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Real Estate > Interest in Real Estate - Ch 3 > Flashcards

Interest in Real Estate - Ch 3 Flashcards

1
Q

What is the general name for any claim, right, estate, liability or restriction?

A

Encumbrance

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2
Q

What type of interest in real estate is not ownership but gives some degree of use or control of the property?

a. encumbrance
b. appurtenant
c. fee simple
d. freehold estate

A

a. encumbrance

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3
Q

A _____ gives notice of a claim against the property.

A

lien

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4
Q

Which type of encumbrance permits a limited used of property?

a. liens
b. encroachment
c. private deed restrictions
d. easements or licenses

A

d. easements or licenses

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5
Q

Jill’s fence extends into her neighbor’s yard by 10 feet. What type of encumbrance is Jill’s fence?

a. encroachment
b. deed restriction
c. lien
d. easements license

A

a. encroachment

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6
Q

T/F
Real estate taxes, mortgages, judgements & mechanics’ liens all represent possible liens against owner’s real estate.

A

True

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7
Q

Which encumbrance can be found on the deed that conveys the title to the property?

A

private restrictions

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8
Q

Once place a ________will run with the land, limiting use of the property by the current owner.

A

deed restrictions

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9
Q

T/F
A deed restriction will automatically drop once the property is sold.

A

False.

Deed restrictions limit the use of the property for the current owner AND future owners, as it transfers subsequently.

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10
Q

T/F
Easement is the right to use your own land for a particular purpose.

A

False.

Easement is the right to use the land of another of a particular purpose.

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11
Q

Holly’s neighborhood does not allow homeowners to hang their laundry out to dry and prohibits home additions. What guideline sets this standard?

a. HOA
b. private restrictions
c. covenants, conditions, and restrictions
d. title of property

A

c. Covenants, conditions, and restrictions

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12
Q

T/F
Covenants, conditions, and restrictions are not public record.

A

False.

Covenants, conditions, and restrictions are detailed in the initial development plans for the subdivision. It’s filed publicly in the city the property is located & referred to in the deeds to each property.

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13
Q

A developer uses __________ in the original development plans in detail to maintain a specific set of standards when creating a subdivision.

a. covenants, conditions, and restrictions
b. deed restrictions
c. easements
d. association guidelines

A

a. Covenants, conditions, and restrictions

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14
Q

What type of encumbrance permits your neighbor to gain access to their property from the public road?

a. liens
b. encroachment
c. deed restrictions
d. easements

A

d. easement

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15
Q

Which encumbrance may exist on any portion of real estate, including airspace or right-of-way across land?

a. remainder interest
b. restrictions
c. easement
d. lien

A

c. easement

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16
Q

A ________ is attached to your property ownership & allows you, as the owner, to use your neighbor’s land.

a. convenant
b. easement appurtenant
c. easement
d. deed restriction

A

b. easement appurtenant

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17
Q

A _______ is an exterior wall of a building straddling the boundary line between two lots or a shared partition wall between two connected properties.

a. dominant tenement
b. party wall
c. privately restricted wall
d. co-op

A

b. party wall

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18
Q

T/F
Property owners with a “party wall” own half the wall on their lot. Each has an easement appurtenant in the other half of the wall.

A

true

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19
Q

A easement appurtenant is part of ____ tenement.

a. dominant
b. servient
c. appurtenant
d. conditional

A

a. dominant tenement

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20
Q

What is the term for an individual or company interest in or right to use someone else’s land?

A

easement in gross

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21
Q

What type of encumbrance gives a railroad their right-of-way through a property owners land?

a. license easement
b. easement in gross
c. deed allotments
d. dominant tenement

A

b. easement in gross

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22
Q

In general how does one create an easement?

A

written agreement between the parties

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23
Q

__________ is created by court order when an owner sells a portion of land without access to public road. Therefore right of way is given over seller’s remaining land.

a. easement license
b. easement by necessity
c. easement by prescription
d. dominant easement

A

b. easement by necessity

24
Q

Thomas wants to sell a back portion of his farm, however the new owners will be landlocked. What will the new owners receive to allow them to ingress & egress their property?

a. easement license
b. servient tenement
c. prescriptive easement
d. easement by necessity

A

d. easement by necessity

25
Q

When one use’s the neighbor’s land for a certain period of time defined by state law, a _________ may be acquired.

a. easement license
b. servient tenement
c. easement prescription
d. easement by necessity

A

c. easement prescription

26
Q

What is the term for the continuous, nonexclusive to the property owner yet without permission from the land owner?

a. easement license
b. easement by necessity
c. servient tenement
d. easement prescription

A

d. easement prescription

27
Q

What is the length of time detailed by state law in Virginia for easement of prescription?

A

20 years

28
Q

Which type of easement terminates by nonuse of it?

a. easement of necessity
b. easement of license
c. prescriptive easement
d. easement in gross

A

c. prescriptive easement

29
Q

An easement terminates by ________ of the right of easement to the owner of the servient tenement.

A

released

30
Q

A ________ is a personal privilege to enter the land of another for a specific purpose.

a. license
b. easement
c. easement in gross
d. right of way

A

a. license

31
Q

A _______ is a building, fence or driveway illegally extending beyond the boundaries of the owner’s land.

A

encroachment

32
Q

What is the term meaning litigation pending?

A

lis pendens

33
Q

Name the public notice given to recognize there is pending legal action affecting the title of a property.

A

lis pendens

34
Q

What are the 4 Government Powers ownership is subject to?

A

Police Power
Eminent Domain
Taxation
Escheat

35
Q

Every state has the power to enact legislation to preserve order, protect public health & safety and promote general welfare of the citizens. What is the term for this authority?

A

Police Power

36
Q

The states authority is passed on to municipalities through legislation called _______.

A

enabling acts

37
Q

Which of the four government powers has the greatest impact on the value of land?

A

police power
(ie zoning laws & building codes)

38
Q

What is the act or process the government exercises to take land under eminent domain?

a. condemnation
b. taking
c. police power
d. lis pendens

A

a. condemnation

39
Q

The right of a government body to take ownership of real estate for public use is called

A) police power.
B) escheat.
C) eminent domain.
D) condemnation.

A

c. eminent domain

40
Q

__________ is the right of the government to acquire privately owned real estate for public use.

A

eminent domain

41
Q

What is the concept of acquiring property of public use per the 5th amendment?

A

taking

42
Q

Julie’s neighbor’s land was acquired by eminent domain. However Julie is not happy with a public bypass being next-door & feels her property is diminished. What action should Julie bring to seek compensation for her adjacent land?

A

inverse condemnation

43
Q

A ________ is a charge on real estate to raise funds

A

taxation

44
Q

Which form of taxation takes priority above all other taxations?

a. Federal Tax
b. Special Finance Tax
c. Tax Liens
d. State Land Tax

A

c. Tax Liens

45
Q

What is the name of the process in which the state can acquire privately owned real estate?

a. Taxation
b. Eminent Domain
c. Escheat
d. Condemnation

A

c. escheat

46
Q

What process is intended to precent property from being ownerless & therefore becomes property of the state?

a. Escheat
b. Eminent Domain
c. Lis Pendens
d. Condemnation

A

a. escheat

47
Q

A homestead is a legal life estate in real estate that is

A)a secondary residence.
B)leased by renters.
C)occupied as the family home.
D)used as a vacation home.

A

C)occupied as the family home.

48
Q

The owner of fee simple title to a vacant lot adjacent to a hospital decided to make a gift of the lot to the hospital. The deed conveyed ownership of the lot to the hospital “so long as it is used for hospital purposes.” After completion of the gift, the hospital will own

A)a fee simple determinable.
B)a license.
C)a fee simple absolute estate.
D)a leasehold estate.

A

A)a fee simple determinable.

49
Q

An easement appurtenant

A)runs with the land.
B)is revocable.
C)is a right-of-way for a utility company.
D)terminates with the sale of the property.

A

a. runs with the land

50
Q

A property owner who has the legal right to use a neighbor’s land holds ______.

A) police power.
B) an easement.
C)an estate in land.
D)an encroachment.

A

b. easement

51
Q

Your neighbors use your driveway to reach the garage on their property. Your attorney explains that the neighbors’ real estate includes an easement appurtenant giving them the right to do this. Your property is _______

A) the leasehold interest.
B)the dominant tenement.
C)the license property.
D)the servient tenement.

A

D)the servient tenement.

52
Q

An owner conveys ownership of a residence to a church but reserves a life estate in the residence. The future interest held by the church is

A)a reversion.
B)a remainder.
C)a pur autre vie.
D)a leasehold.

A

B)a remainder.

53
Q

The type of easement that is a right-of-way for a utility company’s power lines is ______.

A)an easement by prescription.
B)a nonassignable easement.
C)an easement in gross.
D)an easement by necessity.

A

C)an easement in gross.

54
Q

A homeowner may be allowed certain protection from judgments of creditors as a result of the state’s

A)curtesy rights.
B)homestead rights.
C)dower rights.
D)littoral rights.

A

b homestead rights

55
Q

Which of the following is an example of governmental power?

A)Lis pendens
B)CC&Rs
C)License
D)Escheat

A

d. escheat

56
Q

Because a homeowner failed to pay the real estate taxes on time, the taxing authority imposed a claim against the homeowner’s property. This claim is known as

A)an easement.
B)a deed restriction.
C)a lien.
D)a reversionary interest.

A

C)a lien.

57
Q

An easement is terminated by

A)creation of a prescriptive easement.
B)transfer of the dominant tenement to a new owner.
C)release of the right of easement to the servient tenement.
D)transfer of the servient tenement to a new owner.

A

C)release of the right of easement to the servient tenement.

Real Estate (5 decks)

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