgage if
46:13you want to on the property
46:15you can mine drill or farm on the
46:17property restrict use
46:19you can say no hey this is private
46:21property get off
46:24and then have covenants on it
46:28you can exclude others again you can
46:30sell property
46:31uh you refuse to sell property give
46:34away abandon okay you can abandon the
46:38property if you want to
46:40rent release you can license the
46:42property
46:43and you can devise by will give to
46:46somebody
46:49real estate is a bundle of property
46:50rights okay so you have control
46:53right or benefit and under control you
46:55have mortgage lease
46:57pose grant easements licenses
47:00then you have use and enjoy so you can
47:03occupy it
47:04and farm it you can mine it exclusion
47:07you can say no trespassing and then
47:10disposition
47:10sell refuse to sell give a giveaway
47:13put it in a will again like we said
47:16before
47:18real estate is a bundle of rights
47:20property rights are what give value
47:22to the real estate okay if you didn't
47:24have rights
47:25then there's really not much value to it
47:27because anybody can come on and take it
47:29right
47:30prior property rights are subject to
47:31limitations imposed by governments
47:34right thus this can limit the value of
47:36the investment
47:38so it all depends on what government
47:40rights have over the property
47:43if you can't if it's in an area where
47:47you can't do this this and this well
47:50a person that wants to do this this and
47:51this doesn't want to live on that land
47:53because they can't do
47:55those things so it might actually
48:00have a little bit of
48:03you know leaning on the price of
48:04property
48:06encumbrances any immediate to a clear
48:09title such as the lien
48:10on the property like a tax lien lease or
48:13easement
48:14okay these all all have to be cleared up
48:17before
48:18property can change from one hand to
48:19another if there's any liens on the
48:21property they're going to be
48:23taken care of any taxes back taxes paid
48:26at four
48:28if a lease is on the property that at
48:30least has to be ended
48:32okay or completed or an easement that
48:35has to be in the contract
48:36if you have an easement and property
48:38okay those are things that could come up
48:40at
48:41the closing that could then fall through
48:44that
48:44have to be taken care of uh lean a hold
48:46on the claim that one person has on the
48:48property or another
48:49to secure payment of a debt or other
48:51obligation okay
48:53then you have easement the writer
48:55privilege of one party
48:57has to use land belonging to another for
48:59a specific purpose of purpose
49:01not inconsistent with the owner's use of
49:04the land
49:07okay so we're getting close to page 38
49:10here
49:10commonly found easements so you have a
49:13lake
49:14uh there's even to walk on
49:17a over the private property there
49:21uh you have a fence or a lock line that
49:24is around an easement
49:25area you could have an easement to
49:28travel to the back
49:29lot from the public road okay
49:32he's meant for the telephone poles they
49:34have to have easements for that
49:36that have 50 feet at least or
49:4050 feet or 100 feet away from the post
49:43so if they're going to be bringing them
49:45through power lines through your area
49:46hopefully they're not going to do it
49:47right over your house
49:50then you have a ditch eastman from storm
49:52runoff it's another easement
49:55you have gas line underground easements
49:57okay
49:58and all that has to be negotiated with
50:00the companies that put underground step
50:02through
50:02so there's a lot to it
50:06there's people that just deal with
50:08easements and
50:10liens and all that stuff also
50:12encroachment
50:14the unauthorized intrusion of a building
50:17or other improvement onto another
50:18person's land
50:20okay so he's encroaching on my property
50:22with his tree
50:24you know there's a big huge branch
50:25coming over my my uh
50:28driveway well that's an encroachment on
50:30your property because you have air
50:31rights
50:32to that property so they need to remove
50:34it
50:36a lot of people go to court because of
50:37uh encroachments happens all the time
50:40somebody will put a fence on your your
50:42part of the property
50:44uh they said oh i didn't i couldn't find
50:45the plot map or anything but the fence
50:47in well
50:48they put on your property uh you'll
50:50there's videos out on
50:52youtube about encroachment and what
50:54people have done
50:56to rectify that so you can see here
50:58commonly found encroachments
51:00there's fences trees again
51:04portable garden sheds encroaching on
51:06somebody else's land shrubs
51:09patio extensions and
51:12garages so plenty of encroachments out
51:15there
51:18so now we're in leans on page 41.
51:22lanes are very important because you
51:24don't want one on your property
51:26lean a holder claim that one person has
51:28a property
51:29of another to secure payment or a debt
51:32or
51:32other obligation lenoir the party
51:35holding the lien
51:36and then leaney the party whose property
51:38is subject to the lane
51:40yeah kinds of liens include
51:43so 41-42 and they go into all these
51:47different liens
51:48i'm just going to mention them here you
51:50can read about uh
51:52property tax lien mechanics lien
51:54judgment lien
51:55mortgage lien voluntary lien
51:57involuntarily
51:59specifically general lien okay
52:02so and it's not uh general patent that's
52:06general lean
52:07yeah so here we go again
52:10they break each one of them down i'm not
52:12gonna bore you with all that
52:13uh just go over it uh there's not too
52:16many
52:18they don't talk much about it in the
52:20review questions but there may be
52:21one on there so
52:26other states kind of estates include
52:28okay
52:29qualified fee estates qualified to be a
52:31state
52:32is a state that is subject to certain
52:34limitations imposed by the person
52:35creating the estate okay
52:40so for example
52:43this is on page 43. for example
52:46mr smith donates a parcel of land to a
52:49church so long
52:50as the land is used for religious
52:52purposes so it's written
52:54into the documents
52:57so you can't do anything else on that
52:59lane unless it's religious related
53:01all right so that's uh that's a lien not
53:03a property
53:05then you have life estates life states
53:08conveys in a state for the duration of
53:09someone's life all right
53:11the duration of the state can be tied to
53:14the life
53:14of the life tenant the person holding
53:17the life of state
53:18or to a third party okay so you could uh
53:22when somebody actually passes away
53:24and they say okay i want this life
53:25estate to go to joe
53:28and so joe gets the life estate
53:30afterward it'll just keep on going as
53:32long as those payments are made to the
53:33leaseholder
53:34so that's like the state then you have
53:37statutory
53:38states and these are created by law
53:42okay statutory law
53:46they include dower which gives a wife
53:48rights and her husband's real property
53:51courtesy which gives a husband rights in
53:54his wife's property
53:55and community property which gives each
53:58spouse
53:58one-half interest in marital property
54:02okay so that's statutory estates that's
54:05all
54:06the laws of the state then you have for
54:10freehold states all right we're going
54:13over here to three hole states on page
54:1546.
54:17in a carryover from an old english court
54:19system
54:20the states and land are classified as
54:22either freehold estates or leasehold
54:24states the main difference is that
54:26freehold estates
54:27are tied tried under real property
54:30laws whereas leasehold also called
54:35non-freehold okay estates are tried
54:39under
54:39personal property laws okay so
54:44they're uh freehold estate
54:47is tried under real property laws okay
54:51and then the other is tried under
54:53personal property laws okay that's the
54:55only difference between these two
54:58so that's leasehold estates under
55:00leasehold estate
55:01the user is called a leasee or tenant
55:04okay
55:05so remember the last words we see ee
55:09at the end of it so that is a tenant
55:12all right because person from whom it is
55:15least
55:15is the lessor or the landlord
55:19so the whole r end is the landlord
55:23so the vc is the tenant the
55:26the lessor is the landlord okay
55:30so what they do in a lot of these
55:32different terms they're going to do ee
55:34or or at the end of them so you know
55:38which one is which okay
55:41we'll be going over all that stuff here
55:42coming up
55:45let's see where we're at rights of
55:46interest in land so we're
55:48going over again rights of interest and
55:50land at the top
55:51you've got government rights you've got
55:53states and land you've got encumbrances
55:56okay which is encumbrance you'll have an
55:59easement or a deed restriction or lean
56:02leases
56:03encroachments okay that's under
56:05encroachment encumbrance
56:07and then you have fixtures okay that
56:09fixed to the land
56:11then it goes on down to statutory
56:14estates
56:15leasehold estates freehold estates and
56:16then branches off after that
56:18okay that's just a little bit of a
56:20groove to show you the rights of
56:22interests
56:22in land so overview
56:26a licensee is a perf personal privilege
56:29given to someone to use land okay
56:31they're given a license
56:33it's not a science citable and can be
56:35canceled by the person who issues it
56:37then you have chattel and article of
56:40personal property
56:41okay so i always think of chattel
56:45uh with real estate there's a million
56:47definitions
56:48to know okay so what you do you try to
56:51associate words with other things just
56:53like you do with any other test
56:54or anything else so a channel i think of
56:57cattle
56:58because i grew up on a farm okay and uh
57:02so that's how i distinguish chattel
57:05i'll say oh yeah it's personal property
57:07because it's my personal cows
57:09i can move them off the property common
57:11law derives its authority from usage
57:13and custom over long periods of time
57:15okay it's common law
57:17and then statutory law created by the
57:19enactment of legislation
57:21legislation statutory it's always
57:24with the law okay with the state
57:28and you have key terms again make sure
57:30you go over the key terms
57:31uh be familiar with
57:34there's a bunch of them again so
57:38it just makes things more it brings
57:40everything together
57:41if you know the terminology with the
57:44real estate
57:46it really helps so we're going to the
57:49end of chapter
57:50three and i'm going to give you the code
57:55for chapter three and that code is lean
57:58okay so we have a tax lien we've got all
58:01the different liens we talked about
58:03so it's lean and that one's l-e-i-n
58:06for lean again make sure you go over the
58:09review questions
58:10all right now this concludes our first
58:13class which is chapters one two three
58:16but uh i'm gonna go ahead and film four
58:18and five right now
58:19that way you can take a break from one
58:22through three
58:24and come back to four and five and look
58:26at it
58:27later at the next class
58:30and then after that we're gonna have our
58:32test but make sure that you watch
58:34all one through five chapters that we go
58:37over here
58:38and then do every one of the review
58:40questions and i'm going to put some
58:42communication out
58:43between the weeks also through d2l so
58:47and you're going to be emailing me all
58:49these codes which we've already given
58:51for the chapters
58:52so do that and you can do that anytime
58:58this week i'd like to get chapters one
59:02through three
59:03code words back from you and then next
59:06week
59:06we'll do chapter four and five you can
59:08email me those code words
59:10or you can email me all five if you
59:12wanna go ahead and just watch the whole
59:13video
59:14so uh this ends the first week
59:18class i'm gonna go ahead and film a
59:20second with you
59:22so here we go chapter four
59:26and this is going to be again the second
59:28week class
59:30so let me go ahead and get out of here
59:39and slowly but surely
59:44here's chapter four and we're gonna do
59:46slide show
59:49beginning all right chapter four forms
59:52of ownership
59:53okay a lot of different forms of
59:56ownership here
59:59we got seoul ownership and we're gonna
1:00:02go
1:00:02right here performance ownership some
1:00:05forms of ownership include
1:00:06sole ownership which i'm about to talk
1:00:08about concurrent ownership okay this is
1:00:10joint tenancy
1:00:12tenancy by the entirety and community
1:00:14property okay and we're going to talk
1:00:16about all those
1:00:17so it's within coming up
1:00:20sole ownership when title of property is
1:00:22held by one person it is called a state
1:00:24in
1:00:25severalty okay which
1:00:29you would think it'd be several people
1:00:30on earth owning it but it's not
1:00:32okay that's another way i remembered
1:00:34that word
1:00:36it's one person but it shows
1:00:39several okay but it's you just have to
1:00:42memorize it so it is called an estate in
1:00:46civility
1:00:47or soul ownership although the word
1:00:49civility seems to imply that several
1:00:51persons own a single property the
1:00:53correct meaning can be easily remembered
1:00:55by thinking
1:00:56of severed ownership okay so
1:00:59it's never garnership that's what
1:01:00they're thinking there
1:01:03the major advantage of soul ownership
1:01:06for an individual
1:01:07is flexibility as a salt owner you can
1:01:10make all the decisions regarding the
1:01:11property without having to get that
1:01:13argument or agreement i'm sorry of
1:01:16co-owners so hey i can do anything i
1:01:19want i own this property
1:01:20so it's sold ownership on there
1:01:25so we've got forms of ownership they do
1:01:26agree again severality
1:01:28ownership trusts and then they break it
1:01:31all down
1:01:33they have attendance in common joint
1:01:36uh and none tenants side you have
1:01:38businesses and individuals with
1:01:40uh survivality then you have trusts
1:01:43which
1:01:43are like real estate trust their
1:01:45conglomerates
1:01:46they're all together so
1:01:51just different land trusts you have
1:01:52there
1:01:55concurrent ownership okay that's on page
1:01:5854.
1:02:01attendance in common shared ownership of
1:02:03a single property among two or more
1:02:05people
1:02:07where interests need to not be equal and
1:02:10no
1:02:10right or survivorship exists okay so
1:02:13that's tenants in common
1:02:18let me see here in intensity in common
1:02:22these interests need not be the same
1:02:24size so you could have 20
1:02:27ownership 30 whatever
1:02:31each owner can individually sell
1:02:33mortgage giveaway or devise an
1:02:35individual interest
1:02:36okay so devise which
1:02:39you know get rid of so it all depends on
1:02:42what the uh
1:02:43agreement is between the owners besides
1:02:45attendance in common
1:02:47undivided interest is another ownership
1:02:50by two or more persons that gives each
1:02:52the right to use entire property
1:02:54all right no right of survivorship is
1:02:58the next one
1:02:59if a co-owner dies his interest passes
1:03:01to
1:03:02his heirs or devices
1:03:05who then becomes tenants in common with
1:03:06the remaining co-owners
1:03:08all right so you see here
1:03:12i got this group it says tenants in
1:03:14common one parcel of land
1:03:16and three owners with unity of
1:03:18possession
1:03:19for each guys you got a b and c so what
1:03:23happens if c dies
1:03:25then it goes to c's airs all right
1:03:29now i'm different we'll see coming up
1:03:31that some ownerships
1:03:32the other partners in the ownership can
1:03:35actually purchase that
1:03:37from the heirs or anything else if they
1:03:39wanted to or
1:03:40it will go back to the other owners so
1:03:43we'll see some of that coming up
1:03:45joint tenancy rights are survivorship a
1:03:48feature of
1:03:49joint tenant tenancy whereby the
1:03:52surviving joint tenants automatically
1:03:53acquire all rights
1:03:55title and interest of deceased joint
1:03:57tenant okay
1:03:58and as i was saying right here joint
1:04:01tenancy where
1:04:02with right or survivorship when a parcel
1:04:05of land with three
1:04:06owners and four utilities okay
1:04:10possession interest time and title is
1:04:12pit right
1:04:14what happens if c dies well c
1:04:17dies the ownership goes back to a and b
1:04:21so they just divided half between
1:04:24themselves
1:04:26married persons farms ownership for
1:04:29married people include
1:04:30tendency by the entirety community
1:04:32property and
1:04:34separate property okay so i'm 57
1:04:40tennessee by entirety is a form of joint
1:04:42tendency specific for married persons
1:04:45the surviving spouse becomes the sole
1:04:47owner of the property upon the death of
1:04:49the other
1:04:50and neither spouse has a disposable
1:04:52interest in the property during the
1:04:53lifetime
1:04:54of the other okay that's tennessee
1:04:58by the entirety next one is community
1:05:00property
1:05:01on page 59 laws and customs acquired
1:05:04from spain
1:05:05and france when vast areas of the united
1:05:07states were under their control
1:05:09are the basis of community property
1:05:12the system of ownership for married
1:05:14persons husband and wife
1:05:17contribute jointly and equally to their
1:05:19marriage and thus should share equal
1:05:21in any property purchasing during
1:05:23marriage okay
1:05:24so you do everything together you're
1:05:27going to purchase together
1:05:29then you have separate property property
1:05:32owned before marriage and property
1:05:33acquired
1:05:34after marriage by gift inheritance or
1:05:36purchase with separate funds can be
1:05:38exempted
1:05:39from the couple's community property
1:05:43can be conveyed or mortgaged without the
1:05:46signature of the other spouse full
1:05:50control over naming someone
1:05:51in his or her will to receive their
1:05:53property
1:05:56is part of the separate property
1:06:05so then we have additional ownership
1:06:07forms okay and partnerships limited
1:06:09liability partners
1:06:11corporations and trusts these are all
1:06:13different forms of ownership
1:06:15right and they're just giving you this
1:06:18is just a
1:06:18another basic uh background and they do
1:06:22talk about
1:06:23uh throughout the paragraphs philosophy
1:06:27advantage of community property systems
1:06:30and all that but
1:06:36that is the full chapter now
1:06:39make sure to read through all the
1:06:42different pages of the chapter because
1:06:43there's a lot of information again i go
1:06:46through
1:06:47quickly because we have this video
1:06:50and you don't want to be on here forever
1:06:52but uh there is other information on
1:06:54here
1:06:55that needs to be read and again do
1:06:57review questions because that's what the
1:06:58test is going to be
1:07:00uh mainly uh chapter
1:07:03four code okay so you're gonna email me
1:07:05this code and what is the code for
1:07:07chapter four
1:07:08and it's tendency because we talked
1:07:11about all kinds of different tendency
1:07:13so it's a tendency all right chapter
1:07:16five
1:07:19get out of here and we'll do chapter
1:07:21five
1:07:22which chapter four and five is our
1:07:25second class again
1:07:41of key terms in this chapter
1:07:45a lot of information but
1:07:48we'll try to understand it and go
1:07:50through it
1:07:52so we start with deeds okay so they deed
1:07:55property
1:07:57a written document that when property
1:08:00properly executed and delivered conveys
1:08:03title to land
1:08:05okay again a written document is a deed
1:08:08we transfer a deed of ownership okay
1:08:10that's what we're doing in the closing
1:08:12between two people the seller and the
1:08:14buyer
1:08:15and the seller says okay here's my deed
1:08:18and it goes over the buyer
1:08:20a written document that when properly
1:08:22executed and delivered and phased title
1:08:24to land
1:08:26yeah the statue of frauds requires that
1:08:28transfers of real estate ownership in
1:08:30writing
1:08:30and signed in order to be enforceable in
1:08:33a court of law
1:08:35okay so real estate ownership it's going
1:08:37to be signed
1:08:39and they want you dated too so
1:08:43signed and dated essential elements of
1:08:46id
1:08:47elements that define a written document
1:08:49as a deed include
1:08:51the grantor grantee okay you got the or
1:08:54and the e
1:08:54all right the receive e right and the
1:08:57horror of the giver
1:08:58okay so again i told you before
1:09:02you have the least sore and lee see i
1:09:04mean you gotta
1:09:05just know the ending of the just
1:09:09know that the ee is the receiver
1:09:12you got consideration you got words in
1:09:13advance land description
1:09:16signature and deliver delivery and
1:09:18acceptance
1:09:19and these are all within the deed
1:09:23covenants and warranties the five
1:09:25covenants and warranties that have
1:09:26involved over the centuries for use and
1:09:29deeds are
1:09:30ceasing or sizzling okay
1:09:33it says 65-66 page
1:09:49i'm actually going to go over a few more
1:09:51things about the d
1:09:55the uh because the deed is so important
1:09:58the deed is what transfers title
1:10:00to property transfer is the ownership
1:10:04okay so to help
1:10:07to be legally enforced the grantor must
1:10:09be legal age of 18 years old
1:10:12end of sound mind okay you can't be
1:10:15off your rocker or a few screws loose or
1:10:18you know losing a piece of pizza out of
1:10:21the pie
1:10:22you have to be 18 years or older and you
1:10:25have to have sound mind
1:10:26to be able to make it second the deed
1:10:29must state the consideration was given
1:10:31by the grantee to the grantor
1:10:33okay
1:10:36here the signature has to sign it
1:10:39deliberate acceptance has to be
1:10:41delivered to the other person
1:10:42although a d may be completed and signed
1:10:44it does not transfer title to the
1:10:46grantee until the grantor voluntarily
1:10:48delivers
1:10:49it to the grantee and the grantee will
1:10:52willingly accepts it says oh thank you i
1:10:54accept this
1:10:56deed at that moment
1:10:59once they accept it title passes
1:11:03to the new owner okay so that's that
1:11:06could be one of the questions
1:11:08when this title passed to the new owner
1:11:10it's when
1:11:12it's accepted all right
1:11:16covenants and warranties does the
1:11:18grantor possess all the right title and
1:11:20interest
1:11:21conveying this deed as protection
1:11:24measure the grantee
1:11:26can ask a grantor to include certain
1:11:28covenants and warranties in the deed
1:11:31these are written promises by the
1:11:32grantor that the condition of the title
1:11:34is stated in the deed together with the
1:11:36grantors
1:11:37guarantee that if title is not as stated
1:11:42the granter will compensate the grantee
1:11:44for any loss
1:11:45suffered okay again you have a lot of
1:11:48different legalities
1:11:50it's all about making sure that
1:11:53you don't give everything that's needed
1:11:56with that
1:11:57deed over to the new owner so
1:12:01it's very very important
1:12:06so we have here again system
1:12:09is a covenant and warranty part of the
1:12:11five covenants
1:12:13and uh it says here on page 66
1:12:16the owner and assessor of the property
1:12:18being conveyed
1:12:19and has the right to convey it okay
1:12:22that's system
1:12:24covenant of quiet enjoyment okay that's
1:12:27the next one
1:12:28the grantee will not be disturbed all
1:12:30right
1:12:32uh covenant against concurrences
1:12:36with any easements restrictions unpaid
1:12:38property taxes assessments mortgages
1:12:40judgments and so on okay
1:12:42can't have any of that on there covenant
1:12:44or further assurance
1:12:46any subsequent documents that might be
1:12:48necessary to make good
1:12:52on the grantees title excuse me
1:12:56then you have warranty forever grantor
1:12:59will bear the expense of defending the
1:13:00grantees title
1:13:03because these warranties and covenants
1:13:07are a formal set of promises to the new
1:13:10owner
1:13:11granters often back them up with a title
1:13:13insurance policy
1:13:15and what it does is it ensures that that
1:13:18title is good doesn't have any liens on
1:13:19it
1:13:20or anything else and it has to it's a
1:13:23it's a major expense at the closing
1:13:25sometimes title insurance could be
1:13:28two thousand dollars or even more what
1:13:31they have to do they have to go
1:13:32and make sure they go and find that deed
1:13:36they go and look for anything around it
1:13:38they say okay
1:13:39no liens or anything else that's on it
1:13:41it can be transferred over
1:13:43okay it's a title insurance policy so
1:13:46you have to
1:13:46all houses that transfer over
1:13:50that especially with a mortgage on it
1:13:52has the title insurance policy on it
1:13:59covenants and warranties full covenant
1:14:02warranty deed
1:14:02contains all five covenants and
1:14:04warranties considered to be the best
1:14:05deed
1:14:06a grantee can receive and is used
1:14:08extensively in most states
1:14:10also known as a general warranty deed or
1:14:12warranty
1:14:13so the general warranty is one of the
1:14:15best out there
1:14:16okay because you will hear that what
1:14:19warranty is the best
1:14:21the general warranty to eat okay
1:14:25this is an example of warranty d okay
1:14:28it's got
1:14:29this d made on the city and then they
1:14:32fill it all out
1:14:33witnessed by and then they say uh the
1:14:37dollar amount everything else on there
1:14:39it's all filled out
1:14:40and it's the warranty deed you'll see
1:14:43one on page
1:14:4467.
1:14:49so that's the date that's signed
1:14:53the signature on it everything else
1:14:59next one is example of a uh warranty
1:15:02continued
1:15:04uh it's just another part of it there
1:15:06again you'll see the signature the grand
1:15:08tour's
1:15:09signature at the bottom
1:15:13an example of grant deed and this is
1:15:16over here
1:15:18page 659 actually 69
1:15:22the grant deed some states notably
1:15:24california idaho and north dakota use a
1:15:26grant deed
1:15:27instead of a warranty deed in a grant
1:15:30indeed ranchers convey
1:15:32and warrant that one they have not
1:15:33previously conveyed the estate being
1:15:35granted to another party
1:15:37okay they have given it somebody else
1:15:38yet they have not encumbered
1:15:40the property and then they will convey
1:15:43the grantee any title to the property
1:15:46they may later acquire okay so that's
1:15:50those parts on that one on the grant
1:15:52deed
1:15:53and who does that california idaho and
1:15:56north dakota
1:15:57the different states do different things
1:15:58that's why the laws of your state you
1:16:01have to know
1:16:02and it's a huge part of the test that
1:16:03you take for a state real estate exam is
1:16:06you have
1:16:07all your definition test video you know
1:16:09and
1:16:11all your background
1:16:14and then you have the state law section
1:16:18there's two different sections we'll
1:16:19talk about that more coming up
1:16:21example of a bargain and sale date here
1:16:24okay
1:16:28they talk about special
1:16:31bargain sale date here on page 78 page
1:16:3470
1:16:35contains no conveyances and only the
1:16:38minimum essentials of a deed
1:16:40it has a date identifies a grand tour
1:16:43grantee recites consideration
1:16:45describes a property contains words of
1:16:47convenience
1:16:48and has a grantor's signature not too
1:16:50much honey
1:16:52but that's a bargain sale need this is a
1:16:55quick claim deed
1:16:56a lot of times if somebody
1:17:00passes away they will quit claim the
1:17:03property to the other
1:17:04owner they won't have him on the deed
1:17:06anymore
1:17:07they must say well he's not around
1:17:09anymore so i'm going to take him off the
1:17:10deed
1:17:11they do this one right here it's called
1:17:13quick clean deed
1:17:17it has no covenants and warranties
1:17:19moreover the grantor makes no statement
1:17:21or even implies ownership of the
1:17:22property being quick claim to the
1:17:24guarantee
1:17:25to the grantee i mean quickly
1:17:28means to renounce all possession right
1:17:30or interest
1:17:33to the land okay so you're quite
1:17:35claiming that person off of it
1:17:39other types of the you have a gift deed
1:17:42uh this created one simply replacing
1:17:47the recitation of money and other
1:17:51valuable considerations with a statement
1:17:53in consideration of
1:17:55natural love and affection so i'm gonna
1:17:58i like you
1:17:59i love you i'm gonna give you this money
1:18:01it's called a gift
1:18:03and your parents can do that when you
1:18:06buy a house
1:18:07for a certain amount of money they can
1:18:09gift you some money
1:18:11and everything is written into the
1:18:13contract that it shows
1:18:15that they gave you a certain amount of
1:18:16money for down payment
1:18:18or whatever else but it's actually a
1:18:21gift
1:18:22so called gift deed
1:18:25guaranteed deed or guardians deed here
1:18:28is used to convey a minor's interest in
1:18:30real property
1:18:32sheriff's deed
1:18:35they use this during foreclosures when
1:18:38people don't pay
1:18:39on their house they'll use a sheriff's
1:18:41deed
1:18:42issued to new buyers when personal real
1:18:44estate is sold as a result of mortgage
1:18:46or other account
1:18:48or court order foreclosures
1:18:51he had a correction deed also called the
1:18:54d of
1:18:54confirmation this is on page 73
1:19:00it's easy to correct any error or
1:19:02previous executive
1:19:04and delivered deed okay so any errors on
1:19:07the d
1:19:07they can correct it with a correction d
1:19:10uh the
1:19:11session deed is a form of quick claim
1:19:13deed wherein a property owner
1:19:14can base street light street rights
1:19:18to a county or municipality okay
1:19:22interspousal deed is used in some states
1:19:25to transfer real property between
1:19:27spouses
1:19:28all right then you have a tax deed using
1:19:31a title to real estate that has been
1:19:33sold by the government because
1:19:35of non-payment of taxes okay it's called
1:19:38tax deed
1:19:39then you have data trust now all
1:19:42property has a deep trust
1:19:45but it's used to invade real estate to a
1:19:48third party as a security
1:19:50for a loan and is discussed okay
1:19:53so a lot of times with mortgages you'll
1:19:56have a deed of trust okay it has
1:19:58everything broken down in that
1:19:59deed uh all the different
1:20:03classifications
1:20:06convenience after death when a person
1:20:09dies
1:20:09assets are distributed based on the
1:20:11following so you have test date
1:20:14okay this is with the will so you die
1:20:16intestate
1:20:18so it's saying you have a will it's
1:20:19formal or witness will
1:20:22there's different wills here 74
1:20:28for will be valid must meet specific
1:20:30legal requirements all states
1:20:33recognize a formal or witnessed will a
1:20:35written document
1:20:36prepared in most cases by an attorney
1:20:39okay so that's the witness will
1:20:42holographic will
1:20:43is entirely handwritten with no typed or
1:20:47pre-printed words this will is dated and
1:20:50signed by testator
1:20:52again testator o-r on there
1:20:55by there are no but there are no
1:20:58witnesses to this okay
1:20:59it's a holographic world you got an oral
1:21:02will
1:21:06in a will spoken by a person who is very
1:21:09near death
1:21:09okay so if they're on a deathbed they do
1:21:12this orally
1:21:13the witness that is there promptly put
1:21:16in writing
1:21:17what is heard and submitted to a probate
1:21:19court
1:21:20okay and order will can only be used to
1:21:23dispose of personal
1:21:25property so the oral will if they're
1:21:27passing away they can't say
1:21:29hey my land over it uh
1:21:32greenwich village is uh is yours
1:21:35you know they can't do that that can
1:21:37only be done with
1:21:38an attorney and uh
1:21:42so then you have a codicil the kerosene
1:21:45is written
1:21:46supplement or amendment made to a
1:21:48previous existing will
1:21:49so if you want to change your will it's
1:21:51called codicil
1:21:53these change some aspect of the wheel or
1:21:55to add new instruction without
1:21:57the work of rewriting the entire wheel
1:22:00which is wonderful because a lot of
1:22:02wheels are long
1:22:04then you have interstate
1:22:08and this is without a will okay uh so
1:22:12you'll it'll either go your descendants
1:22:14or your heirs
1:22:15if you have any uh could go to a probate
1:22:18court
1:22:19if you don't have any anybody that
1:22:22is close to you if you have any sisters
1:22:25or brothers where else
1:22:26you could go to probably court and then
1:22:28government and get your
1:22:30land if you don't have will everybody
1:22:33needs a will
1:22:34okay you can go
1:22:38very cheaply and get a will it's
1:22:41especially when you have kids make sure
1:22:43you have a will
1:22:45adverse possession okay
1:22:48adverse possession unauthorized
1:22:50occupation of another person's
1:22:52land for a period of time as required by
1:22:54law
1:22:55okay and then here on page 75
1:22:59a person who occupied a personal land
1:23:01was presumed to be its owner
1:23:03adverse possession is a method of
1:23:05acquiring title by possession land for a
1:23:06specific period of time
1:23:08under certain conditions a claim must
1:23:11have maintained actual visible
1:23:13continuous hostile exclusive and
1:23:14notorious
1:23:15possession and be publicly claiming
1:23:19ownership
1:23:20of the property so it's with squatters
1:23:22rights
1:23:23okay you've heard squatters people will
1:23:25just go in and
1:23:26hey if nobody's around and nobody's
1:23:28living out of this land i'm just gonna
1:23:29stay here
1:23:30and that's what they do so this is
1:23:33acquiring the land in adverse
1:23:36and adverse ways okay in different ways
1:23:41finally the adverse claimant must be
1:23:43able to prove
1:23:44that he or she has met these
1:23:46requirements for a period ranging from
1:23:48three
1:23:48to thirty years and that all depends on
1:23:51the states okay
1:23:52and you see on page 76
1:23:55the different occupancy time timelines
1:23:59that you can do then you have color of
1:24:02title
1:24:03there's a plausible appearance of
1:24:04ownership interest
1:24:06and then easement by prescription
1:24:08acquired by prolonged adverse use
1:24:13ownership is session so concession is
1:24:16the extent of one's ownership of land
1:24:18can be altered from natural or man-made
1:24:21causing including okay you got accretion
1:24:25uh lubrin religion avulsion
1:24:29and annexation okay this is on page
1:24:3277-78
1:24:37so quickly we have
1:24:41land running at lake or river or ocean
1:24:44additional land
1:24:45comes up accumulation of rock and sand
1:24:48and soil
1:24:49that's accretion okay so you've got more
1:24:51land now because all this stuff washed
1:24:52up
1:24:56avulsion is an increase of land that
1:24:57results when water
1:24:59borne soil is gradually deposited to
1:25:02produce firm dry ground
1:25:03okay that's alluvium
1:25:08religion okay
1:25:13results when a lake sea river apparently
1:25:15recedes
1:25:16exposing dry land so hey i got more land
1:25:19now because
1:25:19the sea went back okay well it's kind of
1:25:22a reverse with global warming
1:25:24you're going to be losing land okay
1:25:29when
1:25:32land is rapidly washed away by accident
1:25:35water
1:25:36which i'll just talk about is known as
1:25:39avulsion
1:25:40okay man-made accession occurs through
1:25:44annexation which is the last one a
1:25:46personal property to real estate
1:25:48for example when lumber nails and cement
1:25:50are used to build a house
1:25:51they alter the extent of one's land
1:25:54ownership
1:25:55okay so it just builds up the landscape
1:25:56in orlando
1:26:01public grant okay transfer of land by
1:26:03government body to a private property
1:26:05that's a
1:26:06public grant they have the homestead act
1:26:09here
1:26:10they talk about page 78 most famous
1:26:14passed by u.s congress in the 1862 the
1:26:16act permitted persons wishing to settle
1:26:18on
1:26:19or otherwise
1:26:22unappropriated federal land to acquire
1:26:24fee simple ownership which would
1:26:26be simple it's the best kind of
1:26:28ownership fee simple
1:26:30by paying a small filing charge and
1:26:33occupying a cultivation land for five
1:26:35years
1:26:36so if you did that cultivate the land in
1:26:38five years you pay a fee
1:26:40it's yours
1:26:43to retain the claim a certain amount of
1:26:45work must be performed on land each year
1:26:48hey i can do that if the claim has
1:26:50worked long enough
1:26:51color grantee can we sought g simple
1:26:53title obtained
1:26:55okay
1:26:58so you got dedication additional
1:27:00transfers
1:27:01additional uh some additional types of
1:27:03land transfers include
1:27:05dedication forfeiture and alien nation
1:27:07okay so dedication
1:27:09when an owner makes a voluntary gift for
1:27:12the use of land to the public
1:27:14is known as dedication i dedicate this
1:27:17property to you
1:27:18here you go dedication is not
1:27:20transferred
1:27:21of title only a dedication of use for a
1:27:24benefit
1:27:24of the public so they will dedicate land
1:27:27for a park
1:27:28okay forfeiture or title
1:27:33can occur when a deed contains a
1:27:34condition or limitation
1:27:37for example our grand tour states in the
1:27:39deed that the land conveyed may be used
1:27:42residential purposes only okay
1:27:45if the grantee consists commercial
1:27:47building the grantor can
1:27:48require a title on the grounds that the
1:27:50grantee did not use the land for
1:27:52required purpose
1:27:53so they could actually forfeit and they
1:27:55can take it back okay
1:27:57alienation of title is the last one a
1:27:59change in ownership of any kind
1:28:01is alienation innovation can result
1:28:04from court action in connection with its
1:28:07cheat
1:28:08imminent domain partition
1:28:11foreclosure exclusion of sales
1:28:16quiet title suits and marriage so all
1:28:19those
1:28:20could alienate property all right
1:28:24so you got all the key terms there again
1:28:26try to be familiar with everything
1:28:29again it's going to give you a better
1:28:33roundabout knowledge of the real estate
1:28:36business
1:28:37in the future and also for the test
1:28:38because that's all we're here for anyway
1:28:40a lot of times is to make good on those
1:28:42tests
1:28:43and to actually acquire good knowledge
1:28:45for the future
1:28:47again review questions on page 79 here
1:28:50let me give you the chapter code the
1:28:52chapter code for five
1:28:54is warranty throughout the chapter we
1:28:58talk about all kinds of warranty deeds
1:29:00and warranty this and that
1:29:01so chapter 5 code is warranty
1:29:04so again do the review questions
1:29:08we're going to have on the test we're
1:29:09gonna have chapters one through five
1:29:12and i'll be emailing you and posting out
1:29:14there on the news
1:29:16uh some information about the test and
1:29:18how to go about
1:29:20putting your answers on one piece of
1:29:22paper okay when you email it back
1:29:25and that way i can actually grade it and
1:29:27not have to flip through six different
1:29:28pieces of paper or
1:29:29print off six different pieces
1:29:32so we'll just add one piece of paper for
1:29:34that but
1:29:36do the review questions down here and
1:29:38read the chapters
1:29:40i know that it's a lot of information
1:29:42but again
1:29:43it's just a basic kind of
1:29:47roundabout not too in-depth
1:29:50look into real estate but it's just a
1:29:53lot of information so make sure you read
1:29:55everything and do the review questions
1:29:57because they will be
1:29:58most of the tests so it's been great and
1:30:01i look forward to our next class
1:30:03and i hope everybody is staying healthy
1:30:06thank you

About this transcript

This page contains the full transcript of Real Estate Principles Chapters 1-5 by Professor Milnar, generated from the public captions YouTube serves with the video. The transcript has 12,711 words across 2,334 segments, with the original timestamps preserved so you can click any line to jump to that moment in the embedded player.

What you can do with it

Use the transcript to take notes, quote the speaker, build a study guide, generate a summary with ChatGPT or Claude via the YouTube Summary tool, or export it as a timed subtitle file with YouTube to SRT. You can also re-open it in the transcriber to translate the transcript into 100+ languages.

Free YouTube transcript tool

YouTube2Text is a free YouTube transcript generator — no signup, no daily limit. Paste any YouTube link and get the full transcript instantly, with timestamps, click-to-jump, translation to 100+ languages, AI prompts for ChatGPT, Claude, and Gemini, and exports to TXT, SRT, VTT, or Markdown.