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Real Estate > Concepts Of Property > Flashcards

Concepts Of Property Flashcards

1
Q

Bundle of Rights

A

Right of possession
Right of use
Right of quiet enjoyment
Right of exclusion
Right of disposition

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2
Q

Right a possession

A

The right to possess or occupy

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3
Q

Right of use

A

Can use property as you would like
(within legal limits)

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4
Q

Right of quiet enjoyment

A

Ability to own a quiet title to your property, not tangible, but a statement of ownership.
Ex. someone doesn’t have the right to use a portion of your land.

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5
Q

Right of exclusion

A

Can limit who is allowed on your land, trespassing

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6
Q

Right of disposition

A

The right to sell your property or hypothecation

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7
Q

Hypothecation

A

Owners ability to pledge their property as collateral for a mortgage

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8
Q

Subsurface rights

A

When previous owners hold on to rights like mineral rights, FAA, Air rights?

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9
Q

Improvements

A

When you gain a property, you also own any previous improvements that have been made to the land.
Ex. House, shed, fruit, trees, sprinkler system. (Fixed to the property)

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10
Q

Appurtenance

A

Something that makes the property more valuable
Ex. A well

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11
Q

Personal property
Personality or Chantel

A

Physical aspects of real property: in mobile, indestructible, uniqueness.
Economic characteristics: scarcity, location

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12
Q

Emblements

A

Something that can be served or removed from the property
Ex. Apple

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13
Q

Affixed

A

Resources that go with the property are affixed
Typically a reference to mineral, water or surface rights

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14
Q

4 property boundaries

A

Metes and bounds
City block map
Subdivision (this is the most used)
Section township & range

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15
Q

Annexation

A

The process of personal property becoming real property. With reference to subsurface rights, annexation is adding water or mineral rights to the property.
Legal tests include method of annexation, adaptability, relationship or parties
Personal property —> real property

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16
Q

Improvement

A

Anything that has been built on real property

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17
Q

Appurtenance

A

Something that comes with real property. Water well, or an easement could be appurtenance

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18
Q

Situs

A

Another name for location

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19
Q

Real property characteristics

A

Physical:
-immobile
-indestructible
-uniqueness

Economic:
-scarcity
-improvements
-permanence of investment
-location (situs)

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20
Q

Township and range

A
  • Utah on a grid
  • center of grid 1N-1E
  • each box is a different township
  • each box is made up of 36 smaller box’s called sections they are equally sized 6x6 miles
  • The number start in top right hand and go in snake pattern
  • 1-36 sections
  • A section is
    1 mile squared = 640 acres

1 acre = 43,560 ft^2

Trick area code is 435 - 43560

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21
Q

Legal description types

A

-metes & bounds
-rectangular (on government survey)
-lot & block (or subdivision method)

The land starts at Metes and bounds and gradually develops into lot and block

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22
Q

Fee simple

A
  • fee simple - highest form of ownership
  • fee simple absolute - own the whole title
  • fee simple defeasible - conditions placed upon a property
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23
Q

Life estate

A
  • granted a title based on length of life

Types
-Conventional
-Legal
- dower - death of spouse
- curtsy - death of spouse
(The uniform probate code kind of took over this but still could happen)
- homestead - can’t take your property if you are in debt
-Ordinary
-Pur De Ve

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24
Q

Freehold estate
|
Fee simple

A

Fee simple defeasible-fee simple absoulte
-Continual ownership
W/reverter clause
-Conditional subsequent
W/right of re-entry

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25
Q

Freehold estates
|
Life estate

A

Ordinary life estate - Legal life estate
-Pur Autre Vie —— Dower
-Convention ———Curtsey
—————————Homestead

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26
Q

Freehold estates
|
Life estate

A

Ordinary life estate-Legal life estate
-Pur Autre Vie——– Dower
-Convention———- Curtsey
————————– Homestead

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27
Q

Ownership

A

Freehold & Possession

28
Q

Deed

A

A legal document regarding the ownership of ones property rights. When you buy or sell a property, a deed is recorded that authorizes the transfer of ownership from one party to another

29
Q

Freehold Estate

A

the exclusive right to use and enjoy a parcel of land. Land is held in one of two ways, either fee simple or as a life estate

30
Q

Fee Simple Absolute

A

The honest form of ownership in real estate provides the complete bundle of rights. Also called fee title or fee simple title

31
Q

Fee Simple Defeasible

A

The highest form of ownership, but with conditions or exclusions to the use of the property

32
Q

Reversion Right

A

A limiting condition written providing recourse of the property back to the previous owner without the need for legal action

33
Q

Life estate
(2 points)

A

-The right to ownership of the land for the length or duration of the a persons life. Upon death, the ownership of the property may revert to the original person
-involved a grantor of the life estate and a remainder man, or the person receiving the estate

34
Q

Pur Autre Vie

A

“For another’s life”
The interest in the property is reliant on the life expectancy of another person who is NOT on the deed upon completion, property reverts to the remainderman

35
Q

Legal Life Estate

A

Concept of life estate established by law. Not typically found in Utah where it has been replaced with the uniform probate code (probate)

36
Q

Dower

A

A life estate of a Wife in the real estate of her deceased husband

37
Q

Curtesy

A

A life of a Husband in the real estate of his deceased wife

  • a husbands interest upon death of his wife in the real property of an estate that she either solely owned or inherited provided they bore a child capable of inheriting the estate
38
Q

Homestead

A

An exemption issued on a part of your property this provides: protection from judgements and creditors for the duration of live exemptions are mortgage and real estate taxes

39
Q

Remainderman VS. Reversion

A

The key difference between the two is
- Reversion is held by a grantor of the original conveyance
- Remainderman is used to signify to an interest that would be a reversion but instead is transferred to someone other than the grantor

40
Q

Community property

A

Right of spouse, entitling 1/2 interest in real property obtained during marriage

41
Q

real property

A

Land, improvements, and permanent attachments. Also referred to as real estate.

42
Q

personal property

A

Anything that is not attached or made part of the structure itself. Also called chattel or personalty.

43
Q

The Bundle of Rights does not include:
A: Right Of Possession
B: Right Of Use
C: Right Of Alienation
D: Right Of Disposition

A

C: Right Of Alienation

44
Q

Real estate is defined as:
A: All Human Made Improvements
B: Permanent Attachments
C: Land
D: All Of The Above

A

D: All Of The Above

45
Q

chattel

A

Another name for personal property, or
personalty.

46
Q

fixture

A

Anything that is actually fastened to the real property. Fixtures become part of the real property.

47
Q

Personalty is another name for
A: Chattel
B: Real Property
C: Fixtures
D: Land

A

A: Chattel

48
Q

Which is not a fixture?
A: Heating Systems
B: Bathroom Cabinets
C: Light Fixtures
D: Riding Lawn Mower

A

D: Riding Lawn Mower

49
Q

An example of an emblement is a(n)?
A: Hood Ornament
B: Logo
C: Apple
D: None Of The Above

A

C: Apple

50
Q

Annexation is the process by which:
A: Real Property Becomes Personal Property
B: A Trade Fixture Is Removed From The Property
C: Personal Property Becomes Real Property
D: Severance Occurs

A

C: Personal Property Becomes Real Property

51
Q

Legal tests of a fixture include:
A: Method Of Annexation, Adaptability, Relationship Of The Parties
B: Relationship Of The Parties, Agreement Of The Parties, In Writing
C: Intention, Method Of Annexation, Scarcity
D: Intention Of The Parties, Adaptability, In Writing

A

A: Method Of Annexation, Adaptability, Relationship Of The Parties

52
Q

Appurtenance means:
A: Attached To The Land
B: Separate From The Land
C: Above The Land
D: Air Rights

A

A: Attached To The Land

53
Q

Situs is another word for:
A: Fixtures
B: Emblements
C: Location
D: Chattel

A

C: Location

54
Q

Physical characteristics of real property include:
A: Scarcity, Location, Improvements
B: Immobility, Indestructibility, Uniqueness
C: Water Rights, Mineral Rights, Air Rights
D: Situs, Accession, Severance

A

B: Immobility, Indestructibility, Uniqueness

55
Q

The oldest method of land description in the United States is:
A: Rectangular Survey
B: Government Survey
C: Lot And Block Method
D: Metes And Bounds Method

A

D: Metes And Bounds Method

56
Q

Another name for the Rectangular Survey system is the:
A: Metes And Bounds Method
B: Government Survey System
C: Lot And Block Method
D: Plat Map Method

A

B: Government Survey System

57
Q

Another name for the Subdivision method of land description is the:
A: Metes And Bounds Method
B: Government Survey System
C: Lot And Block Method
D: Plat Map Method

A

C: Lot And Block Method

58
Q

easement

A

The right to use or access another
property.

59
Q

An easement gives the holder of the easement the right to
A: Farm A Property
B: Access Or Cross The Property
C: Mine The Property
D: Sell The Property

A

B: Access Or Cross The Property

60
Q

The Bundle of Rights does not include:
A: Right Of Possession
B: Right To Control
C: Right Of Alienation
D: Right Of Disposition

A

C: Right Of Alienation

61
Q

Real estate is defined as:
A: All Human Made Improvements
B: Permanent Attachments
C: Land
D: All Of The Above

A

D: All Of The Above

62
Q

The definition of land does not include:
A: Emblements
B: Plants And Trees
C: Airspace
D: The Earth’s Surface

A

A: Emblements

63
Q

Severance occurs when:
A: An Item Of Personal Property Becomes Real Property
B: An Item Of Real Property Becomes Personal Property
C: A Trade Fixture Is Removed From The Property
D: Annexation Occurs

A

B: An Item Of Real Property Becomes Personal Property

64
Q

Annexation is the process by which:
A: Real Property Becomes Personal Property
B: A Trade Fixture Is Removed From The Property
C: Personal Property Becomes Real Property
D: Severance Occurs

A

C: Personal Property Becomes Real Property

65
Q

Appurtenant means:
A: Attached To The Land
B: Separate From The Land
C: Above The Land
D: Air Rights

A

A: Attached To The Land

66
Q

Legal tests of a fixture include:
A: Method Of Annexation, Adaptability, Relationship Of The Parties
B: Relationship Of The Parties, Agreement Of The Parties, In Writing
C: Method Of Annexation, Scarcity
D: Intention Of The Parties, Adaptability, Writing

A

A: Method Of Annexation, Adaptability, Relationship Of The Parties

67
Q

Physical characteristics of real property include:
A: Scarcity, Location, Improvements
B: Immobility, Indestructability, Uniqueness
C: Water Rights, Mineral Rights, Air Rights
D: Situs, Accession, Severance

A

B: Immobility, Indestructability, Uniqueness

Real Estate (52 decks)

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