Chapter 8

Question 1

What is the difference between Real Estate and Real property?

Answer 1

Real estate refers to the physical home, the subsurface below it, and the air above it.

Real property is real estate + rights to use the property

Question 2

What are Riparian rights?

Answer 2

Rights of an owner that owns a property that borders a river or stream

Question 3

What are Littoral rights?

Answer 3

Rights of an owner that owns a property that borders the ocean or a lake

Question 4

What is the opposite of Erosion?

Answer 4

Accretion

Question 5

What is erosion?

Answer 5

Loss of soil by water carrying it away

Question 6

What is Accretion

Answer 6

Increase in land area

Question 7

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

Answer 7

IRMA
Intent
Relationship
Method of Annexation
Adaptation

Question 8

Which are the bundle of rights?

Answer 8

Possession - own and occupy the property
Disposition - sell/give away property
Enjoyment - use and enjoyment without another person claiming ownership (Title Insurance)

Question 9

What is an estate in severalty?

Answer 9

When one person owns the home

Question 10

What are the characteristics of a Tenancy in common?

Answer 10

Not a married couple
There is no right of survivorship
Each person has undivided interest in the whole, it can be created by the same or different deeds, at the same or different times
The owners can have equal or unequal shares

Question 11

What are the characteristics of a Joint Tenancy

Answer 11

Two or more people that share equal and undivided interests (Not a married couple)
Right of survivorship
Upon the death of a joint tenant, they may not pass the ownership through a will

Question 12

What are the requirements to create a joint tenancy?

Answer 12

PITT
Possession
Interest
Time
Title

Question 13

What are tenancies by entireties?

Answer 13

Married couples
Right of Survivorship
The marriage is the owner of the property

Question 14

What is the difference between freehold estate and a non-freehold estate?

Answer 14

Freehold involves ownership, non-freehold involves the traditional way of thinking of a “tenant”

Question 15

What does a tenancy in entirety become upon a divorce?

Answer 15

A tenancy in common

Question 16

What is the property owned by an individual prior to marriage?

Answer 16

Separate property
They may keep this property separate as well as any inheritance received during the marriage

Question 17

Who is the remainder estate in a life estate situtation?

Answer 17

THE THIRD PERSON IN THE QUESTION IS THE REMAINDER ESTATE FOR THE EXAM

Question 18

Define the roles in a life estate

Answer 18

Grantor - created the life estate, they own the home for someone they are taking care of
Reversion estate - if the person dies, the ownership stays with the grantor, but it becomes reversion estate
Remainder estate - if the original person being taken care of wished to leave their home to someone else, it would go to the remainder estate

Question 19

What are the non-freehold estates?

Answer 19

Tenancy at will
Tenancy for years
Tenancy at sufferage

Question 20

What is tenancy at will?

Answer 20

When the tenant is in lawful possession of the home with the landlord’s approved for an unspecified amount of time. This can be oral or in writing
Example: Lease expires, but landlord allows tenant to stay extra days

Question 21

What is tenancy for years?

Answer 21

Tenant is in lawful possession of the home for a specified period of time
Example: a regular lease

Question 22

What is tenancy at sufferage?

Answer 22

Tenant is in the apartment without any agreement
Example: a lease ends but the tenant does not move out without the landlord’s approval

Question 23

Elective share

Answer 23

Used when a surviving spouse has been harmed by an unfair will. It provides 30% of the deceased’s real and personal property to the surviving spouse.

Question 24

What protection does Homestead provide?

Answer 24

Protects the home from being sold to satisfy personal judgement liens like credit cards and personal loans

Question 25

When can a Homesteaded home be foreclosed on?

Answer 25

When the debts are related to the property:
Mortgage
Property Taxes
HOA
Contractor

Question 26

How much land does homestead protect?

Answer 26

half an acre if the property is in a municipality
160 acres if the property is outside a municipality

Question 27

What kind of license is needed to sell the shares in a cooperative?

Answer 27

Real estate license