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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