About This Chapter
Advanced Property Ownership Issues - Chapter Summary
This chapter discusses advanced property ownership issues, including water, oil, gas and mineral rights. You'll also take a look at concepts like the rights of dower and curtesy in real estate property. After completing this chapter, you should be able to:
- Discuss the emblements and rights of profit a prendre
- List the definition and effects of accretion, avulsion and reliction
- Disclose the requirements of property purchase at foreclosure and trustee sales
- Outline the procedure for REO property and short sales
- Explain considerations for cooperatives, timeshares, and condominium ownership
- List the differences between legal and equitable titles
- Compare recordings and registration systems
Our lessons are taught by experts in their field, ensuring that you have a quality education. Use our convenient dashboard to track your progress and jump back right where you left off.
1. Rights of Dower & Curtesy in Real Property
Dower and curtesy are legal concepts that can be traced back to the medieval period and are still relevant in some states today. In this lesson, you'll learn about dower and curtesy as it concerns real property law.
2. Profit A Prendre: Emblements & Rights
Sometimes people have a legal right to take stuff on land you own. In this lesson, you'll learn about profit a prendre and related concepts in the context of real property law. A short quiz follows the lesson.
3. Water Rights: Definition & Types
Just become you have water on your property doesn't mean you actually ~'own~' it. In this lesson, you'll learn about water rights including different types recognized under the law. You'll have an opportunity to take a short quiz after the lesson.
4. Accretion, Avulsion & Reliction: Definition & Effects
Changes in a body of water can affect your property. In this lesson, you'll learn about accretion, avulsion and reliction and how each can affect a parcel of property.
5. Oil, Gas & Mineral Rights: Overview & Effects
Sometimes what lies beneath is more valuable than what lies on. In this lesson, you'll learn about mineral rights and their effect on surface owners. A short quiz follows the lesson.
6. Property Purchase at Foreclosure & Trustee Sales
Some of the best real estate bargains and most risky transactions can be found at judicial foreclosures and trustee sales. In this lesson, you'll learn about these real estate transactions from a buyer's perspective. A short quiz follows the lesson.
7. REO Property & Short Sales: Definition & Procedure
Short sales and REO properties often offer great opportunities for potential homeowners and real estate investors. In this lesson, you'll learn about short sales and REO property transactions. A short quiz follows.
8. Condominium Ownership: Definition & Considerations
Owning a condominium is significantly different than owning a detached house on your own lot. In this lesson, you'll learn about what exactly a condo is, it's key characteristics, and other considerations. A short quiz follows the lesson.
9. Cooperatives: Definition & Requirements
Sometimes you don't own your home, but you own the entity that owns your home. In this lesson, you'll learn about cooperatives, their general characteristics, and different types. A short quiz follows the lesson.
10. Timeshares: Definition & Considerations
Perhaps one of the most exotic and controversial property ownership structures is the timeshare. In this lesson, you'll learn about what a timeshare is and its key characteristics. You'll also have a chance to take a short quiz after the lesson.
11. Legal & Equitable Title: Differences & Importance
Sometimes title to property is split into legal title and equitable title with different people holding each type of title over the same parcel of real estate. In this lesson, you'll learn about legal and equitable title and their differences.
12. Differentiating Between Recording & Registration Systems
Recording and registration systems help provide parties to real estate transactions information on the property, which makes transactions less risky. In this lesson, you'll learn about the difference between these two systems. A short quiz follows.
Earning College Credit
Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.
To learn more, visit our Earning Credit Page
Transferring credit to the school of your choice
Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.
Other chapters within the Illinois Real Estate Broker License Exam: Study Guide course
- Role of Agencies in Real Estate
- Principles of Practicing Real Estate
- Real Estate Ethics & Professional Responsibility
- Overview of Contracts In Real Estate Transactions
- Forms of Property Ownership
- Real Estate Investment & Analysis
- Encumbrances in Real Estate
- Advanced Encumbrances in Real Estate
- Land Use Laws, Regulations & Zoning
- Real Estate Financing
- Obtaining a Real Estate Loan
- Real Estate Closing & Settlement Procedures
- Land Descriptions & Surveys
- Property Valuation & Appraisal
- Transfer of Real Property
- Advanced Transfer of Real Property
- Disclosures of Property Conditions
- Fair Housing & Consumer Protection
- Leases & Property Management
- Illinois Real Estate
- Illinois Real Estate Broker License Exam Flashcards