Chapter 3

Question 1

Adverse possession

Answer 1

Allows a person who uses another’s property to gain ownership when the use is actual, open, notorious, exclusive, hostile, continuous, and long enough ( set by state law).

Question 2

Annexation

Answer 2

Is the manner of attachment of personal property to real estate. It is an important determinant of weather the object attached becomes a fixture ( part of the real estate). Annexation is also the process applied by a city to grow by including adjacent land.

Question 3

Chattel

Answer 3

Are item of personal property, including autos, clothing, and movable furniture.

Question 4

Color of title

Answer 4

Is what appears to be a good title but is not.

Question 5

Community property

Answer 5

Is a form of ownership recognized in seven states, most of Spanish origin. Property acquired by a husband and wife by joint effort during their marriage is owned one-half each. Property either owned separately before marriage or inherited during marriage remains.

Question 6

A condominium

Answer 6

(condo) is a form of ownership whereby a person owns a specific unit, can mortgage it, and has right to use the common property jointly.

Question 7

A cooperative

Answer 7

(Co-op) is a form of ownership whereby a person owns stock in a corporation, receiving exclusive use of a specific unit and rights to use the common property jointly. Co-op and condo owners must pay assessments.

Question 8

Constructive notice

Answer 8

occurs when an instrument, such as a deed, is recorded in the county courthouse to give notice to the world of its existence.

Question 9

Corporeal

Answer 9

refers to property that is tangible (I.e., can be seen or touched). Example, Building , land

Question 10

Incorporeal property

Answer 10

Refers to intangible property. Example brand name , knowledge, copyright

Question 11

Devise

Answer 11

Is a transfer of real estate by will or testament.

Question 12

Bequeath

Answer 12

Is a transfer of personal property by will or last testament.

Question 13

Dower rights

Answer 13

In states that recognize them, give the wife (or child) an interest in part of her deceased husband’s estate.

Question 14

Curtesy

Answer 14

The right of a husband to all or part of his deceased wife’s realty regardless of the provisions of her will.
Importance: where curtesy exists, it is the husband’s counterpart to dower.

Question 15

Easement

Answer 15

Is the right to use the property of another for a specific purpose.

Question 16

Eminent domain

Answer 16

Is the right of government, or an entity with governmental authority, to take private property for public use. The process is called condemnation, which requires payment of just compensation for the property taken.

Question 17

Erosion

Answer 17

Is the gradual removal of land by nature.

Question 18

Avulsion

Answer 18

Is the sudden removal of land, as by a hurricane.

Question 19

Accretion

Answer 19

is a natural addition to land.

Question 20

Estate

Answer 20

Is the degree, quantity, nature, and extent of interest a person has in property.

Question 21

Life estate

Answer 21

Estate that expires on the death of the life tenant.

Question 22

Remainderman

Answer 22

The person who is to receive possession of a property after the death of the life tenant.

Question 23

Pur autre vie

Answer 23

(For another’s life) is a type of life estate that end on the death of someone other than the life tenant.

Question 24

Fee simple

Answer 24

(Fee simple absolute) is the greatest form of ownership one can have. It is subject to eminent domain and land use controls.

Question 25

Fixture

Answer 25

Is an object that was personal property before being affixed to real estate in a manner that caused it to be part of the real estate. A business may remove a trade fixture (signs, counters, bar stools) when its lease expires.

Question 26

Foreclosure

Answer 26

Is the process to force the sale of a property for nonpayment of a claim on it.

Question 27

Freehold estate

Answer 27

Is an interest in real estate without a know termination date.

Question 28

Nonfreehold

Answer 28

(Less than freehold) When there is an interest in real estate with a preset termination date.

Question 29

Home stead

Answer 29

Is the protection of family’s home from creditors in certain instances such as bankruptcy; the dollar amount or other limits vary by state.

Question 30

Interest in real estate

Answer 30

Allows a party certain use but is less than fee simple estate.

Question 31

Intestate

Answer 31

Refers to a person who died without a will. State law determines heirs.

Question 32

Joint tenancy

Answer 32

Is a form of ownership characterized by survivorship. When one dies, the remaining hominy tenants inherit the portion owned by the decedent.

Question 33

A license

Answer 33

Gives a person permission to go onto another’s land for a special purpose.

Question 34

License

Answer 34

Is also the privilege given by the state to a person to operate as a real estate salesperson or broker.

Question 35

Littoral

Answer 35

Refers to the shore line of property on a large body of water, such as an ocean. Generally, private ownership stops at the main high-water mark.

Question 36

Personal property

Answer 36

(Also called personalty) is the fall other than real estate.

Question 37

Prescription

Answer 37

Refers to an easement acquired by adverse possession.

Question 38

Property

Answer 38

Refers to the legal rights to use and enjoy things or, in layman’s terms, the things themselves.

Question 39

Real estate

Answer 39

(Also called realty) refers to land and everything permanently affixed to land.

Question 40

Riparian

Answer 40

Refers to land bounding on a stream, lake, or river.

Question 41

Survivorship

Answer 41

Is when a co-owner automatically inherits ownership of the portion that belonged to another person who has died.

Question 42

Tenancy by entireties

Answer 42

Is a form of joint tenancy (having survivorship) that exists only in certain states and is available only to husband and wife. It protects a spouse’s rights to the home from certain actions of the other spouse.

Question 43

Tenancy in common

Answer 43

Is a form of co-ownership by two or more people without survivorship. Each tenant in common owns an undivided interest in the whole and may dispose of his/her interest any way he/she pleases.

Question 44

Tenancy in severally

Answer 44

Is ownership by one person or one entity.