Chapter 3A

Question 1

Real Estate / Real Property

Answer 1

Real Estate / Real Property - Land, and generally whatever is erected upon or affixed thereto

Question 2

Bundle of Rights

Answer 2

The premise that the ownership of real estate consists of the ownership of various rights associated with it. These rights include the right to use and/or occupy, the right to sell in whole or in part, the right to lease, the right to bequeath and the right to do none of the foregoing.

Question 3

Fee Simple Estate

Answer 3

Absolute ownership of real property; a person has this type of estate where the person is entitled to the entire property with unconditional power of disposition during the person’s life and descending to the person’s heirs or distributees.

Question 4

Air Rights

Answer 4

Rights in real property to use the space above the surface of the land.

Question 5

Riparian Rights

Answer 5

The right of a property owner whose land borders a natural water course, such as a river, to reasonable use and enjoyment of the water that flows past the property. Riparian literally means “riverbank”.

Question 6

Littoral Rights

Answer 6

The right of a property owner whose land borders on a body of water, such as a lake, ocean or sea, to reasonable use and enjoyment of the shore and water the property borders on.

Question 7

Chattel

Answer 7

Personal property, such as household goods.

Question 8

Trade Fixture

Answer 8

Personal property so attached to the land or improvements as to become part of real property

Question 9

Illiquidity

Answer 9

The concept that property is an illiquid asset because it cannot easily be sold or exchanged for cash.

Question 10

Special Purpose Real Estate

Answer 10

Property that is appropriate for one type of use or limited use. This type of property has unique design or layout, uses special construction materials, or other features that limit the property’s utility for purposes other than the one for which it was built. For example, a church, theater, or school.

Question 11

Life Estate

Answer 11

The conveyance of title to property for the duration of the life of the grantee.

Question 12

Remainderman

Answer 12

The person who is to receive the property after the termination of the prior estate

Question 13

Fee Simple Defeasible

Answer 13

The owner of the property holds a fee simple title contingent on certain conditions

Question 14

Leaseholders Estate

Answer 14

Ownership of a temporary right to hold land or property in which a lease or a tenant holds right of real property by some form of title from a lessor or landlord, includes Periodic Estate, Estate for Years, and Estate at Will

Question 15

Tenancy in Common

Answer 15

An ownership of real property by two or more persons, each of whom has an undivided interest, without the “right of survivorship”.

Question 16

Partition

Answer 16

The division which is made of real property between those who own it in undivided shares.

Question 17

Joint Tenancy

Answer 17

Ownership of real property by two or more persons, each of whom has an undivided interest with the “right of survivorship”.

Question 18

Tenancy by Entirety

Answer 18

Tenancy made for couples, where they equally share and own property, as a single legal entity

Question 19

Trustee

Answer 19

Any person who holds property, authority, or a position of trust and responsibility for the benefit of another.

Question 20

Trustor

Answer 20

A person who conveys title to a trustee.

Question 21

Trust

Answer 21

An arrangement whereby a person (a trustee) holds property as it’s nominal owner for the good of one or more beneficiaries

Question 22

Act of Waste

Answer 22

Describes a cause of action that can be brought in court to address a change in condition of a property brought about by a current tenant that damages or destroys the value of that property.

Question 23

Beneficiary

Answer 23

The person who receives or is to receive the benefits resulting from certain acts.

Question 24

Escheat

Answer 24

The reversion to the State of property in event the owner thereof abandons it or dies, without leaving a will and has no distributees to whom the property may pass by lawful descent.

Question 25

Curtesy

Answer 25

A husband’s interest upon the death of his wife in the real property of an estate that she either solely owned or inherited provided they bore a child capable of inheriting the estate.

Question 26

Dower

Answer 26

The part of or interest in real estate of a deceased husband given by law to his widow during her life.

Question 27

Joint Venture

Answer 27

A business agreement in which the parties agree to develop, for a finite time, a new entity and new assets by contributing equity

Question 28

Personal Property

Answer 28

Any property which is not real property.

Question 29

Reversionary Interest

Answer 29

The interest which a grantor has in lands or other property upon the termination of the preceding estate.

Question 30

Right of Survivorship

Answer 30

Right of the surviving joint owner to succeed to the interests of the deceased joint owner, distinguishing feature of a joint tenancy or tenancy by entirety.

Question 31

Riparian Rights

Answer 31

The right of a property owner whose land borders a natural water course, such as a river, to reasonable use and enjoyment of the water that flows past the property. Riparian literally means “riverbank”.

Question 32

Severalty

Answer 32

Ownership by only a single individual.

Question 33

Undivided Interest

Answer 33

The interest in property owned by tenants whereby each tenant has an equal right to enjoy the entire property

Question 34

Unities of Interest, Possession, Time and Title

Answer 34

Describes the conditions that must exist in order for certain kinds of property interests to be created. In order for two or more people to own property as joint tenants with right of survivorship, or for a married couple to own property as tenants by the entirety, they must have the four unities (Interest, Possession, Time, and Title)