Chapter 8 Review Flashcards
What determines a landowner’s water rights?
Movement of the water
Tenancy in common allows for
any number of people to be co-tenants in a single property.
Which of the following is NOT a characteristic of an estate in common?
Unequal rights
When does a landowner own the actual water to which he or she has water rights?
When the body of water is entirely contained within the boundaries of the property
What part of a non-navigable waterway does the owner of an abutting property own?
To the middle of the waterway
Which of the following best describes personal property?
Is readily moveable from one location to another
Which of the following is a descriptive, non-legal term for a group of two or more people who combine their financial resources to achieve certain investment objectives?
Syndicate
If the right to use the land is included in the bundle of rights, which of the following is not included in that right to use?
Infringing on neighbors
Which of the following would be intangible property?
Check book
If a landowner retains the right to plant and cultivate crops on the land but leases the rest of the land to a tenant, what right has the owner exercised?
Right to transfer
Air rights are restricted to allow what?
Flights
Water rights would be classified as
surface rights.
Three people have identical rights but unequal shares in a property, share an indivisible interest, and may sell or transfer their interest without consent of the others. What type of ownership is this?
Tenancy in common
A tract of land
is defined by boundaries.
If the real estate interest-holder enjoys the right of possession, the party is considered to have a(n)
Estate in land.
What does the right to encumber allow a landowner to do?
Mortgage the land
Navigable waterways are considered
to be public easement.
Which of the following is an intangible component within the bundle of rights attached to land ownership?
Encumber
Which of the following is the best definition of real estate?
Land and everything permanently attached to it
Which of the following is NOT an economic characteristic of real property?
Liquidity
Rights of survivorship
means that if a joint tenant dies, all interests and rights pass to the surviving joint tenants free from any claims of creditors or heirs.
Which of the following would be considered chattels real?
Storage shed
What distinguishes a freehold estate from a leasehold estate?
A leasehold endures only for a specific period of time.
