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RE Ch 1-3 Q&A

Real Estate Q&As for Chapters 1-3

QuestionAnswer
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 tenant’s 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 earth’s 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 property’s 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