CHAPTER 1 -- OWNERSHIP Flashcards
Legally and technically, property is defined as:
(A) that which is capable of involuntary transfer; (B) things with buyers and sellers; (C) rights or interests which a person has in a thing owned; (D) only personal property.
(C) rights or interests which a person has in a thing owned
How can water rights be severed?
- voluntary transfer
- condemnation
- prescription
The owner of land owns riparian rights to water on, under, or adjacent to the land in which of the following?
(A) oceans and bays; (B) rivers or streams; (C) underground caves with water; (D) all of the above.
(B) rivers or streams
When an owner acquires land which includes riparian rights, such riparian rights:
(A) give the owner absolute ownership of the water; (B) must be expressed in the trust deed; (C) may be determined accurately from an examination of public records at the County Recorder’s Office; (D) concern the use of moving water, such as a steam or brook within the watershed.
(D) concern the use of moving water, such as a steam or brook within the watershed
What does M-A-R-I-A stand for in regards to fixtures?
M - Method of attachment A - Agreement between the parties R - Relationship of parties I - Intention of parties A - Adaptability of the object
Are business opportunities real or personal property?
Business opportunities are PERSONAL property.
How is personal property transferred?
With a Bill Of Sale.
Who needs to sign a Bill Of Sale?
The seller must sign a Bill of Sale.
What are the name of crops which must be planted annually (i.e.: they do not produce fruit every year)
Emblements
What is usually considered real property?
(A) Crops which have been harvested; (B) minerals which have been mined; (C) stock in a mutual water company; (D) growing crops which have been sold.
(C) stock in a mutual water company
Which of the following would be considered real property?
(A) a built in refrigerator in a mobile home not attached to a permanent foundation; (B) trade fixtures installed by a tenant but which are removable without damage; (C) a mature grape crop which is under a sales contract and to be harvested later; (D) a load bearing wall in a single-family house.
(D) a load bearing wall in a single-family house
When the owner of a parcel of land cuts down a tree, it becomes personal property by the process of:
(A) Annexation; (B) mobility; (C) severance; (D) fixation
(C) severance
What are the two main types of encumbrances?
Money (liens) and Non-Money encumbrances
Is a homestead an encumbrance?
No. A homestead is not an encumbrance.
What are the two types of money encumbrances (liens)?
Voluntary (loans, trust deeds, mortgages) and In-Voluntary (mechanic’s liens, judgement liens), Specific (having to do with a particular property), General (burdens on any and all property of the owner in the county they are recorded)
What’s another name for a lien?
A charge against the property
What needs to happen for a mechanic’s lien to be valid?
It must be verified and recorded.
How long do you have to submit a Notice of Non-responsibility after obtaining knowledge of an improvement?
10 days
Which of the following is not an encumbrance?
(A) a lease; (B) an easement; (C) a lien; (D) a homestead.
(D) a homestead
An owner employed Super Construction Co. to install a swimming pool at their home. If the pool company was not paid and it was necessary for them to file a lien for payment of the contract, the encumbrance created would be:
(A) a specific lien; (B) a general lien; (C) a voluntary lien; (D) none of the above.
(A) a specific lien
Each of the following are specific liens EXCEPT:
(A) judgement liens; (B) property tax liens; (C) attachment liens; (D) mechanic liens.
(A) judgement liens
Which of the following affect the filing of the mechanics lien?
(A) notice of non-responsibility; (B) date of completion of the project; (C) date of cessation of labor; (D) all of the above.
(D) all of the above
How many days does a contractor have to file a mechanic’s lien if a notice of completion is not recorded?
90 days after completion of the work to the approvement
How long is a lis pendens effective?
(A) 1 year; (B) 2 years; (C) 5 years; (D) as long as the litigation is pending.
(D) as long as the litigation is pending.