Chapter 8: Real Property Rights Flashcards
_____ is physical, tangible, and immobile. It includes the earth’s surface, subsurface, and air above the surface.
Real estate
_____ includes anything growing on the land, anything permanently attached, and all improvements.
Real estate
_____ includes real estate, plus legal rights to own or use the property.
Real property
Riparian rights are rights of an owner whose property borders on _____ water.
flowing: riparian = river
Littoral rights are rights of an owner whose property borders on _____ water.
non-flowing: littoral = lake
_____ is the loss of soil that is carried away by moving water.
Erosion
_____ is an increase in land area caused by the erosion of other areas.
Accretion
_____ soil is soil resulting from accretion.
Alluvion
_____ is a sudden loss of or addition to land, usually caused by violent flooding or changes in rivers.
Avulsion
Personal property can also be called _____ or _____.
personalty
chattels
A _____ is an item that was once personal property, but has since been installed and become part of the real estate.
fixture
The process of attaching fixtures to real estate is called _____, removing it would be _____.
attachment
severance
Courts use 4 tests to determine whether something is real or personal property (IRMA):
- _____
- _____
- _____
- _____
Intent of the parties
Relationship of the parties
Method of annexation (attachment)
Adaptation (necessary to the property?)
The bundle of rights to a property is referred to as _____.
title
_____ are items of personal property that have been attached to the property to perform a certain trade.
Trade fixtures
The “sticks” in the full bundle of rights to a property are:
- _____
- _____ - _____
- _____
- _____
- _____
Disposition Use - Enjoyment Possession Exclusion Control
The legal bundle of rights specifies how a property may be used and or transferred. It includes the following: the right of possession, the right of enjoyment, the right of disposition, the right of control, and the right of exclusion.
A(n) _____ is an individual’s rights in a property; an interest in a property that identifies the quality and quantity of rights held.
estate
The word Estate refers to the degree, quantity, nature, and extent of the interest (ownership rights) a person can have in real property. Estates are divided into two groups. Freehold and leasehold estates. A freehold estate is ownership for an indefinite length (unknown) duration. A leasehold or a (nonfreehold) estate is for fixed (known) duration.
A party entitled to rights in a property is a(n) _____. This includes property owners.
tenant
A _____ is an estate involving ownership. Anyone who owns real property has this.
freehold estate
In a(n) _____, the owner has the complete bundle of rights. Most desirable and most common.
fee simple estate
In which type of fee simple estate is there a sole owner?
Estate/tenancy in severalty
sever all ties = by yourself
In which type of fee simple estate do multiple people share an estate, and the estate is inheritable or may be left in a will?
estate/tenancy in common
In which type of fee simple estate do multiple people share an estate, and a right of survivorship applies (upon the death of a tenant, interest passes to the surviving tenants)?
Joint estate/tenancy
In a joint tenancy, if a tenant sells his/her interest, it is converted to a _____.
tenancy in common
In which type of fee simple estate does a marriage hold estate?
Tenancy/estate by the entireties
In an tenancy by the entireties, divorce converts the ownership to a _____.
tenancy in common
In a(n) _____, one person conveys ownership to another for the remainder of their lifetime.
life estate
In a life estate, the right to regain ownership to yourself or your heirs is called a _____.
reversion estate
In a life estate, if someone other than the original owner is to receive rights upon death the current owner, it’s called a _____.
remainder estate
A remainderman who is certain to receive rights is called a _____.
vested remainderman
A remainderman who is uncertain to receive rights is called a _____.
contingent remainderman
A life tenant would have an estate in _____ whereas a remainderman would have an estate in _____.
possession
expectancy
An estate in which the tenant does NOT have ownership of the property is called a _____.
nonfreehold estate/tenancy
A tenancy _____ has no definite time limit and can be terminated at any time by the landlord or the tenant.
at will
A _____ or lease hold estate is a lease for a specific period of time.
tenancy/estate for years
A tenancy for years must be _____ by all parties and _____ by 2 people.
signed
witnessed
tenancy = _____
estate
In a ______, a tenant occupies real estate in the absence of any agreement, such as when a tenant “holds over” after lease expiration.
tenancy at suffrance
_____ provides that a surviving spouse receive 30% of the decedent’s real and personal property owed at the time of death.
Elective share
Elective share is not automatic and must be filed within _____ months of the date of first public notice.
4
If someone dies without a will, they’ve died _____.
intestate
Without a will, a surviving spouse receives approximately _____ of the property after their spouse’s death, with the remaining divided among all lineal descendants.
one half
A _____ is any property owned by the head of a household who resides therein.
homestead
Superior liens _____ cause forced foreclosure of a homestead property.
can
Homestead property can be sold at foreclosure for nonpayment of any lien except a _____ against the head of the household.
judgement lien
Homestead protection is limited to _____ acre(s) within municipalities, and _____ acre(s) outside of municipalities.
1/2
160
Upon the death of a married owner of a homestead property with children, the surviving spouse is entitled to a _____ and lineal descendants would become _____.
life estate
vested remaindermen
By law, a developers of condos must file a ______ to create a condo association and execute a _____ conveying title to the association.
declaration
master deed
Ownership of a condo includes _____ ownership of the common areas.
fractional
true/false: Ownership of a condo can be in any estate type in real property recognized by law.
true
New condo buyers are allowed a _____ rescission period. Resale condo buyers are allowed a _____ rescission period.
15 day
3 business day
Co-op owners buy shares of stock which in turn gives them a _____to the real property.
proprietary lease
A timeshare is a condo further subdivided into ______.
time periods
Timeshare owners who own in fee simple have a ______ with the other owners.
tenancy in common
Timeshare ownership is also known as _____ ownership.
interval
Timeshares can also be conveyed as _____, converting into a tenancy in common after X years.
tenancy for years
A _____ day cooling off period must be provided for the purchase of new timeshares during which the contract can be cancelled by giving written notice to the seller.
10
Salaried managers of condos, timeshares, and co-ops are required to have _____ licenses.
Community Association Manager (CAM)
