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Fundamentals of Real Estate > Chapter 5 > Flashcards

Chapter 5 Flashcards

1
Q

What is the term that describes water rights over a moving body of water?

A

Answer: Riparian rights

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2
Q

What is the term that describes an increase in property owners’ rights because the land is gradually worn away by natural forces?

A

Answer: Erosion

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3
Q

What does a leasehold estate entitle a tenant to do?

A

Answer: Temporarily possess, occupy and use real estate

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4
Q

Property taxes fund all of the following, except…?

A

Answer: Private schools

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5
Q

What type of leasehold estate exists when a tenant didn’t renew their lease but didn’t move out when the lease ended?

A

Answer: Estate at sufferance

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6
Q

What type of leasehold estate exists when occupation is for an undefined period of time and can be terminated by the landlord or the tenant?

A

Answer: Estate at will

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7
Q

How can an estate at will be terminated?

A

Answer: All of these are true

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8
Q

Under an estate at sufferance, the landlord could go to court to have a trespassing tenant evicted. What is another possible remedy?

A

Answer: Accept the tenant for another similar lease term

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9
Q

If a property owner feels his or her property taxes are too high, he or she can appeal to…?

A

Answer: The taxing authority

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10
Q

Which of the following is an example of a periodic estate?

A

Answer: Month-to-month lease

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11
Q

What is another term for an estate at sufferance?

A

Answer: Holdover tenancy

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12
Q

Which of the following is not a required component of a lease contract?

A

Answer: Eviction clause

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13
Q

Which of the following is not an example of a common lease restriction?

A

Answer: Restricted access hours to the leased unit

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14
Q

One benefit of using a “confession of judgment” provision in a commercial lease is that…?

A

Answer: The tenant has waived their right to notices and court hearings

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15
Q

Who must sign a lease to make it valid?

A

Answer: The tenant and the landlord, or their authorized agent

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16
Q

Which of the following is not likely to be included in the amount a tenant pays for rent?

A

Answer: Court costs associated with eviction proceedings

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17
Q

True or False: If a lease does not specify any restrictions, the tenant can use the leased space for any lawful purpose?

A

Answer: True. If no restrictions are specified, the tenant can use the property for any lawful purpose.

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18
Q

Possession of property under a lease entitles the tenant to the lawful right to possess the land and says the landlord cannot substantially interfere. What is this right also known as…?

A

Answer: The covenant of quiet enjoyment

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19
Q

When a landlord leases space to a tenant, the landlord is expected to take whatever action is necessary, at the landlord’s expense, to provide a habitable dwelling unit. This is also known as?

A

Answer: The covenant of habitability

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20
Q

Under which of the following circumstances can a landlord be absolved of their responsibility to provide a habitable dwelling unit?

A

Answer: None of these.

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21
Q

What type of option is created if the lease says the tenants have the first right to purchase the property in the future if it is put up for sale?

A

Answer: Right of first refusal

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22
Q

Under a sublease, who is responsible for making rent payments every month?

A

Answer: The original tenant

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23
Q

What is the most common cause for breaching a lease?

A

Answer: The rent isn’t paid as agreed

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24
Q

Which of the following are exceptions to the landlord’s obligation to provide a habitable dwelling unit?

A

Answer: All of the answer choices provided are correct

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25
Q

Under which of the following scenarios is a landlord generally entitled to enter a leased premises?

A

Answer: All of the answer choices provided are correct

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26
Q

With this type of lease, the landlord negotiates to receive compensation based on a commercial tenant’s sales in the leased space?

A

Answer: Percentage lease

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27
Q

Under this type of lease, the tenant is responsible for base rent plus additional expenses like taxes, insurance, and maintenance?

A

Answer: Net lease

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28
Q

What type of lease does a tenant have if they pay rent plus property taxes?

A

Answer: Single net lease

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29
Q

If a tenant agrees to pay rent, property taxes and insurance premiums, what type of lease do they have?

A

Answer: Double net lease

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30
Q

Which of these tenants is least likely to want to enter into a ground lease?

A

Answer: Independent insurance agent

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31
Q

What type of lease gives a lessee the rights to oil and gas under the lessor’s land?

A

Answer: Oil & gas lease

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32
Q

In addition to rent, which of these expenses is the tenant responsible for paying in a double net lease?

A

Answer: Property insurance and property taxes

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33
Q

When a commercial tenant in a strip mall signs a double net lease, how is the amount of property taxes and insurance they pay calculated?

A

Answer: Prorated based on the size of the space they are renting

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34
Q

What type of ownership gives the owner the highest possible ownership rights over real property?

A

Answer: Fee simple estate

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35
Q

Which of the following is not one of the three prongs that must be present to create a fee simple estate?

A

Answer: Reversionary

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36
Q

What is an example of a term that could be included in a deed to create a fee simple determinable estate?

A

Answer: All of the answer choices provided are correct

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37
Q

What gives city or municipal inspectors the right to enforce building code standards?

A

Answer: Police power

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38
Q

Which of the following words would probably not indicate a fee simple determinable estate?

A

Answer: Because

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39
Q

A life estate entitles the holder to occupy and use the underlying real property for…?

A

Answer: A lifetime

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40
Q

The life tenant holds and can exercise all of the following rights related to the life estate property, except?

A

Answer: Sell the property

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41
Q

A life estate based on someone else’s lifetime is called a…?

A

Answer: Per autre vie life estate

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42
Q

The life tenant in a life estate is responsible for all of the following, except?

A

Answer: Subdividing the property

43
Q

All of the following are reasons why someone might create a life estate, except?

A

Answer: Eliminate taxes

44
Q

The person who has the creditor’s rights under a lien is called the…?

A

Answer: Lienholder

45
Q

Banks and mortgage lenders protect their interests with what type of lien?

A

Answer: Mortgage lien

46
Q

What type of lien means that the lien is attached to a piece of real estate?

A

Answer: Specific lien

47
Q

Eminent domain can also be called…?

A

Answer: All of these are true

48
Q

Tax liens may be filed for unpaid…?

A

Answer: All of the answer choices provided are correct

49
Q

What does the lienholder have when a lien is filed?

A

Answer: A claim to a portion of the property’s value

50
Q

Another name for deed restrictions is…?

A

Answer: CC&R

51
Q

In order to remove a deed restriction, a homeowner would need to…?

A

Answer: Go to court for a judge’s ruling

52
Q

Deed restrictions may forbid homeowners from running businesses. This can protect the neighborhood from…?

A

Answer: All of the answer choices provided are correct

53
Q

The type of easement that includes the right to restrict activity on or use of the property is called a/an…?

A

Answer: Negative easement

54
Q

Which of the following entities cannot exercise eminent domain powers?

A

Answer: A business owner wanting to expand their store

55
Q

How can an easement be terminated?

A

Answer: All of the answer choices provided are correct

56
Q

What happens if the dominant and servient estates with an existing easement are combined?

A

Answer: The easement is terminated

57
Q

In an encroachment, one property owner is using part of a neighbor’s parcel in what kind of manner?

A

Answer: Unwanted

58
Q

In most cases, encroachments are…?

A

Answer: Unintentional

59
Q

If a property owner who just decided to live with a neighbor’s encroachment later decides to sell their house, they must…?

A

Answer: fully disclose the encroachment to potential buyers

60
Q

Water rights can be described as a property owner’s rights in water that flows…?

A

Answer: Through or over their property

61
Q

When land rights are increased through natural forces, the water rights on those land decreases. This is called…?

A

Answer: Accretion

62
Q

The riparian rights doctrine says water rights for moving water belong…?

A

Answer: Equally to all property owners whose land borders the water

63
Q

What is the term that describes a sudden and perceptible loss of land by action of the water that borders it?

A

Answer: Avulsion

64
Q

What does a leasehold estate entitle a tenant to do?

A

Answer: Temporarily possess, occupy and use real estate

65
Q

What type of leasehold estate exists when a tenant didn’t renew their lease but didn’t move out when the lease ended?

A

Answer: Estate at sufferance

66
Q

What type of leasehold estate exists when occupation is for an undefined period of time and can be terminated by the landlord or the tenant?

A

Answer: Estate at will

67
Q

How can an estate at will be terminated?

A

Answer: All of these are true

68
Q

When the lease in an estate for years ends, what type of leasehold estate exists?

A

Answer: Periodic estate

69
Q

What is the shortest time period for an estate for years?

A

Answer: There is no minimum time period

70
Q

Which of the following is not a requirement to create the legal capacity to sign a lease?

A

Answer: At least 21 years old

71
Q

What is the word that describes a situation where property reverts to the state because there are no identifiable heirs capable of assuming ownership of it?

A

Answer: Escheat

72
Q

What should a landlord include in a lease provision about pets?

A

Answer: All of the answer choices provided are correct

73
Q

Who is responsible for making sure local ordinances about occupancy controls are met when a property owner leases space to a tenant?

A

Answer: Property owner/landlord

74
Q

When specific improvement provisions are included in a lease, giving the tenant the right to improve the property, they are sometimes referred to as…?

A

Answer: Leasehold improvements

75
Q

Which of the following repairs is the landlord not required to make under the covenant of habitability?

A

Answer: Repair a tenant’s intentional damage to a wall

76
Q

What type of option is created if the lease says the tenants have the first right to purchase the property in the future if it is put up for sale?

A

Answer: Right of first refusal

77
Q

Which of the following occurs when the landlord hasn’t upheld their end of the lease agreement resulting in the tenant not being able to occupy the leased property?

A

Answer: Constructive eviction

78
Q

Which of the following occurs when a tenant doesn’t uphold their end of the agreement?

A

Answer: Actual eviction

79
Q

Under this type of lease, the landlord is responsible for paying all of the costs of operating and maintaining the property, including real estate taxes?

A

Answer: Gross lease

80
Q

With this type of lease, the landlord negotiates to receive compensation based on a commercial tenant’s sales in the leased space?

A

Answer: Percentage lease

81
Q

With this type of lease, the rent payments go up periodically, on a pre-defined basis?

A

Answer: Graduated lease

82
Q

Property owners, whose land was seized under eminent domain laws, are entitled to…?

A

Answer: Fair compensation

83
Q

Which of the following would not be found in building codes?

A

Answer: Classification as commercial or residential

84
Q

What type of ownership gives the owner the highest possible ownership rights over real property?

A

Answer: Fee simple estate

85
Q

What word describes the property owner’s right to sell or transfer their property to someone else?

A

Answer: Alienable

86
Q

In most states, it is assumed that a property owner intends to transfer fee simple absolute ownership without including…?

A

Answer: Special language in the will

87
Q

What is another name for a “fee simple determinable” estate?

A

Answer: Fee simple defeasible

88
Q

What is an example of a term that could be included in a deed to create a fee simple determinable estate?

A

Answer: All of the answer choices provided are correct

89
Q

A life estate entitles the holder to occupy and use the underlying real property for…?

A

Answer: A lifetime

90
Q

Life estates are generally created by a…?

A

Answer: Deed

91
Q

Which of the following is not a type of encumbrance?

A

Answer: All of these are types of encumbrances

92
Q

Which of the following is a type of voluntary lien?

A

Answer: Mortgage lien

93
Q

Which of the following is not another name for a mechanic’s lien?

A

Answer: Tax lien

94
Q

What type of lien means that the lien is attached to a piece of real estate?

A

Answer: Specific lien

95
Q

If a property has both a tax lien and a mortgage lien against it, which lien has priority (generally speaking)?

A

Answer: Tax lien

96
Q

The word that describes the legal preference for how liens will be handled when the property is sold is called…?

A

Answer: Priority

97
Q

A deed restriction would be illegal if it sought to limit which of the following?

A

Answer: People who follow a certain religion

98
Q

The type of easement that gives permission to physically cross a piece of real property is called…?

A

Answer: Affirmative easement

99
Q

What happens if the dominant and servient estates with an existing easement are combined?

A

Answer: The easement is terminated

100
Q

When improvements to real property intrude, unlawfully, onto another’s adjacent property, what has occurred?

A

Answer: Encroachment

101
Q

Each of these could be considered an encroachment, except…?

A

Answer: Cement patio that extends up to the property line

102
Q

In most cases, encroachments are…?

A

Answer: Unintentional

103
Q

Bill built a new deck that extends over his neighbor’s lawn. Bill did not know that he was crossing the property line when he built the deck. Is this an encroachment?

A

Answer: Yes. It does not matter whether or not the encroachment was intentional.

Fundamentals of Real Estate (12 decks)

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