CH 2 - Property Ownership Flashcards
severance
When real property becomes personal property.
chattel is ___________
personal property
If a trade fixture is not removed prior to the expiration of the lease, what happens?
It becomes real property and belongs to the landlord.
Riparian Rights
rights of a landowner whose land borders on a stream/river
Littoral Rights
rights of a landowner whose land borders a pond, lake or ocean
increase or addition of land by the deposit of sand or soil washed up naturally from a body of water
Accretion
Different forms of Accretion (3):
Alluvion, Reliction, Accession
2 forms of reduction/loss of land
Erosion, Avulsion
3 physical characteristics of land
Land is immovable, indestructable, and unique.
3 economic characteristics of land
Scarcity, Improvements, Location
This system determines the precise location of parcels of land and is used in the original 13 colonies:
Metes and Bounds System
Metes refers to ________; Bounds refers to _______
Metes = distance Bounds = direction
Metes and Bounds requires the surveyor to first ________________.
locate the monument
Metes and Bounds… description must begin and end at the ______________.
Point of Beginning (POB)
True of False: The Government Rectangular System is used in South Carolina.
False, The Government Rectangular System is used in all states EXCEPT the original 13 colonies (including SC), the states created from those colonies, and Kentucky, West VA and TX.
1 township = ____ square miles
1 township = 36 square miles (6x6)
1 township = ____ sections
1 township = 36 sections
1 section = ____ square miles
1 section = 1 square mile
1 section = ____ acres
1 section = 640 acres
__ section(s) = __ square miles = __ acres
1 section = 1 square mile = 640 acres
True or False: Township lines go East-West. Range lines go North-South.
True
Divide a section (in acres) by taking 1/4th, four times.
640 / 4 = 160 acres
160 / 4 = 40 acres
40 / 4 = 10 acres
10 / 4 = 2.5 acres
An encumbrance makes a property _________.
unmarketable - you cannot give it away
The most popular example of an encumbrance.
a lien
Where does an Ad Valorem Property Tax Lien go in terms of lien position.
first position
True or False: Ad Valorem Property Tax Liens must be recorded.
False. Ad Valorem Property Tax liens do not need to be recorded.
Mortgage liens are considered to be _______.
voluntary
Specific liens apply to ________, while general liens apply to _________.
specific liens = specific piece of property
general liens = all of a debtor’s real/personal property
Three types of General Liens:
Federal Tax Liens, State Tax Liens, Decedent’s Debt Lien
What’s the difference between dominant and servient tenement?
The dominant benefits from the servient.
_________ are created by the following means: Necessity, Prescription, Condemnation, Dedication, Implication, or mutual agreement.
Easements
What is prescription?
When one openly trespasses on a property for a continuous period of time and is not stopped. Trespasser obtains an easement by prescription.
What is the highest degree of ownership recognized by this country?
Fee Simple Absolute
“Fee” indicates ________; and “Simple” indicates _______
"fee" = can be inherited "simple" = not complicated
When you hear “defeasible” you should think ___________
restrictions or limitations
Fee Simple with an Executory Interest
after land use violation, rights to the land pass to a third party
Tenancy in Severalty means how many owners?
one owner (several-ty is kinda tricky)
Tenancy in Common
multiple owners, every owner has their own title and can sell it
What type of tenancy requires more than one owner and must specify a right of survivorship?
Joint Tenancy
The remainder in life estate does not have a right to _____________.
occupy a residence
The remainder in a life estate receives the interest of a life estate upon ___________
the death of the life tenant
The life tenant has the right to _________________.
use the property as long as they are alive.
Name the bundle of rights (5 items)
use, possession, control, disposition, quiet enjoyment
When using a business entity for practicing real estate, what key requirement must be met in order for commissions to be paid to the business entity?
all owners of the business entity must have a real estate license
Kim and Tina bought a property as joint tenants. Kim died testate. Tina now owns the property ________.
in severalty; AKA Tenancy in Severalty
