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Real Estate Exam > Chapter 3 Legal Issues > Flashcards

Chapter 3 Legal Issues Flashcards

0
Q

Tangible

A

The major sticks of land, improvements, fixtures, and fruits of soil

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1
Q

Real Property

A

is the land and improvements, and all legal rights, powers, and privileges, of real estate ownership

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2
Q

Intangible

A

Rights such as air, water, and mineral rights; easements; leases; mortgages; licenses; and profits

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3
Q

Bundle of rights

A

The rights of an owner of a freehold estate to possession, enjoyment, control, and disposition of real property

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4
Q

Personal Property

A

Everything that is not real property is personal property. Personal property is readily moveable

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5
Q

Chattel

A

Another name for personal property

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6
Q

Subsurface Rights

A

Includes real property right to the air and area above and below the earth’s surface.

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7
Q

Air rights

A

Rights to the area above the earth

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8
Q

Water Rights

A

Include percolating water rights, riparian water rights, and surface water rights.

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9
Q

Riparian Rights

A

Belong to the owner of property bordering a flowing body of water

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10
Q

Littoral Rights

A

Apply to the property bordering a stationary body of water, such as a lake or a sea

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11
Q

Fixture

A 
Personal property that attaches permanently to the land or improvements and becomes part of the real property.
ITEMS BECOME A FIXTURE IN 1 OF 3 WAYS
-ATTACHMENT
-ADAPTATION
-AGREEMENT
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12
Q

Attachment

A

Refers to the physical connection of objects to the real estate.
Ex. Lumber to build a structure is a personal property when delivered to the building site

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13
Q

Adaptation

A

refers to how an object fits the real estate.

Ex. Custom draperies and cabinets that are sized for a certain area.

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14
Q

Agreement

A

Refers to those items specified by an owner that include part of real estate and those that do not.
Ex. A seller might agree that all of his appliances are fixtures and will sell with the property, except the fridge, which he consider personal property.

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15
Q

Trade fixtures

A

Items of personal property that a business operator installs in rented building space. These are presumed to remain personal property

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16
Q

Special purpose real estate

A

A category of real property created as a result of combining the land and its improvements for a single highest and best use.

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17
Q

Illiquid

A

Difficult to convert readily to cash

Ex. Real Estate

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18
Q

Parcel

A

A specific portion of land , such as a lot.

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19
Q

Estate

A

An interest in the property giving the estate holder the right to possession

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20
Q

Freehold Estate

A

ownership for and undetermined length of time.

Ex. Home ownership

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21
Q

Nonfreehold/ Leasehold Estate

A

possession with a determinable end.

Ex. Apartment rental

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22
Q

Fee simple/ absolute

A

The most complete form of ownership and bundle of rights in real property

23
Q

Defeasible Estate

A

Destructible or Defeatable

24
Q

Fee simple on condition

A

Can continue for an infinite time, as with the fee simple absolute, it can also be defeated and is a defeasible title. A fee simple on condition is recognized in the deed by the words BUT IF.

Ex. Grantor conveys 40 acres to his son; but if the son constructs houses on the land, the sons ownership terminates

25
Q

Qualified fee simple

A

inheritable freehold estate in the form of a fee simple estate. It is a defeasible fee, so the grantor can terminate the title. This type of estate is recognized in the deed by the words AS LONG AS.

Ex. Grantor, transfers 10 acres to her daughter as long as the property is used for educational purposes.

26
Q

Life Estate

A

owernership, possession, and control for someone’s lifetime. Ownership, possession and control are dependent upon living and are lost at death.

27
Q

Estate for life/ Ordinary life estate

A

a life estate created for the duration of the life tenant’s own life.

Ex. Tonya conveys 40 acres to William for William’s Life.

28
Q

Estate pur autre vie (FOR THE LIFE OF ANOTHER)

A

When the life estate is for the life of a person other than the life tenant.

Ex. Rebecca conveys 40 acres to Morris until the death of Nancy.

29
Q

Remainder Interest

A

A fee simple present interest.

30
Q

Remaindermen

A

A person who has a future interest in a life estate

31
Q

Life estate in reversion

A

A form of life estate that goes back to the creator of the estate in a fee simple upon termination.

32
Q

Reversionary Interest

A

possession of the property goes back to the owner at the end of the life estate.

33
Q

Dower/Curtesy

A

Automatic life estates owned by a surviving spouse in inheritable property owned by the decreased spouse alone during the marriage.

34
Q

Homestead Life estate

A

available only on the family home. not on all the inheritable property

35
Q

Act of Waste

A

The life tenant abuses or misuses the property

36
Q

Vesting options

A

Buyers have many options for acquiring the property

37
Q

Ownership in serveralty

A

Title to real property is in the name of only one person or entity

38
Q

Co-ownership

A

ownership of real property at the same time by two or more people

39
Q

Right of survivorship

A

when one (or more) of the co-owners dies, the surviving co-owners automatically receive the interest of the decreased co-owner.

Right of survivorship defeats passing of the title by will.

40
Q

Unity of time

A

exists when co-owners receive their title at the same time in the same conveyance.

41
Q

Unity of title

A

exists when the co-owners have the same type of ownership, such as a life estate, fee simple, or fee simple on condition

42
Q

Unity of Interest

A

exists when all co-owners have the same percentage of ownership

43
Q

Unity of Possession

A

exist when all co-owners have the right to possess or access all portions of the property owned, without physical division

44
Q

Undivided Interest

A

Ownership of fractional parts not physically divided

45
Q

Partitioned

A

a tenant in common may bring legal action to have the property . This allows each tenant to have a specific and divided portion of the property exclusively.

46
Q

Joint Tenancy

A

form of co-ownership requires all four unities of time, title, interest, and possession. Joint tenants must :

Have the same interest in the property
Receive their title at the same time from the same source
Have the same percentage of ownership
Have the right to undivided possession in the property

Joint Tenancy is the right of survivorship. When one joint tenant dies, his share automatically goes to the other surviving joint tenants equally instead of passing to the heirs of the deceased.

If a Joint tenant, before death, sells his share of ownership, the person purchasing this share will not become a joint tenant with the other.
The unity of time is destroyed.

47
Q

Tenancy by the entirety

A

limited to husband and wife. To receive as a tenancy by the entirerty, they must have a legal marriage when they receive title to the property.

48
Q

Trustee

A

One who holds title to property for the benefit of another

49
Q

Bebeficiary

A

one who receives benefits or gifts from the acts of others given by

Ex. A will or trust

50
Q

Trustor

A

Grantor or settlor conveys title to a trustee

51
Q

Partnership

A

is a form of business organization owned by two or more partners.

52
Q

Uniform partnership Act

A

A partnership may hold title to real property in the partnership’s name as a tenancy in partnership. Partners may hold title to real property in the names of the individual partners. In NY, a partnership doing business under an assumed name must file with the county clerk where it does business.

53
Q

General Partnership

A

partners are personally liable for partnership debts exceeding partnership assets. General partners are jointly (together) and severally (seperatly) liable for these debts.

54
Q

Limited Partnership

A

consists of one or more general partners who are jointly and severally liable.

Real Estate Exam (6 decks)

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