I'm taking an online course and your videos make the concepts more digestible and reinforces what I'm learning. Thank you for posting these videos. They are so helpful. Your class is not only informative but also a lot of fun. 🙃
Thanks you Travis for these video's!!! You make everything so much more simple to understand. You are an amazing teacher. Most of the students in my real estate class in Charlotte are watching these in addition to taking our mandatory class here. If I was in Raleigh i would definitely be taking your class. I'm not sure if I would be been able to pass my exam this Wednesday without having watched all of your youtube videos!
Thank you, Travis!!! I just got my MD real estate license, and it’s thanks to you! Your videos were extremely helpful, before them I was so lost, especially since English isn’t my first language, you really helped me out understand everything. Will continue to watch your videos because I think you give an amazing advices from the real world when it comes to real estate. I took a real estate classes before, and they just thought us how to pass this exam following the book. And I was so confused and didn’t learn anything after my class was over. You gave so many helpful information that anyone can understand. Thank you so much! 🙏🙏🙏🙏🙏
I took an online real estate course and was COMPLETELY LOST. Even though I'm getting my license in Pennsylvania, I find your videos very helpful. Mr. Everette, you're such a great teacher. It shows that you have such an interest in teaching. You make it fun to learn Real Estate, which can be so boring at times. Thank you so much.
Hey I just read your comment and I agree these videos are a blessing i live in Leihigh valley area of PA , have you decided on what brokage you want to work at
Im so glad i found these videos. You are a talented teacher. Im listening to your lectures with interest! The only thing i wish was for the slides to be clearer,i can't see most of them. Maybe I'm asking for too much 😄 Nevertheless, this is so helpful. Thank you!
Travis you are truly gifted in how you have decomposed this otherwise wildly confusing topic, and then explained it with abundant and engaging clarity. Thank you so much!
Could not agree more! My NC Broker's Exam is August 13th.. I'm on a crazed, sleep deprived, 12 day countdown to my ' judgement day' aka exam😵😲😧😲! This is the #1 reason why I honestly not only respect you for all you do for 1000's upon 1000's of us everyday either virtually or in the classroom in an educational capacity but also bc your seemingly authentically caring nature..A kind, patient, extremely knowledgeable individual who learned the concept of how to 'sharing is caring😂😋' (in kindergarten where as unfortunately so many, too many, others seemed to have been sick, therefore missed that day of school😆). When I say 'sharing is caring' I'm referring to your choice to not just own a billion LLC's, be the B.I.C. @ 2 billion entities/firms, and Raleigh's very own ROCK STAR broker in charge, but also an EDUCATOR. The interaction/rapport we (out here in virtual world) can't help but notice that u consistently maintain with the lucky members of your classroom is quite unique in all the best ways in reference to a teacher/student relationship. The open, honest, mutually respectful (to say the least) vibe/learning environment is so far above the norm, it's genuinely refreshing. To watch and learn from someone who actually TEACHES is beyond the norm & I'm so very grateful to you for that. You set the bar exceptionally high for fellow educators.. Some should sit back and take serious note. THANK YOU for caring about us. Thank you for handing us that golden sought after key to our own professional success (and not just reading from power pt slides, the book itself, etc in a mundane, rushed way.). Thank you for your consistency of actually showing us all that 'no question is a dumb question.' attitude/reaction. Thank you for remembering that your vast mental inventory of real estate knowledge came through blood, sweat and tears..bc as yrs pass, it tends to be easy to forget something you could do better than a good amount of your fellow 'colleagues ' if you were blindfolded and handcuffed..things you do, information you relay that just subconsciously rolls off your tongue bc you don't not know how to know it, for lack of better words, is quite the opposite for us. The info you TEACH is so foreign and so new that even remembering to take (that critical) time in class to reiterate the seemingly simple, basics for us very well can and most likely has been what makes the difference in passing aka changing someone's life totally (perhaps quicker). Giving them the ability to start being able to, with me, do something as simple as out even just half a tank in gas in the car without a second thought. BECAUSE THEY PASSED THE EXAM=EMPLOYMENT=$ IN THE BANK (for themselves, themselves and their children, etc). For example, in one video (chapter 8), specifically reinforcing: *Agency= "every time you see the word 'agency,' I want you to insert the word 'relationship.' In North Carolina THE AGENT IS THE FIRM." * Continued Education is DIFFERENT from post licensing. Provisional brokers DO NOT have to start those annual 8 hrs of continued ed (2 separate 4 hour classes completed by June 10th "EVERY YEAR FROM HERE UNTIL THE END OF TIME!" One of the 2 being an elective) for ONE YEAR.. And that's not 1 yr from your anniversary date. ⬅just 2 of MANY more examples. 'Time is of the essence' couldn't be more true to life in my case specifically as of current. Details aside..we'll just say that there's been a ferocious storm/hurricane brewing for about 4 yrs. Two yrs ago the S.O.B. just flat out erupt and split the tides over and around the outer perimeters of my life. Memorizing every single page in the book, besides being humanly impossible in this timeframe, for purposes of (attempting) to pass ARE NOT an option, just attending my class and completing those assignments and utilizing those study guides offered= NOT AN OPTION. The thousands of free apps (WITH IN APP PURCHASES!😠), programs, box sets, etc.= NOT AN OPTION.. Then I found you/your channel!!!! Yayy!! Thx God! I have to know what you've successfully essentially handed me, not just for myself..no no, I'm way second. First..always and forever first..for my daughter's and my ability to give them a quality of life they deserve. I barely had enough money simply to pay the basic enrollment fee for the course in March when I signed up. Much less the extra $ for the book. What's even more embarrassing , demeaning, etc is that I barely have enough money for gas to get to and from class some days- to many days to EVER be acceptable. Particularly for a college educated 36yr old, that is. In my very strong opinion. It goes on from there... Anywho.. Switching gears real quick.. I am not to far from y'all up there in the triangle.. We/My fam, specifically my dad and sis are NCSU alums! Needless to say, I was raised Wolf Pack proud! I I, however, (sidenote: a rare native of the Queen City) attended UNCC! 49er nation! In retrospect, my BA in Psych. unfortunately hasn't been helpful, to say the least(😢😆) to my bank acct.! If course my father swears it's bc I didn't "haul my butt up to Raleigh" aka NCSU! Lol! Fast forward to the present.. So much rides on everyone's ability to pass, obviously. And being able to do so round 1. We all have story's, reasons, things that drive us, etc. However, I've GOT TO take this chance to, once again, THANK YOU from the bottom of my heart, with every fiber of my being, for making my ability to pass this beast of an exam(!) tremendously higher. My current horrid financial situation, gets a lot more 'horrid' when, like I mentioned above, you're a mommy (or daddy) who is 100% responsible for EVERYTHING concerning two other (little mini nuggets😆/humans) individuals entire world..24/7. I've been blessed with my two beautiful, smart amazingly sweet, caring daughter's (My 'Irish Twins' aka being exactly 18 mths. apart. each under age 4! Whoa!!!!😳😆😴👑😇 It's exhausting to even think about! 👶👼💞). We're a team, though..My little nuggets and I!!! A true force! Those two precious baby's are my reason. My reason for everything. All that being said... I've had the pleasure of, HONEST TO GOD, watching you..on UA-cam..😋 since the 1st week in June (2019)! There are no words sufficient enough to express my true gratitude.. Hopefully we'll cross paths one day in the world of real estate. you Until then, the best wishes for further success, good health and above all else personal happiness Keep givin 'em hell, Mr. Everette!!😊🙏✌✌✌
I took a real estate class missed it by 3 point on the test but I've told myself I'm taking your class next. Great teacher you are. I cant wait I already be bragging on you already!
Hi ! I want to thank you ! For giving me the opportunity to watch your class! Youre a great teacher. I am all the way New Jersey & I take my test in July. So far watching your videos , I’ve understood wayyy more on the general aspect then i have in the classes I’ve paid for. I do have one question, so in a scenario , if a lessee has a business , and have their trade fixtures bolted to the floor, would it be legal for them to remove when the lease is up? Or is the trade fixtures now considered a regular fixture because it is permanently attached?
I first started to learn about Fee Simple from this video Travis made, and I am grateful for his explanation. But Americans don't seem to realise that when you sell an estate in fee simple, you not only sell the land but every single other piece of property you own. If you sell an estate in fee simple you have nothing left to sell, however many properties you have. The law dates back hundreds to ancient times. Feudal Law
As far as I understand, Personal Property is anything moveable or removable (reverted back to Personal Property after after Severance) unless otherwise stated by a court order, expressed in a contract or if removing the fixture will cause a considerable amount of damage to Real Property internally or externally.
NOTES!!!! ❤️📝❤️📝❤️ - - - - - - - - - - - - - - - - - - Chapter 2 Personal Property vs Real Property: Personal Property - is not attached to the land and is moveable It is not included as part of the transaction, but it can be through a written transaction (the contract) Ex: Fridge is personal property (it’s moveable) Personal property can be included into the contract Fixtures - anything that use to be personal property but has been converted into permanent real property by being nailed, screwed, glued, or buried to the ground Is included as part of the transaction Fixtures are a type of appurtenance Ex: Chandelier is a fixture (it’s nailed to the ceiling) Fixtures can be excluded from the contract Manufactured / Mobile Houses: Are personal property It has a title like a car It has a VIN like a car It is registered like a car They have wheels; are moveable Are a part of the department of motor vehicles Modular Houses: Are real property Are constructed in factories according to the state building code To Converting Manufactured Homes into Real Property: Put on a permanent foundations Remove the wheels, axles, and trailer hitch Turn in the title to department of motor vehicles Plants & Fruits: Can be real property or personal property If the plant or fruit does not require annual cultivation (has to be replanted or harvested) and grows on its own it is a real property. If the plant or fruit does require annual cultivation (has to be replanted or harvested) is considered personal property. Ex: crops, emblements If an owner, a farmer, sells his property, a farm, and has personal property (crops to harvest annually), the current owner has to allow the previous owner to cultivate the crops and harvest them annually. The crops do not belong to the current owner because the crops are the previous owner’s personal property. A way around this issue is for the buyer to ask for the seller to include the personal property (the crops) into the contract and let him go ahead and buy the crops as well. Annexation - taking personal property and making it real property by attaching it Severance - taking real property and making it personal property by taking it down Is it a fixture or not? Refer to the contract to see if the items are a fixture Question 1: Is it permanently attached? If yes, go to question two. If no, it’s automatically person property Question 2: Was it attached by the owner/landlord of the real estate? If yes, it’s a fixture If no, it's personal property Improvements - anything that humans do to a property to enhance its value Improvements are a type of appurtenance (anything permanently attached to the land) Estate - any legal relationship that we might have with the property “I have a freehold interest to the property” - to own Ex: landlord Fee simple absolute - owning forever with not restrictions from the owner; “I have a life estate that give me ownership of this property forever” No restrictions of time to own the property No restrictions on the use of the property Less than simple absolute - Limited time of ownership - restriction Limited use of the property - restriction I have a non freehold interest to the property - to lease Ex: tenant Life Estate Terms: Life estate - is a contract that gives a person ownership for their lifetime Life tenant - the owner of the property during the course of the life estate (contract) They can do anything they want with the property Ex: sell it, rent it out, farm it, live in it It belongs to the life tenant for a limited time (til they die) The measuring life - the person whose lifetime measures the length of the life estate If the life tenant (who is also the measuring life) sells the property, the new owner of the property owns the property for a limited time, until the measuring life dies. Remainderman/Remainder Interest - the person who will become the fee simple absolute (forever owner) of the property at the end of the life estate (contract) Once the measuring life dies, the life tenant gives up ownership of the property to the remainderman. Reversionary interest - when the original grantor does not name a remainderman, the property ownership “reverts” back to the original grantor of their living heirs If the original grantor doesn’t have living heirs the property goes to the state Conventional Life Estate - when the life tenant and measuring life are the same person It is not inheritable because he heirs of the life tenant cannot inherit what the life tenant does not own. At the time of the tenant's death, he no longer owns the property. Life Estate Pur Autre Vie - when the life tenant and measuring life are not the same person; are different people. It is inheritable because the death of the life estate does not end the life estate (contract)
Very informative, I am taking a Real Estate class in college and your video is helping me a lot to understand mu class. Do you teach environmental Science? Please do. Thanks for the video.
Also, I would think its impossible to get a conventional loan with a Life Estate. What bank or brokerage would take that chance. Are these sales considered cash only?
Hi Travis, when you are selling these life estate properties are you selling them dirt cheap because its a gamble all this is just time bought? Example you paid 200K and two weeks seller dies you just lost 200K correct?
You are a real teacher , knowing how to make understand all the concepts!
ImI’m 😊😊😊riw😊rio😊😊iitiro
ou
I'm taking an online course and your videos make the concepts more digestible and reinforces what I'm learning. Thank you for posting these videos. They are so helpful. Your class is not only informative but also a lot of fun. 🙃
Thanks you Travis for these video's!!! You make everything so much more simple to understand. You are an amazing teacher. Most of the students in my real estate class in Charlotte are watching these in addition to taking our mandatory class here. If I was in Raleigh i would definitely be taking your class. I'm not sure if I would be been able to pass my exam this Wednesday without having watched all of your youtube videos!
Simply AMAZING teaching methods!
Thank you, Travis!!! I just got my MD real estate license, and it’s thanks to you! Your videos were extremely helpful, before them I was so lost, especially since English isn’t my first language, you really helped me out understand everything. Will continue to watch your videos because I think you give an amazing advices from the real world when it comes to real estate. I took a real estate classes before, and they just thought us how to pass this exam following the book. And I was so confused and didn’t learn anything after my class was over. You gave so many helpful information that anyone can understand. Thank you so much! 🙏🙏🙏🙏🙏
😅😅😅😅wwwwwwwwwww😅😅wwwwwwwawww😅
I took an online real estate course and was COMPLETELY LOST. Even though I'm getting my license in Pennsylvania, I find your videos very helpful. Mr. Everette, you're such a great teacher. It shows that you have such an interest in teaching. You make it fun to learn Real Estate, which can be so boring at times. Thank you so much.
Hey I just read your comment and I agree these videos are a blessing i live in Leihigh valley area of PA , have you decided on what brokage you want to work at
Just begun Real Estate classes and this lecture is on point and so easy to understand the concepts. Thank you!
Im so glad i found these videos. You are a talented teacher. Im listening to your lectures with interest! The only thing i wish was for the slides to be clearer,i can't see most of them. Maybe I'm asking for too much 😄 Nevertheless, this is so helpful. Thank you!
Hands down, the best instructor.
Travis you are truly gifted in how you have decomposed this otherwise wildly confusing topic, and then explained it with abundant and engaging clarity. Thank you so much!
You're very welcome
Thank you so much, Travis, for posting these videos! They have really helped me along as I am working on getting my real estate license in NC.
God bless this man. I didn’t understand any part of Chapter 2 while I was reading the chapter.
48:00 Fee simple Absolute... Thank you, Travis, you are the best teacher around!
You are the BEST TEACHER hands down!!! I like your example about reversionary interest & remainder-man. Thank you for breaking it down
Travis - Your chart on estates is the best I've ever seen. It helped the lightbulb finally go on for me. Thank you so much!
Glad it helped!
Travis you are absolutely gem.
Could not agree more! My NC Broker's Exam is August 13th.. I'm on a crazed, sleep deprived, 12 day countdown to my ' judgement day' aka exam😵😲😧😲! This is the #1 reason why I honestly not only respect you for all you do for 1000's upon 1000's of us everyday either virtually or in the classroom in an educational capacity but also bc your seemingly authentically caring nature..A kind, patient, extremely knowledgeable individual who learned the concept of how to 'sharing is caring😂😋' (in kindergarten where as unfortunately so many, too many, others seemed to have been sick, therefore missed that day of school😆). When I say 'sharing is caring' I'm referring to your choice to not just own a billion LLC's, be the B.I.C. @ 2 billion entities/firms, and Raleigh's very own ROCK STAR broker in charge, but also an EDUCATOR. The interaction/rapport we (out here in virtual world) can't help but notice that u consistently maintain with the lucky members of your classroom is quite unique in all the best ways in reference to a teacher/student relationship. The open, honest, mutually respectful (to say the least) vibe/learning environment is so far above the norm, it's genuinely refreshing. To watch and learn from someone who actually TEACHES is beyond the norm & I'm so very grateful to you for that. You set the bar exceptionally high for fellow educators.. Some should sit back and take serious note. THANK YOU for caring about us. Thank you for handing us that golden sought after key to our own professional success (and not just reading from power pt slides, the book itself, etc in a mundane, rushed way.). Thank you for your consistency of actually showing us all that 'no question is a dumb question.' attitude/reaction. Thank you for remembering that your vast mental inventory of real estate knowledge came through blood, sweat and tears..bc as yrs pass, it tends to be easy to forget something you could do better than a good amount of your fellow 'colleagues ' if you were blindfolded and handcuffed..things you do, information you relay that just subconsciously rolls off your tongue bc you don't not know how to know it, for lack of better words, is quite the opposite for us. The info you TEACH is so foreign and so new that even remembering to take (that critical) time in class to reiterate the seemingly simple, basics for us very well can and most likely has been what makes the difference in passing aka changing someone's life totally (perhaps quicker). Giving them the ability to start being able to, with me, do something as simple as out even just half a tank in gas in the car without a second thought. BECAUSE THEY PASSED THE EXAM=EMPLOYMENT=$ IN THE BANK (for themselves, themselves and their children, etc). For example, in one video (chapter 8), specifically reinforcing: *Agency= "every time you see the word 'agency,' I want you to insert the word 'relationship.' In North Carolina THE AGENT IS THE FIRM." * Continued Education is DIFFERENT from post licensing. Provisional brokers DO NOT have to start those annual 8 hrs of continued ed (2 separate 4 hour classes completed by June 10th "EVERY YEAR FROM HERE UNTIL THE END OF TIME!" One of the 2 being an elective) for ONE YEAR.. And that's not 1 yr from your anniversary date. ⬅just 2 of MANY more examples.
'Time is of the essence' couldn't be more true to life in my case specifically as of current. Details aside..we'll just say that there's been a ferocious storm/hurricane brewing for about 4 yrs. Two yrs ago the S.O.B. just flat out erupt and split the tides over and around the outer perimeters of my life. Memorizing every single page in the book, besides being humanly impossible in this timeframe, for purposes of (attempting) to pass ARE NOT an option, just attending my class and completing those assignments and utilizing those study guides offered= NOT AN OPTION. The thousands of free apps (WITH IN APP PURCHASES!😠), programs, box sets, etc.= NOT AN OPTION.. Then I found you/your channel!!!! Yayy!! Thx God!
I have to know what you've successfully essentially handed me, not just for myself..no no, I'm way second. First..always and forever first..for my daughter's and my ability to give them a quality of life they deserve.
I barely had enough money simply to pay the basic enrollment fee for the course in March when I signed up. Much less the extra $ for the book. What's even more embarrassing , demeaning, etc is that I barely have enough money for gas to get to and from class some days- to many days to EVER be acceptable. Particularly for a college educated 36yr old, that is. In my very strong opinion. It goes on from there...
Anywho.. Switching gears real quick..
I am not to far from y'all up there in the triangle.. We/My fam, specifically my dad and sis are NCSU alums! Needless to say, I was raised Wolf Pack proud! I
I, however, (sidenote: a rare native of the Queen City) attended UNCC! 49er nation! In retrospect, my BA in Psych. unfortunately hasn't been helpful, to say the least(😢😆) to my bank acct.! If course my father swears it's bc I didn't "haul my butt up to Raleigh" aka NCSU! Lol!
Fast forward to the present.. So much rides on everyone's ability to pass, obviously. And being able to do so round 1. We all have story's, reasons, things that drive us, etc.
However, I've GOT TO take this chance to, once again, THANK YOU from the bottom of my heart, with every fiber of my being, for making my ability to pass this beast of an exam(!) tremendously higher. My current horrid financial situation, gets a lot more 'horrid' when, like I mentioned above, you're a mommy (or daddy) who is 100% responsible for EVERYTHING concerning two other (little mini nuggets😆/humans) individuals entire world..24/7. I've been blessed with my two beautiful, smart amazingly sweet, caring daughter's (My 'Irish Twins' aka being exactly 18 mths. apart. each under age 4! Whoa!!!!😳😆😴👑😇 It's exhausting to even think about! 👶👼💞). We're a team, though..My little nuggets and I!!! A true force! Those two precious baby's are my reason. My reason for everything.
All that being said... I've had the pleasure of, HONEST TO GOD, watching you..on UA-cam..😋 since the 1st week in June (2019)! There are no words sufficient enough to express my true gratitude..
Hopefully we'll cross paths one day in the world of real estate. you
Until then, the best wishes for further success, good health and above all else personal happiness
Keep givin 'em hell, Mr. Everette!!😊🙏✌✌✌
maam this is starbucks
I took a real estate class missed it by 3 point on the test but I've told myself I'm taking your class next. Great teacher you are. I cant wait I already be bragging on you already!
Good luck to you, you've GOT THIS!!
Oh, I forgot to mention that I am very thankful for your teaching of real estate on UA-cam.
Cannot thank you enough! You making learning this stuff doable!
Hi ! I want to thank you ! For giving me the opportunity to watch your class! Youre a great teacher. I am all the way New Jersey & I take my test in July. So far watching your videos , I’ve understood wayyy more on the general aspect then i have in the classes I’ve paid for.
I do have one question, so in a scenario , if a lessee has a business , and have their trade fixtures bolted to the floor, would it be legal for them to remove when the lease is up? Or is the trade fixtures now considered a regular fixture because it is permanently attached?
Your real life examples really help. Thank you!
Studying for my exam and have found your videos so helpful! Thank you!
I really appreciate for what you are doing. Continued adding more videos.
Like your class 🤗 you make it easy to understand this
Is there any way you can make a folder with videos in order ? Your videos are helping me tremendously
this would be awesome. I'm distinguishing by what shirt travis is wearing lol.
Click on playlists....its there in order.
@@traviseverette you are awesome 👏 I am learning so much from you Sir and I am not even an agent! 🤣🤣🤣
I loveeeeee your videos!!!
This helped me to understand this concept totally! Thank you!
I first started to learn about Fee Simple from this video Travis made, and I am grateful for his explanation. But Americans don't seem to realise that when you sell an estate in fee simple, you not only sell the land but every single other piece of property you own. If you sell an estate in fee simple you have nothing left to sell, however many properties you have. The law dates back hundreds to ancient times. Feudal Law
Thank God for you!
I got these videos on repeat
You are amazing! Thank you for your clear explanations. Taking my test in Florida in a few weeks. Hoping this and my study notes will help me pass!
You can do it!
@@traviseverette I hope so. The Math has me a bit scared
when you want to raise your hand to ask a question but then realize your not physically in the classroom !!! ahhhh!!!! haha
You are awesome !
Awesome teacher!!
Your awesome🌻🌺🌞
This is good!
Thank you so much!!
As far as I understand, Personal Property is anything moveable or removable (reverted back to Personal Property after after Severance) unless otherwise stated by a court order, expressed in a contract or if removing the fixture will cause a considerable amount of damage to Real Property internally or externally.
You’re awesome!!
You too!!
NOTES!!!! ❤️📝❤️📝❤️
- - - - - - - - - - - - - - - - - -
Chapter 2
Personal Property vs Real Property:
Personal Property - is not attached to the land and is moveable
It is not included as part of the transaction, but it can be through a written transaction (the contract)
Ex: Fridge is personal property (it’s moveable)
Personal property can be included into the contract
Fixtures - anything that use to be personal property but has been converted into permanent real property by being nailed, screwed, glued, or buried to the ground
Is included as part of the transaction
Fixtures are a type of appurtenance
Ex: Chandelier is a fixture (it’s nailed to the ceiling)
Fixtures can be excluded from the contract
Manufactured / Mobile Houses:
Are personal property
It has a title like a car
It has a VIN like a car
It is registered like a car
They have wheels; are moveable
Are a part of the department of motor vehicles
Modular Houses:
Are real property
Are constructed in factories according to the state building code
To Converting Manufactured Homes into Real Property:
Put on a permanent foundations
Remove the wheels, axles, and trailer hitch
Turn in the title to department of motor vehicles
Plants & Fruits:
Can be real property or personal property
If the plant or fruit does not require annual cultivation (has to be replanted or harvested) and grows on its own it is a real property.
If the plant or fruit does require annual cultivation (has to be replanted or harvested) is considered personal property.
Ex: crops, emblements
If an owner, a farmer, sells his property, a farm, and has personal property (crops to harvest annually), the current owner has to allow the previous owner to cultivate the crops and harvest them annually. The crops do not belong to the current owner because the crops are the previous owner’s personal property.
A way around this issue is for the buyer to ask for the seller to include the personal property (the crops) into the contract and let him go ahead and buy the crops as well.
Annexation - taking personal property and making it real property by attaching it
Severance - taking real property and making it personal property by taking it down
Is it a fixture or not?
Refer to the contract to see if the items are a fixture
Question 1: Is it permanently attached?
If yes, go to question two.
If no, it’s automatically person property
Question 2: Was it attached by the owner/landlord of the real estate?
If yes, it’s a fixture
If no, it's personal property
Improvements - anything that humans do to a property to enhance its value
Improvements are a type of appurtenance (anything permanently attached to the land)
Estate - any legal relationship that we might have with the property
“I have a freehold interest to the property” - to own
Ex: landlord
Fee simple absolute - owning forever with not restrictions from the owner; “I have a life estate that give me ownership of this property forever”
No restrictions of time to own the property
No restrictions on the use of the property
Less than simple absolute -
Limited time of ownership - restriction
Limited use of the property - restriction
I have a non freehold interest to the property - to lease
Ex: tenant
Life Estate Terms:
Life estate - is a contract that gives a person ownership for their lifetime
Life tenant - the owner of the property during the course of the life estate (contract)
They can do anything they want with the property
Ex: sell it, rent it out, farm it, live in it
It belongs to the life tenant for a limited time (til they die)
The measuring life - the person whose lifetime measures the length of the life estate
If the life tenant (who is also the measuring life) sells the property, the new owner of the property owns the property for a limited time, until the measuring life dies.
Remainderman/Remainder Interest - the person who will become the fee simple absolute (forever owner) of the property at the end of the life estate (contract)
Once the measuring life dies, the life tenant gives up ownership of the property to the remainderman.
Reversionary interest - when the original grantor does not name a remainderman, the property ownership “reverts” back to the original grantor of their living heirs
If the original grantor doesn’t have living heirs the property goes to the state
Conventional Life Estate - when the life tenant and measuring life are the same person
It is not inheritable because he heirs of the life tenant cannot inherit what the life tenant does not own. At the time of the tenant's death, he no longer owns the property.
Life Estate Pur Autre Vie - when the life tenant and measuring life are not the same person; are different people.
It is inheritable because the death of the life estate does not end the life estate (contract)
Very informative, I am taking a Real Estate class in college and your video is helping me a lot to understand mu class. Do you teach environmental Science? Please do. Thanks for the video.
Also, I would think its impossible to get a conventional loan with a Life Estate. What bank or brokerage would take that chance. Are these sales considered cash only?
Hi Travis, when you are selling these life estate properties are you selling them dirt cheap because its a gamble all this is just time bought? Example you paid 200K and two weeks seller dies you just lost 200K correct?
Hi Travis, am I okay to study your course even if I am for Texas State? Thank you.
where is this school at in NC? does anyone know
My school is in Raleigh. Www.panrealestateschool.com
@@traviseverette thankyou your teaching are great! I want to obtain my real estate license and I will be going to you!
Please teach in Virginia
Pls can I ask a question??
Brian’s future involves commercials for hair plugs.
😊 K I it’ll rook ik🎉ii komon onii
Amazing video Travis . I inboxed you a facebook