Real Estate Principals lesson 1
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Property | rights or interest
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| Governmental powers | police power escheat taxation, eminent domain
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| Personal property | movable property
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| mortagage, trust deeds and stocks are? | personal property
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| personal property can be? | aliented,hypothecated, or become real property
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| alient? | to convey or transfer
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| real property | immovable
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| What happens to mineral rights when sold? | they automatically transfer with the property
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| How far does one own when they own land | space beneath to the center of the earth and the airspace above it
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| hypothecated?? | use as collateral but still have access to it
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| Riparian rights? | right to river
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| Littoral rights? | right to lake
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| Appropriation? | only the state can take away riparian rights
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| Surface waters? | may protect his land from water but cannot by putting it off on someone else's land
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| Water table? | denoted the depth where water is found
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| what point is land deeded to? | mean high tide
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| percolating water | underground waters not in a defined channel
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| Fixtures are? | incorporated to the land
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| how many tests are there to determine if something is a fixture? | five
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| What are the five tests to determine if something is a fixture? | MARIA-method,Adaptability,relationship,intention,agreement
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| What is the most important test in determining whether something is a fixture? | intention
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| what are not tests to determine if something is a fixture? | size and cost of the item
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| Trade fixtures? | items that are unique to a trade or buisness
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| can trade fixture be removed? | yes
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| Are trade fixtures real property? | no
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| Appurtenances? | anything used with the land for its benefit
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| What passes automatically with the land? | appurtenances
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| Stock in a mutual water company is? | appurtenance
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| Estate? | ownership
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| What are the two types of estates? | freehold and less-than-freehold
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| freehold estate | may have encumberances
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| fee simple absolute | the owner holds title without any qualifications
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| what is the greatest degree of ownership | fee simple absolute
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| fee simple defeasible | there are conditions or limitations of the use of the property
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| Life estate? | an estate limited to the life of another
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| holder of a life estate? | may sell,encumber, or lease for the duration of the life estate
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| what happens when a life estate ends? | lease or encumbrance is terminated
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| estate in reversion? | held by original grantor
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| estate in remainder? | estate goes to the appointed survivor
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| less-than-freehold estate | lease
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| what are the types of less-than-freehold estates? | estate for years,periodic tenancy,will,sufferance
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| estate of years? | continues for a definant period of time
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| estate of periodic tenancy | continues from period to period (month-to-month)
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| What are the types of leases? | gross,net,percentage,graduated,sandwhich
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| percentage lease? | lessee pays rent based of percentage of gross receipts
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| leasehold estate in real property? | are personal property
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| the lessee owns? | the less-than-freehold estate
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| Although a lease transfers temporary possession? | not ownership of the real property
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| The lessor holds? | "reversionary interest"
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| what is the max lease on agriculter | 51 years
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| what is the max lease on property that is not agriculter | 99 years
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| how long does a lease have to be in writing | longer than one year
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| who must sign the written lease? | the lessor
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| When does a tenant have the right to terminate a lease? | landlord breaks terms of contract
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| how much can a tenant spend in order to make a needed repair? | one months rent and only twice in one year
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| remedies of landlord? | what a landlord can do if tenant fails to pay rent
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| quiet enjoyment possession? | tenant has the right to quiet enjoyment
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| eviction by the landlord or another person who has pramount title? | is a breach of his covenant
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| surrender | termination of lease by mutual agrement between parties
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| Assignmemnt | All time in property
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| Sublease | Some time
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| rent | consideration for the use of property
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| how is the rent of a warehouse determined? | square foot
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| Security deposit? | can't exceed two months rent on unfurnished and three months rent on furnished
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| license | personal, revocable
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| title vesting? | tenancy is a mode of holding property(how it's owned?)
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| Separate vesting? | ownership in severalty/sole ownership
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| con current estate? | simultaneous ownership by two or more
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| Joint tenancy? | right of surviviorship & "4 unities" time,title,interest,possession
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| what are the four unities of time? | time, title,interest,possession
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| Joint tenancy can? | Not be willed
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| Tenancy in Common? | No right of surviviorship,possession, can be willed
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| Community property? | all property acquired by husband and wife during marriage
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| house much is owned by each spouse with community property? | 50%
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| Separate property? | is acquired by gift,inheritance, or prior to marriage
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| how long does a spouse have to void the sale of community property | one year
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| when can a husband or wife dispose of his or her half of interest? | by will
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| when a deed names husband and wife? | the vesting is considered community property
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