Fundamentals Of Real Estate Law

Question 1

Adverse possession

Answer 1

Allows a person who uses another’s property to gain ownership when the use is actual, open, notorious,exclusive, hostile, continuos and long enough

Question 2

Annexation

Answer 2

The manner of attachment of personal property to real estate

Also applied by a city to grow by including adjacent land

Question 3

Chattels

Answer 3

Items of personal property, including autos, clothing, and movable furniture

Question 4

Color of title

Answer 4

What appears to be a good title but is not

Question 5

Community property

Answer 5

Property owned by husband and wife by joint effort during marriage is owned one-half each. Form of ownership recognized in several states, most of Spanish origin

Question 6

Separate property

Answer 6

Property either owned separately before marriage or inherited during marriage

Question 7

Condominium (Condo)

Answer 7

A form of ownership whereby a person owns a specific unit, can mortgage it, and has rights to use the common property jointly

Question 8

Constructive notice

Answer 8

occurs when an instrument, such as a deed, is recorded in the county courthouse to give notice to the world of its existence

Question 9

Cooperative (Co-op)

Answer 9

A form of ownership whereby a person owns stock in a corporation, receiving exclusive use of a specific unit and rights to use the common property jointly.
Co-op and condo owners must pay assessments

Question 10

Corporeal

Answer 10

Property that is tangible (I.e. Can be seen or touched”

Question 11

Incorporeal

Answer 11

Refers to intangible property

Question 12

Devise

Answer 12

A transfer of real estate by will or last testament

Question 13

Bequeath

Answer 13

A transfer of personal property by will or last testament.

Question 15

Dower rights

Answer 15

Gives the wife (or child) an interest in part of deceased husbands estate. A few states also recognize a husbands rights, called curtesy rights

Question 16

Easement

Answer 16

The right to use property of another for a specific purpose.

Question 17

Eminent domain

Answer 17

The right, or government, or an entity with governmental authority, to take private property for public use. The process is called condemnation, which requires payment of just compensation for the property taken

Question 18

Erosion

Answer 18

The gradual removal of land by nature

Question 19

Avulsion

Answer 19

The sudden removal of land, as by hurricane.

Question 20

Accretion

Answer 20

A natural addition to land

Question 21

Estate

Answer 21

The degree, quantity, nature and extent of interest a person has in property.

Question 22

Life estate

Answer 22

Expires on the death of the life tenant

Question 23

Remainderman

Answer 23

Acquires ownership of the property (called the reversion)

Question 24

Pur autre vie

For another’s life

Answer 24

A type of life estate that ends in the death of someone other than the life tenant

Question 25

Fee simple

Answer 25

The greatest form of ownership one can have. It is subject to eminent domain and land use controls

Question 26

Fixture

Answer 26

An object that was personal property. Score being affixed to real estate in a manner that caused it to be part of the real estate.

Question 27

Foreclosure

Answer 27

The process to force the sale of a property for nonpayment of a claim on it

Question 28

Freehold estate

Answer 28

An interest in real estate without a known termination date.

Question 29

Nonfreehold estate

Or

Less than freehold

Answer 29

An interest in real estate with a present termination date

Question 30

Homestead

Answer 30

The protection of a family’s home from creditors in certain instances such as bankruptcy

Question 31

Interest in real estate

Answer 31

Allows a party certain use but is less than fee simple estate

Question 32

Intestate

Answer 32

A person who died without a will

Question 33

Intestate succession

Answer 33

The states law for distributing the property of someone who died without a will. If the decedent left no heirs, the decedents property “escheats” to the state.

Question 34

Joint tenancy

Answer 34

A form of ownership characterized by survivorship. When one dies, the remaining joint tenants inherit the portion owned by decedent

Question 35

License

Answer 35

gives a person permission to go onto another’s land for a a special purpose

Question 36

License

Answer 36

The privilege given by the state to a person to operate as a real estate salesperson or broker

Question 37

Littoral

Answer 37

Refers to the shore line of property on a large body of water, such as an ocean. Generally, private ownership stops at the mean high-water mark

Question 38

Personal property (personalty)

Answer 38

Things other than real estate

Question 39

Prescription

Answer 39

An easement acquired by adverse possession

Question 40

Property

Answer 40

The legal rights to use and enjoy things or, in Layman’s terms, the things themselves

Question 41

Real estate (realty)

Answer 41

Refers to land and everything permanently affixed to land

Question 42

Riparian

Answer 42

Refers to land bounding on a stream, lake, or river

Question 43

Survivorship

Answer 43

When a co-owner automatically inherits ownership of the portion that belonged to another person who had died

Question 44

Tenancy by enetireties

Answer 44

A form of joint tenancy that exist ma only in certain states and is available only to husband and wife. It protects a spouses rights to the home from certain action if the other spouse

Question 45

Tenancy in common

Answer 45

A form of co-ownership by two or more people without survivorship. Each tenant owns an undivided interests in the whole and may dispose of his/her interest any way he/she pleases

Question 46

Tenancy in severalty

Answer 46

Ownership by one person or one entity