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Real Estate > Chapter 1- Ownership > Flashcards

Chapter 1- Ownership Flashcards

1
Q

What is the only way to Guarantee Ownership Rights?

A

Title Insurance

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2
Q

What is something that burdens or limits your title? Or rights held by someone else?

A

Encumbrance

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3
Q

What is another name for a “Bundle of Rights”

A

Title

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4
Q

What does the Deed do?

A

Transfers REAL property rights

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5
Q

What is the documents that says you have the rights?

A

The Deed

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6
Q

4 ways to transfer REAL property?

A
  1. Sell
  2. Will
  3. Steal
  4. Nature
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7
Q

Who else besides the owner may have rights in REAL property?

A
  1. Real Estate Taxes
  2. Lender (Bank)
  3. Easement to ingress and egress (Railroads and Utility Company)
  4. Zoning and building requirements
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8
Q

What is a spot on the earth, from the center of the earth to infinity? Including oil and air…

A

Land

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9
Q

What are the 3 physical characteristics of land?

A
  1. Immovable
  2. Indestructible
  3. Unique/Non-Homogenius
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10
Q

What are the 4 economic characteristics of land?

A
  1. Location/Citus
  2. Scarcity
  3. Improvable
  4. Permanence of investment
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11
Q

What is an Appurtenance?

A

The right, privilege, or improvement permanently attached to the land- RUNS WITH THE LAND.

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12
Q

? + ? = Real Estate

A

Land + Appurtenance = Real Estate

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13
Q

If the deed is silent, mineral rights…

A

Goes with the land

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14
Q

What are the 5 Appurtenance types of Real Estate?

A
  1. Natural
  2. Man-made
  3. Mineral Rights
  4. Air rights
  5. Water Rights
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15
Q

Trees, stream & ponds are examples of what type of appurtenance?

A

Natural

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16
Q

Fences, Barns, houses and mailboxes are examples of what kind of appurtenances?

A

Man-Made

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17
Q

Which of the Appurtenances can be divided and separated?

A

Oil rights

18
Q 
Which of the following would be a physical characteristic of land?
A. Movable
B. Destructible
C. Unique
D. Scare
A

C. Unique

19
Q

Which of the following BEST describes the extent of an owner’s rights in land?
A. The surface of the land only
B. The land and five miles below certain mineral rights
C. The surface of the land up to infinity
D. The land from the center of the earth up to infinity

A

D. The land from the center of the earth up to infinity

20
Q

Microwave Oven, AC window Unit, wall to wall rug are all examples of what type of property?

A

Personal Property

21
Q

Easily movable property is called what?

A

Personal Property

22
Q

Chattel is another word for what?

A

Personal Property

23
Q

What is a Bill of Sale?

A

Receipt for personal property

24
Q

A listed property for sale contained a water softening system that was being rented by the current owners. The sellers found a buyer for the property and a sales contract was signed. The water softening system would be considered:

A. Personal Property
B. Real Property
C. An appurtenance
D. A Fixture

A

A. Personal Property

25
Q 
A Chattel is considered to be:
A. A fixture
B. Real Property
C. An Appurtenance
D. Personal Property
A

D. Personal Property

26
Q

What is the definition and an example of severance?

A

Going from Real Property to Personal Property. Cutting down a tree for firewood.

27
Q

Is a fixture personal or real property?

A

Real Property/ real estate. A fixture stays with the property.

28
Q

Using logs from tree to build a fence would be an example of what?

A

Going from PERSONAL to REAL property. The logs were personal property and now they are a fence on the property so they are REAL property

29
Q

What is the acronym for the test to determine REAL property vs. Personal property?

A

M. - Method of attachment
I. - Intention of the attaching parties/ people
A. - Adaptation of the item

Think of the example of the vintage chain lamp.

30
Q

What is the definition of a Trade Fixture?

A

Commercial Items that are installed for business use.

31
Q

Are Trade Fixtures real property or personal property?

A

Personal property

32
Q

What is the definition of an Emblement?

A

Agricultural personal property

33
Q

What is an example of an emblement?

A

Crops that are growing in a field. Annually planted and harvested ie. corn and soybeans. Not grapes or fruit trees.

34
Q

Which of the following statement best describes the removal of trade fixtures upon the termination of a lease?
A. They could NOT be removed unless there was a written agreements when the lease was written.
B. They could be removed, even if it substantially damaged the property, as long as the tenant agrees to be responsible for the damage.
C. They could not be removed because it added substantially to the value.
D. They could be removed because trade fixtures are considered to be real estate

A

B. They could be removed, even if it substantially damaged the property, as long as the tenant agrees to be responsible for the damage.

35
Q

A buyer signed a contract with a seller to purchase a house. There was no mention of an automatic garage door opener in the contract. When the buyer took possession the garage door opener had been removed. Was the seller justified in removing it?
A. Yes, since it was not mentioned in the contract it could be removed.
B. Yes, since it was a trade fixture it could be removed prior to the sale.
C. No, it was a fixture and should have remained with the property.
D. No, automatic garage door openers always pass with the property.

A

C. No, it was a fixture and should have remained with the property.

36
Q 
A farmer owned some some agricultural property.  The farmer rented the farm to a tenant who planted an 80 acre corn crop on the farm,  The corn crop would be:
A. A trade fixture
B. Real Property
C. Personal Property of the Tenant
D. An Appurtenance
A

C. Personal Property of the Tenant

37
Q

Which of the following about fixtures is generally true?
A. They are conveyed through a Bill of Sale
B. They are added to the land on a temporary basis
C. They pertain only to those objects added to the land in the last 10 Years
D. They are considered to be part of the land.

A

D. They are considered to be part of the land.

38
Q

A woman decided to open a floral shop in her home. She completed a major renovation and added additional air conditioning. After four years she moved to a commercial location. Which of the following would she take with her?
A. The land and trees
B. All shrubbery
C. The permanent light fixtures she installed
D. Her tools

A

D. Her tools

39
Q

Rights by the government are called

A

Regulations

40
Q

Rights by private institutions are called

A

Restrictions

Real Estate (4 decks)

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