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Real Estate 48 Hour Pre-License Test > Interests, Estates, & Ownership > Flashcards

Interests, Estates, & Ownership Flashcards

1
Q

What five economic characteristics affect the value of land in the marketplace?

A 
Demand 
Utility
Scarcity 
Transferability
Situs
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2
Q

What are the three physical characteristics of land?

A

Immobile or permanent
Indestructible
Non-homogeneous or unique

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3
Q

The right to transfer interests in the property includes the right to… (5)

A 
sell
bequeath
lease
donate or
assign ownership interests
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4
Q

The right to encumber the property mean

A

the right to mortgage the property as collateral for debt.

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5
Q

The right to exclude gives the property owner the legal right to

A

keep others off their property and prosecute trespassers.

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6
Q

List 3 severable rights

A

Surface
Air
Subsurface

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7
Q

What is the Doctrine of Prior Appropriation?

A

requires property owners to obtain permits for the use of water

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8
Q

Littoral rights…

A

concern properties abutting bodies of water that are not moving and that are navigable, such as lakes and seas.

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9
Q

Riparian rights…

A

concern properties abutting flowing water, such as streams and rivers.

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10
Q

Reliction

A

Increase in land due to the receding of water from the shore.

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11
Q

Name the five major rights included in the bundle of rights to real estate. (“The Bundle of Rights”)

A 
possess
use
transfer
encumber
exclude
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12
Q

What is another name for trade fixtures?

A

Chattels fixtures

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13
Q

Define chattels fixtures

A

An item affixed to the real property to conduct business. Considered personal property unless not removed upon surrender of the premises.

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14
Q

Emblements

A

Plants and crops requiring human intervention and labor. The ARE personal property.

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15
Q

How can a property change from being considered real property or personal property?

A

Conversion. Severance or Affixing.

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16
Q

Allodial System

A

Individuals are entitled to own property without proprietary control by the king/government

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17
Q

Government entities regulate the following: (6)

A
  1. the “bundle of rights”
  2. legal descriptions
  3. financing
  4. insurance
  5. inheritance
  6. taxation
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18
Q

Zoning laws regulate… (7)

A
  1. The use of the land
  2. Lot sizes
  3. Types of structures permitted
  4. Building heights
  5. Setbacks
  6. Density
  7. Types of animals that can or cannot be kept on a property (no pet cougars, etc…)
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19
Q

Land use regulations and ordinances control how all property within the jurisdiction may be… (4)

A

developed
improved
demolished
managed

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20
Q

What are the legal tests that determine if an item is a fixture? (4)

A

Method of annexation (attachment)
Adaptability
Intention
Existence of an agreement

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21
Q

Common meridians…

A

run North to South

are 6 miles apart

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22
Q

Guide meridians…

A

are 24 miles apart

account for curvature of the Earth

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23
Q

Common parallels…

A

run East to West

are 6 miles apart

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24
Q

Standard parallels (or correction lines)…

A

are 24 miles apart

account for the curvature of the Earth

25
Q

The single designated meridian for identifying township’s in the jurisdiction

A

Principal Meridian

26
Q

The single designated parallel for identifying township’s in the jurisdiction

A

Base Parallel (or Base Line)

27
Q

_________ is ownership of any combination of the bundle of rights to real property.

A

An interest in real estate

28
Q

Undivided Interest

A

co-owners (2 or more) who share equal interest in an estate

29
Q

What rights of the bundle of ownership rights does a tenant have?

A 
Use
Exclude (except landlord or owner)
30
Q

Types of Interest: Estate in Land

A

An interest-owner who enjoys the right of possession

31
Q

Types of Interest: Encumberance

A

A private interest-holder does not have the right to possess

32
Q

Types of Interest: Public Interest

A

The interest-holder is not private, such as a government entity, and does not have the right to possess

33
Q

What is the prime example of public interest?

A

The right of the local or county government to zone

34
Q

Other examples of public interest…

A

Eminent domain

Escheat

35
Q

To take a property by eminent domain when the owner and the government cannot negotiate a satisfactory voluntary acquisition

A

Condemnation

36
Q

Escheat

A

The process of reversion to state ownership

  • if an owner dies without a will and without heirs
  • if the property is abandoned (by failure to pay taxes)
37
Q

Freehold Estate

A

the duration of the owner’s rights cannot be determined.

38
Q

Leasehold Estate

A

distinguished by its specific duration, as represented by the lease term.

39
Q

Fee Simple Estate

A

A freehold estate of potentially unlimited duration

40
Q

Life Estate

A

An estate limited to the life of the owner

41
Q

What are the two types of fee simple estates?

A

absolute and defeasible

42
Q

What are the rights of a Fee Simple Absolute estate? (6)

A 
Quiet enjoyment
Give away
Sell by deed
Will
Exclude
Control within what is allowed by law
43
Q

Fee Simple Defeasible

A

the use of the property conforms to certain stated conditions

44
Q

What are the two types of Fee Simple Defeasible estates?

A

determinable and condition subsequent

45
Q

What is the difference between fee simple on condition subsequent and fee simple determinable?

A

The reversion of the estate to the original grantor is not automatic

46
Q

What are the two types of life estates?

A

Conventional

Legal

47
Q

What are the two types of Conventional Life Estates?

A

Ordinary

Pur Autre Vie

48
Q

What are three types of Legal Life Estates?

A

Homestead
Dower and curtesy
Elective share

49
Q

What are the essential characteristics of fee simple defeasible estates?

A

The property must be used for a certain purpose or under certain conditions.

If the use changes or if prohibited conditions are present, the estate reverts to the previous grantor of the estate.

50
Q

A valid lease must contain…

A

the right or interest of the lessor (owner of the real property, Fee Simple)

51
Q

What are the four types of Leasehold Estates?

A

Estate for Years
Estate from Period to Period (periodic tenancy)
Estate at Will
Estate at Sufferance

52
Q

Sole-ownership

A

Tenancy in Severalty

53
Q

What are the three main types of co-ownership?

A

Tenants in Common
Joint Tenancy
Tenancy By the Entireties

54
Q

Tenancy in Common

A

Two or more owners
Identical rights
Interests individually owned

55
Q

Joint Tenancy

A

Two or more persons collectively own a property as if they were a single person.

  • Unity of Ownership
  • Equal Ownership
56
Q

What are the four unities of joint tenancy?

A

Time
Title
Interest
Possession

57
Q

Tenancy By The Entireties

A

Joint tenancy + marriage

58
Q

What are advantages of a Land Trust?

A

Anonymity; ease of transfer; ease of use as collateral; potential benefits in treatment of estate on death of beneficiary (grantor)

59
Q

Community Property…

A

distinguishes between community property and separately-owned property; protects each spouse’s ownership of the whole community property while spouses live

Real Estate 48 Hour Pre-License Test (3 decks)

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