Chapter 8 Flashcards
What is included in real estate
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
Legal rights to own or use the property
Bundle of rights
Real property
What is it called when your land borders a river
Riparian rights
What is the opposite of erosion
Accretion
What are the four tests used by courts to distinguish between real and personal property
Intent
Relationship
Menthod of annexation
Adaptation
Which are not part of the bundle of rights
Possession
Disposition
Enjoyment
What is a freehold estate in which it is a sole ownership and only one person owns the house
Estate in severalty
Tenancy in Common
Not husband and wife
No rights of survivorship
Created by same or different deeds
May leave their interest in a will
Which type of estate has rights of survivorship
Joint tenancy
What is the opposite of tenancy in common
Joint tenancy
What is involved in a joint tenancy or joint estate
Shared by two or more 50/50 who have equal interest
Rights of survivorship
Interest cannot be left in a will
What are the four unities required to create a joint tenancy
Possession
Interest
Time
Title
Tenancy by the entirities
Marriage
Overrides a will
Separate property
What happens to a tenancy in entireties in case of divorce
Ownership converts to a tenancy in common
What is the right to regain ownership in a life estate
Reversion estate
What is the remainder estate
3rd person in the question
Person grantor wishes to inherit the land (son example)
What are non freehold estates
Tenancy at will
Tenancy for years
Tenancy at sufferance
Current lease for a specified period of time
Tenancy for years
What is the opposite of tenancy at will
Tenancy at sufferance
What is a tenancy at sufferance
Occupying house without tenants approval
What is the point of an elective share
Provides surviving spouse 30% of real and personal property
Prevent a spouse from being harmed in an unfair will
What are reasons that homestead property can be foreclosed upon regardless of homestead rights
Mortgage
Property taxes
HOA/Condo Fees
Contractor
How much property is protected by homestead rights if located in the city
One half acre
How much property is protected if it is located outside the city
160 acres
Is a real estate license necessary to sell real estate for a CO-OP
Yea
What is an individual who is sold a specific space from a COOPERATIVE ASSOCIATION
proprietary lease
Who gets the first right of refusal when it is a cooperative association
The association of the CO-OP
