Chapter 8

Question 1

What is included in real estate

Answer 1

Earths surface, subsurface and air above the surface. Anything growing on the land, anything permanent attachments to the land and all improvements on or to the land

Question 2

Legal rights to own or use the property

Bundle of rights

Answer 2

Real property

Question 3

What is it called when your land borders a river

Answer 3

Riparian rights

Question 4

What is the opposite of erosion

Answer 4

Accretion

Question 5

What are the four tests used by courts to distinguish between real and personal property

Answer 5

Intent
Relationship
Menthod of annexation
Adaptation

Question 6

Which are not part of the bundle of rights

Answer 6

Possession
Disposition
Enjoyment

Question 7

What is a freehold estate in which it is a sole ownership and only one person owns the house

Answer 7

Estate in severalty

Question 8

Tenancy in Common

Answer 8

Not husband and wife
No rights of survivorship
Created by same or different deeds
May leave their interest in a will

Question 9

Which type of estate has rights of survivorship

Answer 9

Joint tenancy

Question 10

What is the opposite of tenancy in common

Answer 10

Joint tenancy

Question 11

What is involved in a joint tenancy or joint estate

Answer 11

Shared by two or more 50/50 who have equal interest
Rights of survivorship
Interest cannot be left in a will

Question 12

What are the four unities required to create a joint tenancy

Answer 12

Possession
Interest
Time
Title

Question 13

Tenancy by the entirities

Answer 13

Marriage

Overrides a will

Separate property

Question 14

What happens to a tenancy in entireties in case of divorce

Answer 14

Ownership converts to a tenancy in common

Question 15

What is the right to regain ownership in a life estate

Answer 15

Reversion estate

Question 16

What is the remainder estate

Answer 16

3rd person in the question

Person grantor wishes to inherit the land (son example)

Question 17

What are non freehold estates

Answer 17

Tenancy at will
Tenancy for years
Tenancy at sufferance

Question 18

Current lease for a specified period of time

Answer 18

Tenancy for years

Question 19

What is the opposite of tenancy at will

Answer 19

Tenancy at sufferance

Question 20

What is a tenancy at sufferance

Answer 20

Occupying house without tenants approval

Question 21

What is the point of an elective share

Answer 21

Provides surviving spouse 30% of real and personal property

Prevent a spouse from being harmed in an unfair will

Question 22

What are reasons that homestead property can be foreclosed upon regardless of homestead rights

Answer 22

Mortgage
Property taxes
HOA/Condo Fees
Contractor

Question 23

How much property is protected by homestead rights if located in the city

Answer 23

One half acre

Question 24

How much property is protected if it is located outside the city

Answer 24

160 acres

Question 25

Is a real estate license necessary to sell real estate for a CO-OP

Answer 25

Yea

Question 26

What is an individual who is sold a specific space from a COOPERATIVE ASSOCIATION

Answer 26

proprietary lease

Question 27

Who gets the first right of refusal when it is a cooperative association

Answer 27

The association of the CO-OP