6 - Ownership Flashcards
Which of the following is a physical characteristic of land? A - Destructibility B - Mobility C - scarcity D - uniqueness (non-homogeneity)
D - uniqueness
Metes and Bounds includes what?
A point from which the description begins and ends
The effect of mineral rights when the land is sold?
They automatically transfer to the buyer unless specifically excluded in the deed
Describe a Fixture
An article that WAS once personal property.
A fee simple estate
The highest form of ownership one can hold.
If you’ve been conveyed property for lifetime and designate to a friend to be the remainderman, when you die what ownership do they get?
Fee Simple Estate
Land is converted to a university “so land as” the real estate is used for educational purposes:
Fee Simple Defeasible (determinable) estate
Creditors are trying to force a homeowner to sell her home to pay for debts such as charge accounts and personal loans. The homeowner may be allowed certain protection from them through her:
Homestead Rights
A legal life estate that a wife has in the RE of her deceased husband:
Dower
Ownership in Severalty
One Property owned by One Person
Investors buy a property and have equal ownership. Each has the right to sell or leave their interest to their heirs. How is this set-up?
Tenancy in Common
Married couple bought a property. They set it up so that if one dies the other would IMMEDIATELY become the sole owner:
Joint Tenants
Several people own a property as Tenants in Common. One of them wants to sell the property, but the others want to keep it. If they can’t reach an agreement, what should the sell-out do?
File a Partition Action
What form of ownership requires unities of possession, interest, time and title?
Joint Tenancy
A company buys a piece of land. The company is owned by five stockholders- each as equals. What ownership is this?
An estate in severalty
Does a land description need the street address?
NO!
A couple can hold title to a property as:
Tenancy in Common
I’m in the Record room of the courthouse, since the seller doesn’t have a copy of the warranty deed… what is my first point of reference?
Grantor-grantee index
What kind of ownership is not recognized in GA?
Tenancy in Entiret
Under coop ownership a company can’t pay their fees anymore. The property might be sold by court order in a foreclosure suit. This would result in:
Destroying the interest of all the shareholders, including those who have paid their payments
In a cooperative ownership the title to real property is:
Held in severalty by a corporation
Under a condo ownership, the land under the building and common areas are owned by:
All individual unit owners and tenants in Common
Land physical characteristics
Immobility
Indistractibility
uniqueness/non-Homogeneity
Land economic characteristics
Scarcity and improvements/modifications
