Ch3: Interests in Real Estate

Question 1

Novation

Answer 1

Obligation in contract replaced with another - contract

Question 2

Appurtenance

Answer 2

Attachment to property - A/C or furnace

Question 3

Escheat

Answer 3

Governments right to property if unclaimed - if will isn’t executed

Question 4

Lis Pendens

Answer 4

Latin for litigation pending

Question 5

Trade fixtures

Answer 5

A commercial tenants removable fixtures - if not removed before end of lease ownership is moved to leasee not leasor

Question 6

Meridians

Answer 6

Parallel vertical lines running N & S 6 miles apart used in government survey legal description

Question 7

Township

Answer 7

36 sections with each section having 640 acres

Question 8

Specific lien

Answer 8

A special assessment

Question 9

Servient Tenement

Answer 9

Easement is placed on this tenement

Question 10

Dominant Tenement

Answer 10

Tenement easement user

Question 11

Prescriptive easement

Answer 11

An easement created by open, notorious, hostile, & continuous usage

Question 12

License

Answer 12

Revocable permission to use another’s land

Question 13

Remainderman

Answer 13

The person to whom a life estate goes to upon death of life tenant

Question 14

Tenancy in common

Answer 14

No right of survivorship where the heirs inherit the deceased persons percentage of ownership

Question 15

Joint tenancy

Answer 15

Ownership with right of survivorship

Question 16

Valuable consideration

Answer 16

New contractual substitution of obligations from one party to another

Question 17

Legal requirements of Joint Tenancy

Answer 17

• ownership interest must be equal
• a co-owner cannot will his interest in a property
• the last survivor owns the property in severalty

Question 18

Adverse Possession

Answer 18

Squatters Rights

Being there for period of time therefore establishing rights

Question 19

Metes and bounds

Answer 19

Land description that begins at a specific point and proceeds around the boundaries of a parcel by reference to linear measurements and directions

Question 20

Defeasible Fee Estate

Answer 20

Conditions for property ownership- if conditions not met ownership reverts back to previous owner

Question 21

Chattels

Answer 21

Personal property