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| Question | Answer |
|---|---|
| What is real estate? | Land and the improvements made to land, and the rights to use them. |
| What is the rights to use a land's surface? | Surface Rights |
| What is the right to drill or dig below the surface? | Subsurface Rights |
| What is the right to own the airspace above the land? | Air Rights |
| What is anything affixed to land with the intent of being permanent? | Real Estate |
| What are some examples of real estate? | Houses, schools, factories, barns, fences, raods, pipelines, and landscaping. |
| What is known as something that improves or develops land? | Improvements |
| Items that are not a part of the land, such as tables, chairs, beds, desks, automobiles, and farm machinery are classified as what? | Personal Property or personalty |
| If the right to use personalty is to be transferred to the buyer, the seller should sign a separate _______ in addition to the deed. | Bill of Sale |
| What is an object that was once personal property that is attached to the land so as to become part of the real estate? | Fixture |
| What four tests is intention evidenced by? | 1) The manner of attachment 2) The adaptation of the object 3) The Existence of an Agreement 4) The relationship of the parties involved |
| What refers to how the object is attached to the land? | The manner of attachment |
| What refers to something specifically used or made for a house? | Adaptation of the object |
| What is an agreement between parties that can clarify what one considers personal property? | Existance of an Agreement |
| What is the test determining whether an item of personal property has become a fixture? | Relationship of the parties |
| Trees, cultivated perennial plants, and uncultivated vegetation of any sort are considered what? | Part of the land. |
| What are annual cultivated crops that most courts of law regard as personal property even though they are attached to the soil? | Emblements |
| What is the right or privilege or improvement that belongs to and passes with land but is not necessarily a part of the land? | Appurtenance |
| The ownership of land that borders on a river or stream carries with it the right to use that water in common with the other landowners whose lands border the same water course is known as what? | Riparian Right |
| What rights allow a landowner to use and enjoy the water touching his land provided he doesn't alter the water's position by artificial means? | Littoral Rights |
| What are the six commonly used methods of describing the location of land? | 1)Metes and Bounds 2)Rectangular Survey System 3)Recorded Plat 4)Reference to documents other than maps 5)Informal reference 6)Assessor's Parcel Number |
| The methods that sufficiently identify the land so that it cannot be confused with another tract are known as what? | Legal Descriptions |
| Distance and Direction | Metes and Bounds |
| How is direction shown in the metes and bounds method? | Degrees, minutes, and seconds |
| The place where the parcel survey begins is called the? | Point of beginning(commencement) |
| What was designed to provide a faster and simpler method than metes and bounds for describing land in newly annexed territories and states? | Rectangular survey system |
| 6 by 6 mile imaginary squares are called what? | Townships |
| Each 36 square mile township is divided into 36 one square-mile units called? | Sections |
| What is a subdivision map filed in the county recorder's office that shows the location and boundaries of individual parcels of land? | Recorded Plat |
| A point, line, or surface from which a vertical height or depth is measured is called? | Datum |
| What is the most commonly used datum plane in the United States? | Mean sea level |
| What is a lot shaped like a flag on a flagpole? | Flag Lot |
| What is a lot that fronts on two or more streets? | Corner Lot |
| What is a lot with only one side on a street? | Inside Lot |
| What is a lot that adjoins the side or rear property line of a corner lot? | Key Lot |
| What is a lot at the end of a T intersection? | T Lot |
| What are the physical characteristics of land? | 1)Immobility 2)Indestructibility 3)Nonhomogeneity |
| The fact that no two parcels of land are exactly alike, because no two parcels can occupy the same position on the globe is known as? | Nonhomogeneity |
| What are the four economic characteristics of land? | 1)Scarcity 2)Modification 3)Fixity 4)Situs |
| What is permanence of investment? | Fixity |
| What is area preference? | Situs |
| What is referred to as the shortage of land in a given geographical area where there is great demand for land? | Scarcity |
| What is improvements made by man to surrounding parcels of land? | Modification |
| What is the system under which individuals were given the right to own land? | Allodial System |
| Why was taxing land a logical method of raising revenue? | 1)Land and agriculture were the primary sources of income 2)land is impossible to hide, making it easily identifiable for taxation |
| What is the right of government to take ownership of privately owned real estate regardless of the owner's wishes? | Eminent Domain |
| What legal proceeding involved with eminent domain that states the property owner must be paid the fair market value of the property taken from him? | Condemnation |
| What is a proceeding brought about by a property owner demanding that his land be purchased from him? | Inverse condemnation |
| The right of government to enact laws and enforce them for the order, safety, health, morals, and general welfare of the public is called? | Police Power |
| When a person dies and leaves no heirs and no instructions as to how to dispose of real property, or when property is abandoned, the ownership of that property reverts to the government is known as what? | Escheat |
| What is the largest, most complete bundle of rights one can hold in land; land ownership? | Fee Simple |
| What is legal interest or rights in land? | Estate |
| What is any claim, right, lien, estate, or liability that limits the fee simple title to property? | Encumbrance |
| What is a right or privilege one party has to the use of land of another for a special purpose consistent with the general use of the land? | Easement |
| When one part has the right or privilege, by usage or contract, to travel over a designated portion of another person's land is called? | Right-of-way |
| What is the unauthorized intrusion of a building or other form of real property onto another person's land? | Encroachment |
| Private agreements that govern the use of land are known as? | Deed restrictions |
| What is a hold or claim that one person has on the property of another to secure payment of a debt or other obligation? | Lien |
| The party holding the lien is called? | Lienor |
| The party whose property is subject to the lien is called a? | Lienee |
| A fee estate that is subject to certain limitations imposed by the person creating the estate is called? | Qualified fee estate |
| What indicates that the duration of the estate can be determined from the deed itself? | Fee simple determniable estate |
| What gives the grantor the right to terminate the estate? | fee simple subject to condition subsequent |
| Title will not take effect until a condition is performed is known as? | Fee simple upon condition precedent |
| What conveys an estate for the duration of someone's life? | Life Estate |
| What is the person holding the life estate? | Life tenant |
| Freehold estate cases are tried under? | Real property laws |
| Leasehold estate cases are tried under? | Personal property laws |
| The two distinguishing features of a freehold estate are? | 1)there must be actual ownership of the land 2)the estate must be of unpredictable duration |
| The two distinguishing features of a leasehold estate are? | 1)Although there is possession of the land, there is no ownership 2)the estate is of definite duration |
| What is a personal privelage given to someone to use land? | License |
| An article of personal property | Chattel |
| When title to property is held by one person, it is called an? | Estate in severalty |
| The major advantage of sole ownership for an individual is: | Flexibility |
| What is ownership by two or more persons at the same time? | Concurrent Ownership |
| Shared ownership of a single property among two or ore persons; interests need not be equal and NO RIGHT OF SURVIVORSHIP EXISTS | Tenants in common |
| A feature of joint tenancy whereby the surviving joint tenants automatically acquire all the rights, title, and interest of the deceased joint tenant is? | Right of survivorship |
| What divides the property into distinct portions so that each person can hold his proportionate interest in severalty? | Partition |
| A form of property co-ownership that features the right of survivorship is? | Joint tenancy |
| The four unities of joint tenancy are: | Unities of TIME, TITLE, INTEREST, and POSSESSION |
| When each joint tenant must acquire his or her ownership interest at the same moment is? | Unity of Time |
| When the joint tenants acquire their interests from the same source(deed or will) is? | Unity of Title |
| When the joint tenants own one interest together and each joint tenant has exactly the same right in that interest is? | Unity of Interest |
| When the joint tenants must enjoy the same undivided possession of the whole property is? | Unity of Possession |
| What is joint tenancy also known as? | Poor man's will |
| Who can only be a joint tenant and who cannot? | Only a human being can be a joint tenant, corporations cannot be a joint tenant. |
| A form of joint ownership reserved for married persons; right of survivorship exists and neither spouse has a disposable interest during the lifetime of each other is known as? | Tenancy by the entirety |
| A tenancy by the entirety can only be terminated by what? | The joint action of husband and wife |
| The 5th unity of joint tenancy: | Unity of person |
| The basis of the unity of person: | The legal premise that a husband and wife are an indivisible legal unit |
| Advantages to tenancy by the entirety: | 1)protects against selling/etc. without permission from spouse 2)protection from forced sale of joint property to satisfy debt against one spouse 3)automatic survivorship |
| Disadvantages to tenancy by the entirety: | 1)provides for no one except the surviving spouse 2)may create estate tax problems 3)doesn't replace the need for a will for direction on property disposal |
| When two or more persons are engaged in a business for profit is known as? | A Partnership |
| Composed of general partners who mainly organize and operate the partnership and limited partners who provide the capital is? | Limited Partnership |
| What is a partnership that carries out a single business project? | Joint Venture |
Created by:
dkemp33