Chapter 1: Property Ownership And Land Use Controls And Regulations Flashcards
The right to possess and use property includes the right to:
- Occupy
- Sell or dispose
- Encumber
- Lease the property
What are the primary categories of classes of property:
Real Estate/Real Property
Personal Property
Real estate is sometimes called:
Real property
Personal property is sometimes called:
Chattel
What is hypothecation?
Taking out a loan using your real or personal property as collateral.
Explanation: When you use property as collateral for a loan while the owner retains ownership of the property.
What are the physical components of real estate?
- Land
- Anything affixed to land, such as a fixture
- Anything appurtenances to the land
- Anything which cannot be removed from the land by law.
What is the fixture test?
M= Method of attachment
A= Agreement of the parties
R= Relationship of the parties
I= Intention of the parties
A= Adaptability of the fixture
Land includes:
- Soil
- Rocks
- Other materials of the earth
- Reasonable airspace above the earth
What type of roof is this?

Single Dormers
What type of roof is this?

Shed Dormer/ Dustpan
What type of roof is this?

Gambrel
What type of roof is this?

Gable
What type of roof is this?

Mansard
What type of roof is this?

Hip
What type of roof is this?

Pyramid
What type of roof is this?

Flat
What is an easement?
The right to enter or use another’s land as an encumberance on their title.
In an easement, who is the dominant tenement?
The party who benefits from the easement.
In an easement, who is the servient tenement?
The party who is burdened by the easement.
Easements are classified as:
- Prescriptive
- Appurtenant
- In Gross
What is a prescriptive easement?
A right of access to another’s property gained through use.
What is an appurtenant easement?
Give an example.
The right to cross or use a property which runs with the property as an interest held in the burdened real estate.
For example, a buyer of real estate in which the seller possessed a dominant tenancy would gain that same right over the servient property when eithe rproperty is transferred.
What is an in gross easement?
Belongs to an individual, not land, as their personal right in the burdened real estate, generally appled to a utility company.
What are some types of encumbrances?
Easements
Liens
Encroachments
Restrictions
What are trade fixtures?
- Equipment or fixtures that are used to render services or make products for the trade or business of a tenant.
- Trade fixtures are always personal prpoperty.
What are improvements?
Structures built upon land, including residential and commerical properties.
What do land improvements consist of?
foundations, framing, roofing.
What are liens?
Interests in real estate which secure payment or performance of a debt or other monetary obligation.
What are two examples of liens?
- A trust deed loan
- Local property taxes
A lien always has a dollar value. Further, a lien can be:
- Voluntary (debt)
- Involuntary (property tax, mechanic’s lien) placed against a specific property
- General (judgment, income tax) filed against the individual and appplied to real estate owned by them in the county where the lien is recorded.
What is an encroachment?
A trespass upon a neighbor’s property.
What are deed restrictions?
Restrictions created by deed or by written agreement, such as conditions, covenants and restrictions (CC&R’s) in a community government by homeowners’ association (HOA).
What are estates?
Ownership interests a person may hold in real estate.
Estates are classified as:
- Fee estates
- Life estates
- Periodic tenancy
- Estate for years
- Estate at sufferance
- Estate at will
What is a fee estate?
Sometimes referred to as inheritance or perpetual estates. The owner of a freehold estate owns the fee title to a parcel of real estate. Fee title properties are held in perpetuity,
What is a life estate?
Life estate properties are held for a finite period of time.
When a life estate ends, the interest in the property is either:
Returend to the original owner; or
Transferred to another party.
What is a reversionary right?
It is when the interest in property is returned to the original owner upon the end of the life estate.
What is a remainder interest?
When interest in property is transferred to another party upon the end of the life estate.
What are leasehold estates?
Estates classified as less-than-freehold.
A leashold estate comes in the following agreements:
Periodic tenancy
Estate for years
Estate at sufferance
Estate at will
What is a periodic tenancy?
A leashold estate such as a month-to-month rental.
What is an estate for years?
leasehold estate such as a lease with a fixed term and termination date.
What is an estate at sufferance?
A leashold estate such as a tenant’s holdover of a property beyond the expiration of a lease.
What is an estate at will?
A leasehold estate such as a tenant’s continued occupancy beyond the lease term.
Facts about a condominium?
- A legal form of ownership rather than a building design.
- Any space that can be defined by an engineer can be made into a condominium.
- Ownership of a condominium is defined as air space.
- Condominium properties generally contain a shared common area.
What is a planned unit of development (PUD)?
May be a gated community or include a recreation center.
The parties to a lease are:
- lessor, the owner of the real estate; and
- lessee, the tenant.
What is a gross lease?
A lease in which the rental amount includes all property expenses.
What is a Net lease?
A lease in which the tenant will be obligated to pay cerain property expenses such as taxes, insurance and maintenance.
What is a percentage lease?
Under a percentage lease, the rental payments will equal portion to the sales or income generated by the business.
A lease in excess of how many years must be in writing to be enforceable?
A lease in excess of one year.
What are the items that must be stated in a written lease?
- termination date
- rental amount
- name of the parties involved
- a description of the property.
Written leases must be signed by who to be enforceable?
A written lease must be signed by the lessor (the owner of the real estate)
A copy of the signed lease must be given to the lessee within how many days?
15 days