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Real Property
"" Characteristics, Definitions, Transfer and Ownership
| Equity is defined as... | The market value less the debt owed. |
| which police power allows a city to forcibly purchase a vacant lot to build a parking lot? | Eminent domain |
| How do you transfer personal property in a sale? | Bill of Sale |
| What is area between businesses and federal wetlands? | Buffer Zone. It is an area used as a transition between 2 incompatible ones. |
| The term used to denote not only the land and improvements to real estate but also the intangible rights included is: | real property |
| A wife buys a home with an inheritance. How does she own it? | In Severalty |
| An easement through your neighbors land for you to use to get to the lake is : | an appurtenance |
| When a grantor attests they are signing the deed of their own free will it is: | Awknowledgement |
| Bookshelves screwed into the wall in the family room is example of: | Fixture |
| A corn crop growing out in a field is an example of: | Emblement |
| Condo ownership includes: | An undivided interest in common areas. |
| An ice cream making machine bolted to the wall in a restaurant is an example of? | Trade fixture |
| May the tenant restaurteur remove the ice cream making machine (trade fixture) when lease is up? | Yes, but any damage needs to be repaired. |
| How does a corporation own real estate? | In Severalty |
| The "Bundle of rights" is part of the definition of : | Real property. |
| If you cut down a tree in your yard and stack it up into cords of wood it is an example of: | Severance |
| Escheat is: | The reversion of proprerty to the state or county when a person dies intestate (without will) and there are no heirs capable of inheriting or the property is abandoned. |
| This is used as a transition area between 2 incompatible zones | Buffer zone |
| This refers to the number of lots a parcel of ground can be subdivided into | Plottage |
| The party that uses an appurtenant easement is called | Dominant estate |
| The parcel that provides the land for the easement is the | Servient estate |
| Which type of easement attaches to the owner's land and transfers to the new owner | Appurtenant easements |
| These agreements are personal in nature and does not "attach" to a dominante estate, rather a person or entity. | Easements in Gross |
| Access created by the courts to grant a landlocked owner access is | Easements by necessity |
| When initially the neighbors believe and agree to a property line but later find out it is in the wrong place. What legal concept would leae the fence where it was originally placed? | Boundary by Agreement |
| An unauthorized intrusion of an improvement or other real property onto another property is an | Encroachment |
| A possible encroachment is best determined by a | Survey |
| What is the legal description style which uses a map that references streets, easements and points of beginning? | Recorded plat |
| The N2, SE4, NW4, NE4 of section 32 contains how many ares? | 5 acres |
| The style of legal description that uses monuments and compass directions is: | Metes and bounds |
| Which are not an approved method to legally describe real estate? | Street Address |
| An estate refers to | Certain rights and the extent of ownership in the land. |
| How may a life estate be established? | By the provisions of the deceased estate |
| When does an ordinary life estate terminate? | Upon the death of the life tenant |
| Legal life estates are | For husbands and wives only |
| When a personal residence is foreclosed on, this law would protect some of the equity against unsecured creditors | Homestead Laws |
| If one dies with a will they die | Testate |
| If one dies without a will and no heirs can be located their property goes to the state through | Escheat |
| Having your riverfront lot grow in size because the current deposits sediment on your lot is called: | Accretion |
| List the requirements to establish an adverse possession claim | 1. Payments of taxes 2. Open and notorious use 3. Actual possession 4. Continuous uninterrupted use for 20 years 5. Hostile to owner 6. Exclusive to possessing party |
| If you take a short cut through neighbors yard to get to the lake for a long enough time, you may be able to gain legal access forever through this concept. | Prescriptive Easement |
| Which occurs by the operation of law | Involuntary alienation |
| The police power that allows a government to force a party to sell them some or all of their land is called | Eminent Domain |
| By what process does the government exercise eminent domain? | Condemnation |
| What is the same as sole ownership? | Severalty ownership |
| What happens to a "tenants in common" owner up on their death? | Their will would stipulate |
| If a couple marries and she retains 100 free and clear ownership of her old house as a rental, what happens to the monthly rental received? | The rent is community property shared by both |
| One of the 4 owners of an apartment building wants to sell but the others do not. Can the one owner force the partners to sell? | Yes, a partition suit in court may do that |
| What is the type of property where the owner owns a block of air but no ground? | A condominium |
| The priority of loans against a property is set by | Recording date |
| What does not appear on a property's chain of title report? | The property's zoning |
| A condensed history of the chain of title is called an | Abstract |
| Marketable title means that | the buyer could sell or mortgage the property |
| Which title policy would insure against encroachments? | Owner's Extended Policy |
| A client of yours wants you to draft up paperwork to allow their son a life estate in their home. What should you do? | Refer them to a lawyer |
| What are the owners rights if their farm zoning is changed to residential? | Their old use continues through non-conforming use. |
Created by:
hblake
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