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Sales Associate Pre-Licensing > Chapter 8: Real Property Rights > Flashcards

Chapter 8: Real Property Rights Flashcards

1
Q

It is physical, tangible, and immobile which includes the earth’s surface, subsurface, and the air above the surface; anything growing on the land, permanently attached to the land, and all improvements on and to the land is the definition of…

A

Real Estate

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2
Q

It includes the physical land and improvements, together with legal rights to own or use the property is the definition of…

A

Real Property

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3
Q

What are the two types of water rights?

A

Riparian and Littoral

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4
Q

Rights of an owner whose property borders a flowing waterway such as a river or stream best describes which water right?

A

Riparian

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5
Q

Rights of an owner whose property borders a non-flowing waterway such as an ocean, sea, or lake describes which water right?

A

Littoral

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6
Q

What are the four natural process related to water?

A

Erosion

Accretion

Alluvion

Reliction

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7
Q

The loss of soil that is carried away by water washing against a riverbank or beach describes…

A

erosion

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8
Q

An increase in land area as moving water deposits soil in other than its original location describes

A

accretion

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9
Q

Soil resulting from accretion describes

A

alluvion

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10
Q

The exposure of dry land once covered by water when the level in a lake recedes or a river or stream changes course describes…

A

reliction

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11
Q

What are the four legal tests courts apply to determine if an item is real property or personal property?

Think IRMA

A

Intent of parties

Relationship of parties

Method of annexation

Adaptation of article

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12
Q

Legal Rights in Property

Legal rights of ownership are compared to a bundle of sticks, each stick representing a separate transferable right. Taken together they are know as a bundle of rights. List the 5 “sticks” in a bundle of rights.

A

Possession

Disposition

Enjoyment

Exclusion

Control

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13
Q

Estates

Define estate.

A

The degree, quantity, nature and extent of interest or ownership rights a person can have in real property

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14
Q

Estates

True or False

Real property ownership can be divided into various types of smaller estates or undivided

A

TRUE

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15
Q

Estates

A party entitled to rights in property is known as a _________.

A

Tenant

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16
Q

Estates

Freehold estates is an estate involving ownership interest in property.

List the two MAIN freehold estates

A

Fee simple (fee, fee simple absolute)

Life estate

17
Q

Estates

Which freehold estate is the simplest yet most comprehensive; the most common and the most desirable

A

fee simple (fee, fee simple absolute)

18
Q

Estates

What are the four ways the fee simple estate can be held?

A

Estate in severalty

Tenancy in common (estate in common)

Joint tenancy (joint estate)

Tenancy by the entireties

19
Q

Estates

This is the only type of freehold estate that gives sole ownership of the entire bundle of rights.

A

Estate in severalty

20
Q

Estates

What are the characteristics of tenancy in common (estate in common)?

A

Held by two or more people; each has undivided interest

Can be created by the same or different deeds at the same or different times with equal or unequal shares of ownership

Owner may sell his/her share w/out consent of other owners w/out affecting the other owner’s rights

21
Q

Estates

What are the characteristics of joint tenancy (joint estate)?

A

Held by two or more people who MUST have equal/undivided interests

Created only when four unities of possession, interest, time, and title are present by the same deed/conveyance at the same time

Has right of survivorship; when a joint tenant dies, his/her interest passes to surviving joint tenant(s)

Can sell ownership interest during lifetime; purchaser will be tenant in common

22
Q

Estates

What are the characteristics of tenancy by the entireties?

A

Husband and wife estate; marriage considered owner

Each spouse has right of survivorship (upon death of one, survivor owns property in fee simple)

Debts built up by one spouse cannot be enforced against property

In a divorce, ownership convert to tenancy in common unless otherwise dictated by court

23
Q

Estates

A life estate is a freehold estate created when the owner of fee simple gives ownership to another for the lifetime of the person to who the property was given. What is the person called who the property is given to?

A

Life tenant

24
Q

Estates

What is the person who give the property to another in a life estate called?

A

Grantor

25
Q

Estates

When a grantor wants the ownership of the property returned to him/her or his/her heirs what is the right to regain the property called?

A

Reversion estate

26
Q

Estates

In a life estate, if someone other than the original owner is to receive the ownership what is it called and what is the third person called?

A

Remainder estate and the third person is the remainderman

27
Q

Estates

A non-freehold (leasehold) estate is an estate in which the tenant does not have ownership interest.

List the 3 non-freehold estates

A

Tenancy at will

Tenancy for years

Tenancy at sufferance

28
Q

Estates/Non-freehold

The following characteristics best describes what type of non-freehold estate:

Tenant is in lawful possession under agreement with landlord w/ no definite time limit for rights to terminate

Referred to as period-to-period (month-to-month)

Oral or written (all oral leases are tenancies at will)

Terminated upon sale of property or by death of either party or at discretion of landlord or tenant by proper legal notice

A

Tenancy at will

29
Q

Estates/Non-freehold

The following characteristics best describes what type of non-freehold estate:

Tenant is in lawful possession under agreement w/the landlord for a specified period of time

There is a definite start and definite end date; dates must be specified

Must be in writing, signed by landlord, witnessed by two people

Termination can occur by mutual agreement, by expiration of lease period, or by breach

A

Tenancy for years

30
Q

Estates/Non-freehold

The following characteristics best describes what type of non-freehold estate:

Tenant occupies landlord’s real estate in absence of an agreement

Occurs when tenant “holds over” after expiration of a lease

Can be terminated by either landlord or tenant w/out notice

A

Tenancy at sufferance

31
Q

Elective Share

Elective share provides for surviving spouse to be entitled to ____% of decedent’s real and personal property owned at time of death

A

30%

Sales Associate Pre-Licensing (17 decks)

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