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Real Estate Exam > Level 1 Property Ownership > Flashcards

Level 1 Property Ownership Flashcards

1
Q

the process that results in the gradual increase in land area through deposits of soil by natural forces

A

Accretion

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2
Q

the right to use the airspace above the surface of land

A

air rights

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3
Q

the area above ground that is owned along with a property —could include space above a piece of land, or the space owned inside a condominium unit

A

air space

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4
Q

a tangible or intangible item of value

A

Asset

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5
Q

ownership of land with all of the legal rights of possession, control, enjoyment, exclusion, and disposition

A

Bundle of Rights

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6
Q

any unattached, movable asset on the property not considered real estate (land plus improvements); also known as personal property or personalty

A

Chattel

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7
Q

the side of law which arises from judgments and decisions made in courts rather than explicit legislation

A

common law

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8
Q

a system of property co-ownership, most commonly applied to married couples, which describes what is joint property and what is individual property

A

community property

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9
Q

property where each owner has a separate interest in their own unit and undivided interest in the common areas

A

condominium

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10
Q

the right of a spouse to inherit property held in their spouse’s name after that spouse dies; dower for women, curtesy for men

A

dower/curtesy

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11
Q

a statutory right in some states which allows the surviving spouse to claim an interest in a decedent’s real and personal property regardless of the provisions established by a will

A

elective share

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12
Q

the portion of a property’s total value owned outright by the holder to title, equal to the difference between the market value and all outstanding debts on the property

A

equity

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13
Q

a right included in the bundle of legal rights to real property which empowers the owner to allow or deny others’ use of the property

A

exclusion

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14
Q

a property interest characterized by perpetual ownership on the condition that the property is used for a certain purpose or under specific conditions – ownership reverts back to the original owner if these stipulations are violated

A

fee simple defeasible

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15
Q

a type of fee simple defeasible estate which causes the title to automatically revert to the original owner if the deed requirements regarding property use are violated

A

fee simple determinable

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16
Q

maximum ownership of real property, and is of indefinite duration, freely transferable, and freely inheritable; also called a fee or a fee simple absolute

A

fee simple estate

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17
Q

an object that was once personal property but is now firmly attached to the land in such a way that it is considered to be a part of the real estate

A

fixture

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18
Q

a form of ownership with an indeterminate length

A

freehold estate

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19
Q

laws which protect a homeowner from loss of their principal residence from the claims of most creditors and require both spouses to execute any instruments of conveyance

A

homestead laws

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20
Q

any non-natural structure built on or affixed to land

A

improvement

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21
Q

co-ownership in which the parties have an equal and
undivided interest in the property; includes the right of
survivorship rather than inheritance

A

joint tenancy

22
Q

the surface of the earth, including all permanently attached natural features, extending downwards to the center of the earth and upwards to infinity

A

land

23
Q

a type of property interest allowing tenants to occupy and use a property they do not own; contains a reversionary right

A

leasehold estate

24
Q

any life estate created by a function of law as opposed to the actions or desires of a property owner

A

legal life estate

25
Q

complete legal ownership of real property and the bundle of rights associated

A

legal title

26
Q

an interest in real estate that will end upon the death of the life tenant or the pur autre vie life (life of another)

A

life estate

27
Q

rights that govern lakefront or oceanfront property and usually allow the property owner to use the water bordering their property

A

littoral rights

28
Q

separately transferable rights to the subsurface resources on a property

A

mineral rights

29
Q

legal action brought with the purpose of terminating the ownership interest of a co-owner to real property

A

partition suit

30
Q

a leasehold estate which automatically renews until canceled by either party

A

periodic estate

31
Q

any unattached, movable asset on the property not considered real estate (land plus improvements); also known as chattel or personalty

A

personal property

32
Q

a subdivision that includes residential dwellings along with nonresidential real estate, departing from normal zoning and subdivision regulations; recreational facilities may be coowned by PUD lot owners as tenants in common

A

planned unit development

PUD

33
Q

the legal doctrine which grants states the power to control and regulate all water resources within their borders

A

prior appropriation

34
Q

any item which may be owned, including the rights associated with ownership

A

property

35
Q

a life estate characterized by ownership lasting only for the duration of a designated party’s lifetime

A

pur autre vie

36
Q

a lessee’s right to possess a property without interference from lessor, previous owner, or anyone else about the claim to the title

A

quiet enjoyment

37
Q

part of the surface of land to the center of the earth and upward to space, plus all improvements made by man or nature

A

real estate

38
Q

land from the surface to the center of earth and upward into space, including everything attached by man or nature as well as the bundle of legal rights of ownership

A

real property

39
Q

the reversionary interest held by a designated remainderman in a life estate

A

remainder interest

40
Q

the transfer of title from the holder back to the original grantor

A

reversionary interest

41
Q

the statutory principle of survivorship tenancy that provides that when one co-owner dies, their ownership interest reverts to the surviving co-owners

A

right of survivorship

42
Q

rights that govern the use of flowing water, such as rivers and streams that pass through or border a property

A

riparian rights

43
Q

undivided ownership of an estate, with an interest that is exclusive from other owners; often referred to as ownership in severalty or tenancy in severalty

A

severalty

44
Q

the act of changing real property into personal property by separation of an item from land or improvements

A

severance

45
Q

ownership rights to all that is found beneath the surface of the tract of land owned, extending downward to the center of the
earth

A

subsurface rights

46
Q

a legal action brought by a landlord to evict a tenant

A

suit for possession

47
Q

the rights to access the surface area of a parcel of real

property

A

surface rights

48
Q

co-ownership with individual, undivided interest in
the property; includes rights of inheritance rather than
survivorship

A

tenancy in common

49
Q

a form of co-ownership where each owner has use of the property at a different prescribed period of time, also known as interval ownership

A

timeshare

50
Q

personal property attached to real property that is owned by the tenant and needed for the tenant’s business; can be removed by tenant at expiration of lease

A

trade fixture

51
Q

a legal entity where control of some asset or property is transferred by a grantor (trustor) to a third party (trustee) to be held for the benefit of another (beneficiary)

A

trust

52
Q

the right of a property owner on a waterfront to access and use that water

A

water rights

Real Estate Exam (8 decks)

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