CH 5 Property

Question 1

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

Answer 1

subsurface (mineral) rights, surface rights, air rights

Question 2

What is a Livery of Seisin?

Answer 2

when you sell the entire bundle of rights together

Question 3

What is personal property?

Answer 3

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

Question 4

What are other names for personal property?

Answer 4

chattels or personalty

Question 5

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

Answer 5

The Uniform Commercial Code

Question 6

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

Answer 6

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

Question 7

A “fixture” is defined as what?

Answer 7

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

Question 8

What is a trade fixture?

Answer 8

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

Question 9

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?

Answer 9

the landlord

Question 10

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

Answer 10

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

Question 11

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

Answer 11

fructus naturales AND are considered real property

Question 12

What is annexation?

Answer 12

changing of personal property to real property

Question 13

What is severances?

Answer 13

changing of real property to personal property

Question 14

A trade fixture is what kind of property?

Answer 14

personal

Question 15

A fixture is what kind of property?

Answer 15

real

Question 16

Violation of zoning regulations renders a title what?

Answer 16

unmarketable

Question 17

Building codes are designed to provide what?

Answer 17

minimum standards to safeguard public health and welfare

Question 18

How are building codes enforced?

Answer 18

the issuing of building permits and by inspections

Question 19

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

Answer 19

uncontrolled hazardous waste sites and spills

Question 20

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

Answer 20

the EPA

Question 21

What is Eminent Domain?

Answer 21

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

Question 22

What is Taxation?

Answer 22

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

Question 23

What are the two types of taxation?

Answer 23

1. special assessment tax

2. ad valorem (also called real property taxes)

Question 24

What is a Special Assessment District (SAD)?

Answer 24

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

Question 25

What is Accretion?

Answer 25

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

Question 26

What is Erosion?

Answer 26

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

Question 27

What is Avulsion?

Answer 27

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

Question 28

What is Reliction?

Answer 28

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

Question 29

What does the Horizontal Property Act describe?

Answer 29

condo air space ownership

Question 30

Who owns the unit in a cooperative?

Answer 30

the cooperative does

Question 31

Who owns the unit in a condominium?

Answer 31

the individual person owns it

Question 32

In a cooperative, individuals / members own what?

Answer 32

members own stock in the cooperative

Question 33

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

Answer 33

Fee Simple Ownership

Question 34

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

Answer 34

cooperative

Question 35

Two types of apartment ownership?

Answer 35

1. cooperative (co-ops) | 2. condominiums (condos)

Question 36

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

Answer 36

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

Question 37

What is Fee simple title?

Answer 37

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

Question 38

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

Answer 38

owned as tenants in common

Question 39

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

Answer 39

HOA dues

Question 40

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

Answer 40

recorded to show all boundaries of individual units

Question 41

Condos and Co-ops are two types of what?

Answer 41

Common Interest Developments (CIDs)

Question 42

What is time sharing “interval ownership”?

Answer 42

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

Question 43

Time share “ownership” is what type of ownership?

Answer 43

Fee simple ownership

Question 44

What is Timeshare “use”?

Answer 44

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)

Question 45

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

Answer 45

$500