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RE Ch 1-3 Q&A
Real Estate Q&As for Chapters 1-3
| Question | Answer |
|---|---|
| What is included in the bundle of rights? | **applies to all components - air, surface, and subsurface Possession Use Transfer Encumber Exclude |
| What are the different kinds of leasehold estates? | 1.) Estate for Years 2.) Estate from period-to-period 3.) Estate at will 4.) Estate at sufferance |
| What are the different kinds of freehold estates? | Fee simple and Life (reversionary or remainder) |
| What are the different kinds of fee simple estates? | Absolute Defeasible |
| What are the different kinds of defeasible fee simple estates? | Determinable Condition subsequent |
| What are the different kinds of freehold life estates? | Conventional Legal |
| What are the different kinds of conventional freehold life estates? | Ordinary Pur Autre Vie |
| What are the different kinds of legal freehold life estates? | Homestead Dower and curtesy Elective share/community property |
| What is the differentiation criteria for real vs. personal property? | 1. Intent 2. Adaptation (custom or uniquely designed) 3. Functionality 4. Relationship to parties (installing a fixture to conduct business) 5. Sale or lease provisions |
| What are a life tenantâs responsibilities? | Constitutes true ownership of the property for the owner's life. |
| What does the legal concept of land encompass? | - the surface area of the earth, everything beneath the surface extending downward to its center - all natural things permanently attached to the earth or in the ground, including minerals and water below the earthâs surface - the air above the surface |
| What are the legal classifications of property? | 1. Real 2. Personal 3. Tangible 4. Intangible |
| What are the physical characteristics of land? | 1. Immobility - can't move it 2. Indescribable - cannot destroy it 3. Heterogeneous - only one like it |
| What does the legal concept of real estate encompass? | 1. Land 2. All man-made structures permanently attached to the land |
| What are the five economic characteristics of land? | DUSTS Demand Utility/use Scarcity Transferability Situs/site |
| What do freehold vs. leasehold estates depend upon? | - length of time the holder may enjoy the right to possess the estate - the relationship of parties owning the estate - specific interests held in the estate |
| What are the five types of real property? | 1. Residential - homes 2. Industrial - warehouses, factories 3. Commercial - income producing; parking lots 4. Agricultural - farms, orchards, pastures, timber land 5. Special purpose - churches, hospitals, gov't buildings |
| What are the four different ways real property is regulated? | 1. Federal 2. State 3. Local 4. Judicial |
| What are the requirements for Eminent Domain? | 1. Property owner must be paid compensation for the property 2. Property must be used for the public good 3. Owner must have due process in the court system |
| What are the regulated aspects of real estate? | - bundle of rights - legal description - financing - insurance - inheritance - taxation - usage |
| What are the two general types of encumbrances? | 1. Those affecting the propertyâs use 2. Those affecting the legal ownership, value and transfer |
| What are the restrictions on a property use encumbrance? | - easements - encroachments - licenses - deed restrictions |
| What are the restrictions on a legal ownership encumbrance? | - liens - deed conditions |
| What are the two most common types of encumbrances? | 1. Easements 2. Liens |
| What are the two types of Easement in Gross? | 1. Personal - Granted for the grantee's lifetime 2. Commercial - granted to a business entity rather than a private party. The duration is not tied to anyone's lifetime. |
| How can an easement be created? | 1. Voluntary action 2. Necessity 3. Prescription 4. Adverse and hostile use 5. Open and notorious use 6. Continuous use (10 years) |
| What are three additional ways an easement may be created? | 1. Grant 2. Implication 3. Condemnation |
| What are the 7 ways easements terminate? | 1. Express release of the right 2. Merger 3. Purposeful abandonment 4. Condemnation 5. Change or cessation of the purpose 6. Destruction 7. Non-use |
| What are the two factors that primarily determine lien priority? | 1. The lien's categorization as superior or junior 2. The date the lien was recorded |
| What do deed restrictions typically apply to? | * The land use * The size and type of structures that may be placed on the property * Minimum costs of structures * Engineering, architectural, and aesthetic standards, such as setbacks or specific standards of construction |
| What are the two types of deed restrictions? | Covenants Conditions |
| What are the legal features of liens? | 1. Does not convey ownership, with one exception (a mortgage lien in a title-theory state). 2. Attaches to the property. 3. A property may be subject to multiple liens. 4. Terminates on payment of the debt and recording of the documents. |
| What is the ranking order of superior liens? | Real estate tax liens Special assessment liens Federal estate tax liens State inheritance tax liens |
| What is the ranking order of inferior liens? | Federal income tax liens State corporate income tax liens State intangible tax liens Judgment liens Mortgage liens Vendor's liens Mechanic's liens (priority by date work was performed) |
| What are the two factors that primarily establish lien priority? | 1. the lien's categorization as superior or junior 2. the date of recordation of the lien |
Created by:
medct
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