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RE Chapter 3 - Property Ownership > Ch3 - Property Ownership > Flashcards

Ch3 - Property Ownership Flashcards

1
Q

Real Property

A

The land or anything permanently affixed to it.

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2
Q

Personal Property

A

Movable objects that do not fit into the definition of real property. Conveyed by bill of sale.

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3
Q

Fixture

A

Personal property that has been affixed to and becomes part of the real property.

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4
Q

Severance

A

A fixture that is permitted to be and is detached from the land or the building would revert to personal property through severance.

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5
Q

Immobile

A

Physical Characteristic of land - The geographic location of a parcel of land is fixed - can never be changed.

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6
Q

Indestructible

A

Physical Characteristic of land - the long term nature of improvements plus permanence of the land tends to create stability in land development

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7
Q

Unique/non-homogenous

A

Physical Characteristic of land - All parcels differ geographically and each parcel has its own location

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8
Q

Scarcity

A

Economic Characteristic of land - Supply in a given location or of a specific quality can be limited. Even though there is a substantial amount of unused land.

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9
Q

Improvements

A

Economic Characteristic of land - placement of an improvement on a parcel of land affects value and use of neighboring parcels of land.

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10
Q

Permanence of Investment

A

Economic Characteristic of land - Improvements represent a large fixed investment; some such as drainage and sewerage cannot be dismantled or removed economically.

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11
Q

Area Preference/Situs

A

Economic Characteristic of land - Refers to people’s choices and desires for a given area

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12
Q

Metes & Bounds

A

Type of Legal Property Descriptions - Requires 2 permanent reference markers. Measured from specific POB and proceeds around the boundaries. Must return to the POB so the land described is fully closed

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13
Q

Rectangular (Government) Survey

A

Type of Legal Property Descriptions - Based on measurements from base lines & principal meridians. Designed to set up chalkboard pattern of identical squares over specific area.

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14
Q

Base Lines

A

Base lines run east and west (Rectangular Survey)

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15
Q

Principal meridians

A

Principal meridians run north and south (Rectangular Survey)

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16
Q

Ranges

A

Parallel vertical lines six miles apart that divide land into strips east and west of the principal meridian

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17
Q

Tiers

A

Parallel horizontal lines six miles apart that divide land into strips north and south of the baseline

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18
Q

Township

A

A township is 6 miles square (36 square miles) and contains 36 sections

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19
Q

Section

A

A section is a square mile and contains 640 acres (one acre = 43,560 sqft). Numbered from NE corner rows of 6 run East to West, West to East (Snake Pattern)

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20
Q

Determine # of acres in a legal description

A

Multiply all denominators and divide the result into 640 acres. NW 1/4 of the SW 1/4 = 4x4= 16. 640/16=40 acres

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21
Q

Subdivision Plats

A

Map of subdivison divided into numbered blocks and lots. Each parcel has a lot, block, subdivision name, city, and state.

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22
Q

True/False - A Street address is a reliable legal description?

A

FALSE - A street address is an informal reference too unreliable for a legal description because you cannot walk the boundaries.

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23
Q

True/False - In order for a claim to have any value, it must be accompanied by a verifiable and legal property description?

A

TRUE

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24
Q

Mineral Rights

A

May be owned by the owner of the surface rights, or by separate third party owners of subsurface rights such as natural gas or oil companies, as well as the developer or homebuilder.

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25
Air Rights
The right to occupy, use, or control the space above a property, such as a homeowner purchasing the air rights above a neighboring home to protect his view.
26
Water Rights
Ownership of water and land adjacent to it is determined by state law, which is based on either the doctrines of the riparian and littoral rights, or on the doctrine of prior appropriation.
27
True/False - Owners of water rights generally have the right to use water so long as they do not pollute or interrupt the flow?
TRUE
28
Reparian Rights
Rights granted to owners along a non-navigable river or stream
29
Littoral Rights
Rights granted to owners along an ocean or large lake
30
Prior appropriation
The right to use water is controlled by the state rather than by the adjacent landowner. Person must first show beneficial use for the water such as crop irrigation to secure water rights.
31
Lien
A charge against property that provides security for a debt or obligation of the property owner. Affects title.
32
True/False - If the debt (Lien) is not repaid, the lien holder has the right to have it paid out of the debtor's property, generally from the proceeds of a court of foreclosure sale
TRUE
33
Specific Lien
Relates to specific real or personal property. Possible specific liens - Real estate taxes, mortgages, and mechanics' liens.
34
General Lien
Judgement, or court decree, applies to all of the debtors property both real and personal as well as all assets.
35
True/False - Real estate property taxes and special assessments usually take priority over all other liens, regardless of date of recording
TRUE
36
True/False - In some states, mechanics' liens may be given priority over previously recorded liens?
TRUE - Mechanics' liens revert to the date the work was started, not to when the lien was recorded.
37
Deed Restriction (or Restrictive Covenant)
A private limitation on the use of property. Can be enforced by court injunction.
38
Easement
An Easement is a right acquired by one party to use the land of another party for a specific purpose.
39
Easement Appurtenant
Gives the easement beneficiary the right to use another's property. They "run with the land" and are not terminated by the sale of either the servient or dominant tenement.
40
True/False - An easement appurtenant requires that there be two tracts of land either contiguous or noncontiguous, owned by different parties?
TRUE
41
Servient Tenement
The tract of land over which the easement runs
42
Dominant Tenement
The tract of land that benefits from the easement.
43
Easement in Gross
A personal interest in or right to use the land of another, such as the right of way for a utility company. `
44
Easement by necessity
Arises when there is no other access to a property by a street or public way, and the easement is required by necessity rather than for convenience.
45
Easement by prescription
When the claimant has use of other's land for the prescriptive period, generally from 5 to 20 years. Claimant use must have been continuous, without owner approval, visible, open and notorious.
46
License
Permission to enter the land of another for a specific purpose, such as permission to park in neighbor's driveway or to go hunting on another's property.
47
What is the difference between a License and an Easement?
A license can be terminated or cancelled by licensor at any time and does NOT run with the land.
48
Encroachment
Illegal extension of a building or some other improvement, such as a wall or fence, beyond the boundaries of the land of its owner and onto the land of an adjoining owner.
49
Feudal Ownership
King or government held title to the land, individual is merely a tenant.
50
Allodial Ownership
System in which an individual can hold property free and clear of any rent or service to the government - USA system
51
Police Power
Power of the state to establish legislation to protect public health and safety and promote general welfare.
52
Eminent domain
Right of government to acquire private property for public use while paying just compensation to the owner through a process known as condemnation.
53
Escheat
Reversion of real estate ownership to the state after a statutory time period has elapsed, as provided by state law, when an owner dies and leaves no heirs or no will, or when the property is abandoned.
54
Taxation
Charge on real estate to raise funds to meet the public needs of the government
55
Freehold estate
Estates of ownership for indeterminable length
56
Fee simple absolute
Maximum interest in real estate recognized by law. Holder entitled to all rights incident to property. Continues for indefinite period and is inheritable by heirs of owner.
57
Fee simple defeasible
Continues for an indefinite period and may be inherited. Estate extinguished on the occurrence of a designated event, the time of such occurrence being uncertain.
58
Life estate
Limited ownership for the duration of the life tenant. Can be created for the life of another person.
59
Life tenant
Owner of a life estate, has limited rights.
60
Homestead
Tract of land owned and occupied as the primary residence.
61
Adverse possession
Continuous, open, hostile, notorious, and adverse possession of another's property without his or her permission
62
Tenancy in common
All owners have equal rights of posession. May hold equal or unequal shares. Can sell, convey, mortgage, or transfer his or her interest without the consent of the other co-owners. Co owners do NOT take ownership upon death, passed to heir.
63
Joint tenancy
All owners must have equal shares and possession. Upon death the share is automatically transferred to other owners without going through probate.
64
Four unities
Time, Title, Interest, and Posession - required to create a valid joint tenancy.
65
Tenancy by the entirety
Owners must be husband and wife and live in a state that recognized this type of ownership. Both parties must sign. Owners have right of survivorship.
66
Community property
Marital property - Husband and wife may have sole ownership of the separate or individual property if it was owned solely by either spouse before the marriage.
67
Partnerships
Association of two or more persons to carry on business as co-owners and share in the profits and losses of that business.
68
Corporations
Ownership in severalty - corporations are considered by law to be a single entity.
69
Syndicates
Joining together of two or more parties to create and operate a real estate investment.
70
REIT's
Real Estate Investment Trust- Ownership of real estate by a group of individual investors who purchase certificates of ownership in the trust.
71
Cooperative
Title to the land and the building are held by the corporations whose sole interest is the property. Each purchaser becomes a corporate stockholder and receives a proprietary lease.
72
Condominiums
Generally created under a horizontal property act. Owner holds fee-simple title to one unit and a specified share in the common elements as a tenant in common.
73
Time-share
Allows multiple buyers to buy interest in real estate with each buyer receiving the rights to use the facilities for a specified period of time
74
Bundle of Rights
Legal concept that gives the owner of the land all legal rights to the land such as possession, disposition and exclusion.
75
Accession
Acquiring the title to additions or improvements to real property as a result of accretion of alluvium or annexation of fixtures.
76
Accretion
Increase in land resulting from soil deposited by the natural force of water.
77
Alluvation
Actual soil increase deposit resulting from accretion
78
Avulsion
A sudden tearing away of land by the action of natural forces.
79
Appurtenances
Rights belonging to the land.
80
Assignment
Transfer of rights and/or duties under a contract
81
Attachment
Procedure by which property of debtor is placed in the custody of the law and is held as security, pending the disposition of a creditor's suit.
82
Benchmark
Permanent metal marker embedded in cement, which is used as a reference to indicate the elevation above sea level and actual physical location
83
Cloud on title
Any claim that may impair the title to a property
84
Cul-de-sac
Street open at only one end and generally with a circular turnaround at the other end.
85
Erosion
Gradual washing away of soil caused by flowing water or air.
86
Lis pendens
Action Pending - Recorded document that creates constructive notice that an action relating to a specific property has been filed in court.
87
Novation
Also a transfer of rights and/or duties under a contract
88
Quiet title action
Court action to establish the title to a specific property
89
Statue of frauds
Law that requires that certain contracts be in writing and signed by all parties
90
Status of limitations
Law that refers to the length of time within which a party may sue.
91
Waste
Abuse by one holding less than a fee estate that results in permanent injury to the land or property.
92
Writ of attachment
Writ filed during a lawsuit that prevents the dedbtor from transferring title to the property involved in the suit
93
Statue of descent and distribution
The surviving spouse is frequently allowed to take a specific portion of estate in free, rather than life, estate.
94
Trade fixture
An item installed by a commercial tenant according to the terms of a lease and removable by the tenant before the expiration for the lease - personal property. If not removed the fixture becomes real property.

RE Chapter 3 - Property Ownership (1 decks)

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