Exam 2 CHP 8

Question 1

Refers to land, which includes things under the land, such as oil and minerals, and things attached to the land, such as buildings and trees.

Answer 1

Real property

Question 2

Refers to property that isn’t permanently affixed to the land. For example, furniture, equipment, etc.

Answer 2

Personal property

Question 3

Add value to estates. Increases the value price and is owned the same as the property.

Answer 3

Improvements

Question 4

The primary way to transfer ownership interests (title) of property.

Answer 4

Deeds

Question 5

The person who grants the land or property.

Answer 5

Grantor

Question 6

The person who is granted the land or property.

Answer 6

Grantee

Question 7

A deed that promises that the seller is conveying a good. clear title to the property.

Answer 7

Warranty deed

Question 8

Comes from the receipt of a valid deed, shows that the owner of the property has legal possession of the property.

Answer 8

Title

Question 9

An interest in land which is or may become possessory and its ownership measured in terms of duration.

Answer 9

Real estate

Question 10

The right to exclusive possession of a particular piece of land for an indefinite time, as well as the right to dispose of the property as the owner pleases.

Answer 10

Fee simple

Question 11

A form of ownership in which each tenant has an undivided interest in the property.

Answer 11

Tenancy in common

Question 12

A piece of property that gives a person the right to be a tenant for life.

Answer 12

Life estate

Question 13

A property purchase by two or more persons who have the same interest in the undivided possession of the property. If one owner dies, the survivor is granted the deceased owner rights.

Answer 13

Joint tenancy

Question 14

If the other owner of the property dies, the survivor gains the deceased owner’s rights.

Answer 14

Right of survivorship

Question 15

Ownership of a temporary right to hold land or property in which a lessee or a tenant holds rights of real property by some form of title from a lessor or landlord.

Answer 15

Leasehold estate

Question 16

Limitations or requirements about the use of property, attached to the estate or property itself and impose certain use limits on the owner of the property.

Answer 16

Servitudes

Question 17

A right to enter land owned by another and make certain use of it. “Interest in land”

Answer 17

Easement

Question 18

The gain from a gift or sale of one’s estate, such as oil, minerals, or trees.

Answer 18

Profits

Question 19

Permission to enter or use the property of another. Simply a permit or privilege.

Answer 19

Licenses

Question 20

Hostile use of another person’s land; that is, someone who has no right to occupy or use an estate does so without permission.

Answer 20

Adverse possession

Question 21

The number of years the adverse possession must occur before it becomes a legally protected possession. 10 years

Answer 21

Statute of limitations

Question 22

A means by which owners of estates in land can make agreements that bind their successors.

Answer 22

Covenants

Question 23

Owns the property, for which they lend out to tenants.

Answer 23

Landlords

Question 24

A party with possessory rights for a fixed time period or at will as agreed upon.

Answer 24

Tenants

Question 25

An agreement that creates a leasehold within an estate and contains conditions such as how rent is to be paid and what restrictions have been placed on the use of the property.

Answer 25

Lease

Question 26

When a property is rented.

Answer 26

Leasehold

Question 27

Lease agreements for business spaces, often drafted by the lessor’s legal department based on state law requirements and experience.

Answer 27

Commercial leases

Question 28

State and local level that regulates behavior to protect or to promote the general welfare.

Answer 28

Police powers

Question 29

Arises when two or more persons jointly promise to another person to do the same thing

Answer 29

Joint liability

Question 30

Arises when two or more persons make separate promises to another, whether under the same contract or different contracts.

Answer 30

Several liability

Question 31

An activity that substantially and unreasonably interferes with the use and enjoyment of someone’s land.

Answer 31

Nuisance