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Real Estate Course 1 > CH 5 Property > Flashcards

CH 5 Property Flashcards

1
Q

There can be three separate owners to a piece of land, which are?

A

subsurface (mineral) rights, surface rights, air rights

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2
Q

What is a Livery of Seisin?

A

when you sell the entire bundle of rights together

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3
Q

What is personal property?

A

anything that is not real property and readily movable such as furniture

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4
Q

What are other names for personal property?

A

chattels or personalty

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5
Q

What regulates the transfer, by means of bill of sale, of personal property?

A

The Uniform Commercial Code

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6
Q

“Choses in action” is a legal phrase that describes what?

A

the right to recover money or other personal property through a judicial proceeding

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7
Q

A “fixture” is defined as what?

A

something that once was personal, but has been installed and becomes real property

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8
Q

What is a trade fixture?

A

fixture installed by tenant in order to do their business / trade

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9
Q

If a trade fixture is installed on a rental property and is not removed when the lease expires, who does the fixture then belong to?

A

the landlord

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10
Q

Annual crops such as wheat, corn, and vegetables are known as what and considered what type of property?

A

emblements or fructus industriales AND considered personal property but will be sold with property is still growing

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11
Q

Perennial trees, perennial bushes, and grasses that do not require annual cultivation are known as what and considered what type of property?

A

fructus naturales AND are considered real property

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12
Q

What is annexation?

A

changing of personal property to real property

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13
Q

What is severances?

A

changing of real property to personal property

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14
Q

A trade fixture is what kind of property?

A

personal

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15
Q

A fixture is what kind of property?

A

real

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16
Q

Violation of zoning regulations renders a title what?

A

unmarketable

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17
Q

Building codes are designed to provide what?

A

minimum standards to safeguard public health and welfare

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18
Q

How are building codes enforced?

A

the issuing of building permits and by inspections

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19
Q

The Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) was created in 1980 and established a fund, called the Superfund, to clean up what?

A

uncontrolled hazardous waste sites and spills

20
Q

The Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) is administered and enforced by who?

A

the EPA

21
Q

What is Eminent Domain?

A

the right of the government (federal and state) to take private property for a necessary public use/good while compensating an owner

22
Q

What is Taxation?

A

the right the government has to collect funds to pay for public services

23
Q

What are the two types of taxation?

A
  1. special assessment tax

2. ad valorem (also called real property taxes)

24
Q

What is a Special Assessment District (SAD)?

A

created when no other funds are available to improve and repair in under developed or older areas

25
Q

What is Accretion?

A

the increase of land created by deposits of soil by the natural action of the water

26
Q

What is Erosion?

A

the decrease of land by the gradual wearing away that is caused by flowing water

27
Q

What is Avulsion?

A

the “sudden” loss of land by an act of nature (e.g., the ocean washes away the water front during a typhoon)

28
Q

What is Reliction?

A

Increase in land due to the receding of water from the shore

29
Q

What does the Horizontal Property Act describe?

A

condo air space ownership

30
Q

Who owns the unit in a cooperative?

A

the cooperative does

31
Q

Who owns the unit in a condominium?

A

the individual person owns it

32
Q

In a cooperative, individuals / members own what?

A

members own stock in the cooperative

33
Q

What type of ownership is an individual able to have in a condominium?

A

Fee Simple Ownership

34
Q

In what type of apartment ownership do individuals have long term leases?

A

cooperative

35
Q

Two types of apartment ownership?

A
  1. cooperative (co-ops)

2. condominiums (condos)

36
Q

In a cooperative, individuals make monthly rental payments and TIMM payments to who?

A

the cooperative who collects the money from everyone to then pay the bills

37
Q

What is Fee simple title?

A

the type of ownership in which the person owns the max interest they can in a piece of real estate

38
Q

In a condo, common elements such as pools are owned as what?

A

owned as tenants in common

39
Q

In a condo, each person must pay what dues for common areas?

A

HOA dues

40
Q

What is a Master Deed or Declaration used for in regards to condos?

A

recorded to show all boundaries of individual units

41
Q

Condos and Co-ops are two types of what?

A

Common Interest Developments (CIDs)

42
Q

What is time sharing “interval ownership”?

A

popular for vacation areas, a buyer purchases ownership of a property for a specific period of each year

43
Q

Time share “ownership” is what type of ownership?

A

Fee simple ownership

44
Q

What is Timeshare “use”?

A

right to occupy facility for a certain number of years during their specific time period but when the time is up the owner have the right to terminate the use (NOTE this is not a fee simple estate)

45
Q

An agreement for the sale of personal property must be in writing if the amount or value of the property exceeds what amount?

A

$500

Real Estate Course 1 (6 decks)

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