Level 1 -Real Estate Basic

Question 1

Land

Answer 1

Surface of Earth,+ Permanently attached Natural Resources ( Trees, roads, treasures, mines, ponds, river, etc.) extending downward to the center of the earth to the infinite space above.

Question 2

Real Estate

Answer 2

Land +
Improvements ( Non-natural, Man-made structures permanently attached to ground. ( Building, swimming pool, decks, Fence, etc.)

Question 3

Real Property

Answer 3

Land
Real Estate
Bundle of rights

Question 4

Bundle of Rights:

Answer 4

Exclusion, 
Disposition, 
Quiet Enjoyment
Control: The right of control 
Encumber: 

Package Deal
The right to control and right to encumber are often rolled up into one, handy-dandy right, referred to simply as the right to control

Question 5

Property means:

Answer 5

land, real estate, real property, personal properties, tangible, and intangible properties.

Question 6

Tangible Property

Answer 6

Possessions that physically exist, such as a house or a toasty bagel, jewelries, doghouse etc.

Question 7

Intangible Properties

Answer 7

Stocks, patents, and other incorporeal things

Question 8

Conveyance:

Answer 8

changing hands or being conveyed

Question 9

Asset:

Answer 9

Properties ( of a person or company’s )

Real Estate is an asset, It may go up or down, depends upon market and economy

Question 10

Equity

Answer 10

equity is all the value of a property above what an owner owes their lender or other debt-holder

Question 11

Legal Title

Answer 11

Legal title is the complete legal ownership of real property and the bundle of rights associated.

Real Property is conveyed by written instrument called a deed, which gives the deed -holder legal title

Question 12

Deeds

Answer 12

a transfer of legal title (by deed) is how real property moves around.

A deed is a signed legal document that transfers ownership of an asset to a new owner.

Question 13

The federal government regulates

Answer 13

broad issues, such as general land usage, natural disaster reaction, and discrimination.

Question 14

The state governments are the primary regulators of

Answer 14

Real Estate Law. They address things such as more specific environmental control of flood zones and waste disposal.

Question 15

What is the role of the local governments on Real Estate:

Answer 15

they cover real estate on an even smaller scale, addressing issues such as

1. land use control,
2. taxation, and
3. zoning.

Question 16

Judicial Government and Common Law

Answer 16

Largely governs conveyance rules, and the rules of real estate in general, or the side of law that arises from judgments and decisions made in courts rather than explicit legislation.

Question 17

Common Law

Answer 17

Law accepted by local community

In the world of real estate, common law comes from decisions made in court that are then applied to and accepted in real life scenarios, each and every day

Question 18

Five Types of Real Estate Properties

Answer 18

1. Residential 🏡
2. Commercial 🏬
3. Industrial 🏭
4. Agricultural 🚜
5. Special purpose ⛪️

Question 19

Purpose and Examples of Residential Property

Answer 19

For a property to truly be deemed residential, it must be approved for the purpose of habitation.
•	Single-family residences
•	Vacation properties
•	Multi-family residences
•	Townhouses
•	Condominiums
•	Apartment buildings
•	Manufactured homes

Question 20

Purpose of Commercial Real Estate

Answer 20

. Commercial Real Estate
• Are used for business purposes
• Generate revenue
• Are typically considered investment properties

Question 21

Examples of Commercial Real Estate

Answer 21

Commercial real estate can include:
•	Office buildings
•	Retail complexes
•	Gas stations
•	Entertainment venues
•	Restaurants

Question 22

Examples Of Industrial Real Estate

Answer 22

• Manufacturing plants
• Distribution facilities
• Warehouses
• Storage facilities
• Research facilities
• Data centers

Question 23

Purpose of Agricultural Real Estate

Answer 23

• Properties dedicated to the commercial cultivation of food, feed, and fiber
• Commercial ventures that provide us with fruits, vegetables, livestock, plants, wood products, and other resources that are an essential part of our daily lives

Question 24

Example of Agriculture Real Estate

Answer 24

• Family and commercial farms
• Ranches
• Orchards
• Nurseries and greenhouses
• Pastures
• Feed lots

Question 25

What Is and Is NOT Agricultural Real Estate:

Answer 25

A real and complete house on a agriculture field, like a farm house, house with + corn field

This is important to note for tax purpose.

Question 26

Three Characteristics of Special-Purpose Real Estate

Answer 26

1. Often publicly owned
2. Require substantial reinvestment to convert to another purpose or use
3. Do not come up for sale as frequently as other property types

Question 27

Examples of Special-Purpose Real Estate

Answer 27

• Churches
• Schools
• Recreational facilities
• Cemeteries
• Government-held land

Question 28

Level 1 - Chapter 4: ( just for references )

Answer 28

Real vs. Personal Property

Question 29

Personal Property

Answer 29

Things Belongs to Seller, Or Owner’s Personal belongings ( not a part of a real property )
Also unpacked/unboxed fixtures. Items that are NOT permanently attached inside or outside the house. Also they are movable.

Also Known as Chattel,

Question 30

Chattel

Answer 30

Personal property or personalty : personal or movable property

Remember chattel as cattle because cattle is movable and personal property

Question 31

What are Real Properties

Answer 31

land + Improvements + Bundle of rights)

Question 32

Examples of Real Properties

Answer 32

Real Property are home, ranch, warehouse, office, factory, chicken farm, cornfield etc. (a land + Improvements + Bundle of rights)

Question 33

Example of Personal Properties

Answer 33

Vacuum cleaner, dinning tables, clothes, rugs, furniture, and any unpacked boxed items, etc. Items that are NOT attached permanently inside and outside the house

Question 34

1. Personal Property Conveys through which documents?

2. Where Real Property conveyed through which documents?

Answer 34

1. Bill of sale, or request in a will

2. Deed

Question 35

what is Fructus Naturales and what it could be consider as:

Answer 35

fruits of nature that do not require annual planting such as apple trees or blueberry bushes as well as flowers and Plants ( perennial )

it consider as mostly a real properties.

Apple trees, or blueberry plants, flowers and Plants ( perennial ) Part of a real property’s landscape. These are attached in the ground and part of a landscaping. Unless otherwise mentioned on the contract.

Question 36

Fructus Industriales or (emblements) are:

Answer 36

Annually cultivated crops

generally considered to be personal property, even prior to harvesting

Question 37

Converting Personal Property into Real Property
New Topic ( for reference )

Answer 37

New Topic ( for reference )

Question 38

Personal property becomes real property when

Answer 38

it is permanently attached to the land.

Question 39

Examples of improvements:

Answer 39

• Housing 🏡
• Landscaping 🌷
• Permanent BBQ pit 🍔
• Horse stables 🏇

Question 40

Three categories how properties changes

Answer 40

1. Fixtures
2. Annexation
3. Severance

Question 41

Definition of Fixture is:

Answer 41

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 real property. Like Ram’s ceiling fan

• Chandeliers (They’re like a tiara for your ceiling!)
• Garage door openers (attached in walls)
• Shelves
• Bidets (Are you trying to make a robot blush?)

Question 42

Affixation or Annexation is:

Answer 42

The PROCESS of converting personal property to real property is called affixation or annexation.

Question 43

Example of Annexation or Affixation

Answer 43

When Ram’s ceiling fan is attached to the ceiling, it is converted from personal property to real property through affixation (or annexation).

Question 44

Other ways personal property converts to real property

Answer 44

• Close association
• Adoption
• Agreement

Question 45

Close Association is:

Answer 45

A conceptual linkage to real property,

• such as a remote garage door opener, ( Even if it is a
• custom-made garage door opener )
• Fireplace remote control etc.

Therefore Close Association is also a part of ‘changing personal property into real property’.

Question 46

Adoption is:

Answer 46

the customization of personal property for use with real property, such as drapes cut for a window in a room with a vaulted ceiling.

Therefore Adoption is also a part of ‘changing personal property into real property’.

EXAMPLE
Let’s say Amir builds his own home with 100-foot ceilings and floor-to-ceiling windows. He purchases custom drapes for these windows from Custom Curtains LLC, his favorite drape store. When Amir sells his home, these massive drapes will likely be considered real property, as they are customized specifically for the home.

Question 47

Agreement is:

Answer 47

is when the parties to a contract agree that personal property will remain with the real property (make sure to get this in writing!)

Example: let’s say big portable TV stand was requested by buyer and seller agrees to throw that with house deal

Question 48

Trade Fixtures (or Chattel Fixture) is:

Answer 48

A tenant’s personality property and they can usually take trade fixtures with them when they leave because they need it for their business.

EXAMPLE
Shelves that a store owner attaches to the wall when leasing a storefront in a strip mall are trade fixtures.

Question 49

Severance is:

Answer 49

The act of converting real property into personal property. You could say, then, that severance is the opposite of affixation.

Example
Homeowner Picking up berries from his backyard for his morning breakfast after he sold the house.

This performing is an act of severance that converts the berries from real property to personal property

Question 50

1. What Is MARIA

2. Why Do We Use MARIA ?

Answer 50

1. Answer
• Method of attachment
• Adaptability
• Relationship of the parties
• Intent
• Agreement

2. Answer:
   To determine things if they are privet or real property.

Question 51

On MARIA, M (Method of attachment) refers to:

Answer 51

How the potential fixture is installed.

Example: Anything that would damage the home to remove? That’s probably a fixture (real property)

Question 52

On MARIA, A (Adaptability) refers to:

Answer 52

that if anything specifically adapted to the home.

Example:
• Window Shades ( real Property)
• A box air conditioning unit on the window
• or a specially-sized door could be a fixture.

Question 53

On MARIA, R (Relationship of the Parties) refers to:

Answer 53

Relationship of the parties refers to landlord-tenant relationships. When tenants install things in a home, they are allowed to take them when they leave, like a trade fixture.

EXAMPLE
Lenny rents a commercial property to house his bakery. He installs shelves in the unit to hold his 47 types of flour. When Lenny’s lease is up, he can take his shelves with him.

Question 54

On MARIA, I (Intent) refers to:

Answer 54

The question about intend of a owner about why did he installed to be permanent or to take it with them if they move?

• Like installing a basket ball net on the driveway wall,
• A projector on the basement,

Question 55

On MARIA, A (Agreement Between the Parties) refers to:

Answer 55

Agreement /contract (in writing) between the parties. What stays and what’s not?

Example: Ceiling fan was intended to be a permanent on the house when seller installed but later she decided she wants to take it with her. So she disclosed that on the contract the light fixture is her personal property.

Question 56

Chapter 5. The Characteristics of Land (for reference)

What Are Land’s 3 Unique Physical Characteristics:

Answer 56

• Indestructibility
• Immobility
• Non-homogeneity

Question 57

Indestructibility:

Answer 57

Cannot be destroyed neither by people or nature

Question 58

Immobility

Answer 58

You can’t move land. It’s immobile

Question 59

Non-Homogeneity

Answer 59

Every parcel of land is unique. There is no parcel of land that is exactly the same as another parcel of land

Even two nearly identical lots in a subdivision differ in their position on the Earth

Question 60

What 5 types of physical forces of nature can affect the physical characteristics of land:

Answer 60

• Accession
• Accretion
• Erosion
• Reliction
• Avulsion

Question 61

Accession:

Answer 61

Accession is the right to all that one’s own property produces, including that which is added, either naturally or by human action, to the property already owned

Example:
Strawberry plants sprout in your backyard. You didn’t plant them, but you still have the right to pick them, eat them, or make them into strawberry shortcake. 🍰

Question 62

Accretion:

Answer 62

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

EXAMPLE
Soil is deposited over time on the shore banks and deltas of a river. (The soil that gets deposited is also referred to as alluvion.)

This gradual increment of one person’s land might be a gradual loss of another person’s land. Because overtime the river swept the soil and deposit from one property to another.

So One person’s Accretion could be another person’s Erosion

Question 63

Erosion

Answer 63

Erosion is the gradual loss of land over time. This most often happens when bodies of water wash away bordering land.

EXAMPLE
•The Grand Canyon was formed by the Colorado River
through erosion.
•The rocks under Niagara Falls are slowly worn down
as the Niagara River passes over them.

This gradual loss of one person’s land might be a gradual increment of another person’s land. Because overtime the river swept the soil and deposit from one property to another.

So One person’s Erosion could be another person’s Accretion

Question 64

Reliction:

Answer 64

Reliction is a gradual increase in land area when water gradually withdraws.

Example
10 years drought can cause water level to dry up and making water property’s land large.

Question 65

Avulsion

Answer 65

Avulsion is the sudden loss of land by flood or when a stream or river changes course. Because it’s a sudden change, no title is lost. Avulsion is caused by water.

This is not to be confused with alluvion, which is the soil that gets deposited in accretion.

EXAMPLE
Let’s say Kevin’s property borders a river. During a massive rainfall, the river floods and washes away tons of the soil from the banks of Kevin’s property. Kevin’s sudden loss of land is called avulsion.

Pro tip: One way to remember avulsion is that it sounds like convulsion, which is a sudden movement, and avulsion is the sudden loss of land.

Question 66

Accretion vs. Avulsion

Answer 66

Gradual increase of Land Vs sudden loss of land by water

Question 67

Land’s Economic Characteristics

Answer 67

How Lands and its Values are impacted by the economy ( just for reference )

Question 68

Scarcity:

Answer 68

(population badera Jagga/land ko bhau badnu)

Scarcity is the economic characteristic that informs the economic principle of supply and demand.

The supply of land will never increase, but the demand for land will increase as the population grows. And this is because land is scarce.

EXAMPLE
Moving from Woodbridge to Washington DC. When you move, you find that property prices in W DC are much higher than they were in your hometown. This is partially due to scarcity.

Question 69

Situs:

Answer 69

Situs ( land location, around, nearby ma opportunities harule garda demand badnu buy & sell garda)

Situs refers to the economic significance of a property’s location. The popular real estate phrase, “location, location, location,” is referring to the preferences people have for certain areas.

Situs considers not only the geographical location of property, but also the economic qualities of that area that make it more or less desirable.

EXAMPLE
Let’s say a buyer wants to move from a rural area to a home in a nearby city because the city has a strong local economy with plenty of job opportunities. This buyer is influenced by situs.

Question 70

Modification:

Answer 70

(conference hall Banda baneshwor ko jagga ko bhau badeko jasto)

Increment of property due to the development near by.

Example:
In Orlando, FL, after the construction of Disney World®, the farmlands that surrounded the theme park suddenly appreciated in value.

Question 71

Fixity:

Answer 71

( chado land kin bech grana Garo hune, paisa long term fasna sakne)

Fixity refers to the fact that real estate exists in a fixed location and cannot be moved. (This economic characteristic is very similar to the physical characteristic of immobility.) Fixity describes this truth about land (it can’t be moved) from an economic viewpoint.

Fixity is super important to people who invest in real estate. In contrast to investments in personal property, investing in real estate tends to take a lot more money up front and takes a long time to pay off – it’s not a liquid asset. It can’t be packed up and moved or quickly converted to cash. Because of fixity, investors must carefully analyze the long-term nature of owning property.

Question 72

Illiquidity

Answer 72

( chahieko bela/emergency ma land becna parda, sasto ma bechnu parna situation aunna sakne)

Illiquidity is the relative difficulty of converting an asset to cash without loss of value.

EXAMPLE:
It takes time to convert property into cash, and to rush the process, you would likely have to drop the price significantly to get someone to commit that quickly (and lost value).

Question 73

Chapter 6:

Answer 73

Land Rights ( just for reference )

Question 74

MOUNDS:

Answer 74

(small or midsize grass ko mini hills)

Mounds: Some Area like in Seattle; native American build mounds (artificial small hills made by people) are still present to this day in lots of the area. They are very protected by gov to preserve the native American’s history.
If your clients look at those lands, you need to let them know about the mounds on the backyard. Because there are limitations what they can do with that land.

Question 75

Surface Rights:

Answer 75

( land ko surface ma banaune right haru)

Surface rights are the rights to access the surface area of a parcel of real property. ( within a boundaries)

They govern both natural elements and structures (called improvements) built on or attached to the uppermost layer of the land.

Example:
Building a barn in back yard or Cutting down the trees)

Question 76

Subsurface Rights

Answer 76

Jamin Muniko sabai kura ( minerals ) haruko adhikari/Ownership

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

The importance of this right lies largely in the fact that it may secure ownership of mineral deposits located under the surface of a property. For this reason, subsurface rights are also commonly referred to as mineral rights.

Take Note:
Subsurface rights may be sold separately from surface rights. In the event that two parties each hold an interest in a property — one holding the subsurface rights and the other holding the surface rights — the holder of subsurface rights has priority and may legally enter the property to extract the minerals they have rights to, but they must take care to not materially disturb the surface.

EXAMPLE
Let’s say William owns the surface rights to a property and Laura owns the subsurface rights. Laura has the right to enter William’s property and extract some of that delicious black oil she has the right to, but she can’t excavate William’s whole backyard to get to it. That would be a material disturbance.

Minerals: In the process of being extracted from the land, they move, categorically, from real property to personal property.

Question 77

Surface Rights Vs Subsurface Rights Priorities

Answer 77

Subsurface has more priorities

Take Note:
Subsurface rights may be sold separately from surface rights. In the event that two parties each hold an interest in a property — one holding the subsurface rights and the other holding the surface rights — the holder of subsurface rights has priority and may legally enter the property to extract the minerals they have rights to, but they must take care to not materially disturb the surface.

EXAMPLE
Let’s say William owns the surface rights to a property and Laura owns the subsurface rights. Laura has the right to enter William’s property and extract some of that delicious black oil she has the right to, but she can’t excavate William’s whole backyard to get to it. That would be a material disturbance.

Minerals: In the process of being extracted from the land, they move, categorically, from real property to personal property.

Question 78

Rules Of Capture (under subsurface rights):

Answer 78

(Jasko Tanna /chusna sakne sakti usaiko bhakti )

A discussion of mineral rights should always include the rule of capture (also called the law of capture), which states that a landowner who drills a well for gas or oil on their land is entitled to all that well produces — even if the gas or oil migrates from beneath a neighbor’s property.

EXAMPLE
• Owner A and Owner B both have oil underneath their land. How lucky!
• But Owner B takes all of the oil because the oil flows towards the lowest point of pressure, i.e., the point from which Owner B is actively pumping oil.
• Owner B has the right to take all that oil

Question 79

Supporting Rights:

Answer 79

Supporting rights is the legal concept of responsibility adjacent landowners share.

Land is supported by the land that surrounds it. So, landowners shouldn’t do anything that undermines that support.

Question 80

Two types of supporting rights

Answer 80

• Lateral support

* Subjacent support comes from the underlying earth.

Question 81

Lateral support ( one of supporting rights):

Answer 81

is provided by adjacent properties.

Example Lateral support: entitles a landowner to the right of NOT having their neighbor excavate land that might cause damage or shifting houses to surrounding property (adjacent properties )

Question 82

Subjacent support ( one of supporting rights):

Answer 82

( Akash Land owner le arko land owner Bikash lai uskai land muni bata large rocks/lawyers of rocks haru nikalna Nadine.. kina bhane tyo nikalda, Akash ko jamin shft bhayera ghar dhalna sakcha

Subjacent support means the support of the surface by the underlying strata of the earth. It is also defined as the right of the land to be supported by the land which lies under it. An adjoining landowner is owed subjacent support[i]. Therefore, a party who removes the subjacent support is absolutely liable for damages caused by subsidence[ii].

Question 83

Lateral support Vs Subjacent Support

Answer 83

Digging holes, wells, ponds on ADJECENT properties Vs Removing Large rocks, layers of rocks from underneath the ground on ADJOINING properties

Dictionary Definition:
The term adjacent property: naturally, refers to a property’s position regarding other properties close to it. While adjoining is used to describe objects or properties joined in one form or another, adjacent properties are those properties that are close by but don’t touch.

Question 84

Air Rights

Answer 84

Air rights is the right to use the air space above the surface of land. Air space is the area above ground that is owned along with a property. It could include space above a piece of land, or the space owned inside a condominium unit.

These rights may sold separately, and may have restrictions on some cities or nearby airports. Buyers needs to be aware if they are building sky scraper on the property where the area is restricted.

Question 85

Water Rights:

Answer 85

New Topic

Question 86

The Doctrine of Prior Appropriation

Answer 86

The doctrine of prior appropriation is a legal doctrine that grants water rights to the first individual or entity to take water from a source for beneficial use.

Question 87

Appropriative rights

Answer 87

are water rights (granted by the government) that allow a party to take water from a body of water for a specified and approved use.

Question 88

In Virginia Water Rights

Answer 88

Virginia honors the Reasonable Use Rule, a law which allows property owners to extract water from a water source (such as a river) IF the water is put to reasonable use.

What’s important is that water taken from a water source MUST be used on the tract of land where it was extracted. It cannot be transferred to another tract of land.

Question 89

Doctrine of Prior Appropriation

Answer 89

In dealing with water rights, the prior appropriation doctrine states that water rights are determined by priority of beneficial use. This means that the first person to use water or divert water for a beneficial use or purpose can acquire individual rights to the water.

Question 90

Prior appropriation water rights:

Answer 90

is the legal doctrine that the first person to take a quantity of water from a water source for “beneficial use” (agricultural, industrial or household) has the right to continue to use that quantity of water for that purpose. Subsequent users can take the remaining water for their own beneficial use if they do not impinge on the rights of previous users.

Question 91

To Remember Riparian (rights)

To Remember Littoral (rights)

Answer 91

River ( flows )

Lake ( stationary )

Question 92

Riparian Rights

Answer 92

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

In accordance with riparian rights, a property owner does NOT own the water, but they may use the water and share those same rights and uses with other property owners whose land also interacts with the water.

Question 93

Littoral Rights

Answer 93

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

Question 94

1. Riparian Navigable Water Ownership

2. For Non-navigable Water, Ownership:

Answer 94

Where riparian rights (flowing waters) come into play, and the water is considered navigable, the landowners to each side of the water own the land just to the water’s edge.

2. ownership extends to the midpoint beneath the flowing water that divides their property.

Remember:
When evaluating littoral water rights, the water is always considered navigable, so ownership is always only to the water’s edge.

When there are tides involved, the water’s edge is considered to be the mean high-water mark (high tide).

Question 95

1. Navigable

2. Non Navigable

Answer 95

1. A body of water, such as a river, canal, or lake, is navigable if it is deep, wide, and calm enough for a water vessel to pass safely.
2. to bodies of water that a ship is unable to pass through

Question 96

Water Under the Bridge(or Property)

Answer 96

( jamin Muni ko pani ko adhikar)

Question 97

Percolating water rights refer to

Answer 97

the use and ownership of underground water. Real property owners have a right to access that water by installing wells for their own use.

Question 98

Appurtenances

Answer 98

(Ghar ra jamin sang permantly jodiyeko sabia kura haru)

Appurtenances are rights that run with real property ownership, most often transferred with the property, but possible to sell separately.

Question 99

Rights associated with real property that usually convey (transfer) when property ownership changes include

Answer 99

• Rights of access
• Air and water rights
• Mineral and gas rights
• Oil rights
• Other rights

EXAMPLE
Let’s say an oil company obtains rights to the oil accessible beneath a piece of property. Should that property be sold again in the future, the property owner would convey all rights to the buyer EXCEPT the oil rights that were no longer the landowners to sell. The new buyer would have to honor the pre-existing oil rights of the oil company.

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EXAMPLE
Though appurtenances secure a right for one party, an appurtenance may also limit the right of another party.

Let’s say Linda owns the surface rights of a property and Maura owns the subsurface rights. When Linda sells the property to Kent, Maura’s rights are protected, and Kent’s rights are slightly limited.

Question 100

CHAPTER 7

What is Estates

Answer 100

(chaal/achaal sampati current or future Adhikar )

An estate includes a present or future right to ownership and/or possession of real property.

One of the ways assets, such as land and property, are conveyed is through estates

Question 101

Interests in Real Property means:

Answer 101

( Jagga Jamin-ma/(ko) Adhikar )

A right in real property, including access, improvement, water right, fee simple interest, easement, land use easement, partial interest in real property, mineral right, remainder or future interest, or other interest or right in real property

In another word:
When someone holds a possessory interest in real property, they have an estate

Question 102

Two Types of Ownerships in Interest in Real Property

Answer 102

Possessory

Non-Possessory

Question 103

Possessory Interest

Answer 103

( Jagga jamin ko current owner/Adhikari)

A possessory interest or estate is a present interest.
(I own this property right now! I’m living in it! I have the right to occupy it!)

Question 104

Non Possessory Interest

Answer 104

( future ko sampati khane owner/adhikari)
A non-possessory interest or estate is a future interest (I will inherit and own this property in 10 years! I can’t wait to change the curtains.)

Question 105

An estate can be defined as:

Answer 105

possessory interest in real property

When someone holds a possessory interest in real property, it is said that they have an estate

Question 106

When someone holds a possessory interest in real property, it is said that they have an:

Answer 106

Estate

Question 107

Freehold Estates are:

Answer 107

for indefinite duration that can exist for a lifetime or forever.

Some types of freehold estates are classified as “estates of inheritance,” where the estate continues beyond the life of the holder and descends to their living heirs upon death as specified by the will or by law.

Question 108

Leasehold Estates are

Answer 108

considered more temporary, as they usually last for a specific duration of time.

Question 109

Freehold Tenant

Answer 109

The owner of a freehold estate is called a freehold tenant

Depending on the type of freehold estate, the freehold tenant may also have a right of disposition, or right to convey, the interest they own.

Question 110

Two types of free hold estate are:

Answer 110

Fee simple estate

Life estate

Question 111

Fee Simple Estate means:

Answer 111

The estate that grants the most unlimited, most absolute interest in real property. This means that there are NO conditions on the title. (It is also known as a fee interest or simply fee estate.)

An estate in fee simple is the highest or fullest type of interest in real estate recognized by law. It is one in which the holder is entitled to the full bundle of rights connected to the property

A fee simple estate is:
• Of indefinite duration
• Freely transferable
• Freely inheritable

When a grantor conveys a fee simple estate, the grantor conveys (to the grantee) full ownership of a property for the grantee’s lifetime.

An estate in fee simple is the highest or fullest type of interest in real estate recognized by law. It is one in which the holder is entitled to the full bundle of rights connected to the property — yes, we’re talking about that same bundle of rights you learned about earlier. The grantee then has the right to use, occupy, and/or dispose of the property as they see fit. A fee simple estate may also descend to heirs.

There are no limits or conditions on the title of a fee simple estate – that’s what makes it simple!

Question 112

Two Forms of Fee Simple Estate:

Answer 112

• Absolute Estate

* Defeasible Estate (or fee simple defeasible)

Question 113

what is Absolute Estate:

Answer 113

is an estate without restrictions that is freely given to heirs (this is the most common type of residential real estate). This is also called a fee title estate.

Question 114

Defeasible Estate (or fee simple defeasible) is:

Answer 114

A defeasible estate (or fee simple defeasible) is an estate 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, but the condition RUNS WITH THE LAND. This is also called a qualified fee estate.

Dictionary Definition
is a legal term and type of property ownership, where the ownership is dependent on specific conditions. If the “conditions of ownership” are violated, the property may be returned to the grantor or to a specified third party This is also called a qualified fee estate.

More Definitions:
Defeasible Estate (or fee simple defeasible) So, defeasible estates are any estates conveyed by a grantor with conditions that – if violated – could make them null or void.

EXAMPLE: Let’s say your parents own a vacation home on the beach. They promise to let you have the vacation property if, and only if, you master the secret family chili recipe. If you meet this condition, the property is yours! If not, you’re out of luck (and chili).

( this is what it means to the condition on land but seems it also seems against the person cause he has to learn to cook)

Question 115

Defeasible Estates and Encumbrances (burden)

This is and additional that was not in the Aceable agent course so may be possible it is same as Defeasible Estate (or fee simple defeasible). This is one of my question need to be asked

Answer 115

The condition placed on the estate creates an encumbrance ( burden) that “runs with the land.” An encumbrance is a non-possessory interest in a property that burdens the title. This means an encumbrance is against the land or the use of the land; it is NOT a personal vendetta against the owner of the land

Example:
Let’s say Geraldine has a possessory interest in a property as a fee simple defeasible estate (meaning Geraldine owns the property). However, Geraldine’s Uncle Hoover is the one who granted the estate. When he did this, he attached the condition that Geraldine could own the property ONLY IF she cared for his 237 tabby cats.
• This condition, or encumbrance, is not a personal vendetta against Geraldine – Uncle Hoover just wants to make sure his tabby cats are cared for.
• The condition is an encumbrance: It runs with the land and it is from a non-possessory (Uncle Hoover doesn’t own the land) interest.

Just think of an encumbrance as a restriction or limitation on a property that might be annoying or limiting to an owner.

Question 116

Two Kinds of Defeasible Estates Are:

Answer 116

• Determinable

* Condition subsequent

Question 117

Among two Defeasible Estates, two of one is Determinable, which means:

Answer 117

( condition violation garekr khanda court ya authority ko approval bina turuntai estate original owner ko ma firta jane )

A fee simple determinable is 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.
• The estate will come to an end automatically and immediately upon the occurrence of a designated event.
• The time of that occurrence is uncertain (because the occurrence depends on an action, not a date).
• No legal action is required of the grantor in order to assume recovery of this kind of estate.

11 EXAMPLE
Jennifer owns acres and acres of property. She grants land to her church “so long as the land is used only for religious purposes.” This works great for 37 years, until the church decides to demolish the church building and use the land to start a circus, instead.
The church decided to use the land for a non-religious purpose, so the title will revert automatically to Jennifer (or her heirs or successors)

Question 118

Among two Defeasible Estates, two of one is Condition Subsequent , which means:

Answer 118

( condition violation gareko court ma prove garayera warrant/approval liyera matraiii property firta lina milne )

A fee simple condition subsequent estate is the other type of defeasible fee estate. This is the same as a determinable estate in that it comes with specific requirements (or conditions). The difference is that, for ownership to change, the grantor of the estate must prove (in court) that the defeasible fee estate condition has been violated. This MUST happen within a certain time frame.

    •This change of ownership is NOT automatic, as is the case with a fee simple determinable estate.

Once the court is satisfied with an established condition violation, the grantor can exercise their right of reentry, which is the right to retake possession of the property.

12 EXAMPLE
Benjamin grants his property to Restaurant Owner Randy on the condition that NO alcohol is sold on the premises of the land. But Randy loves brandy and starts selling brandy-based cocktails on the property. Benjamin has the right to reacquire full ownership of the property. However, it will be necessary for Benjamin (or his heirs or successors) to go to court to assert that right.

Question 119

Among Two types of free hold estate what is:

Life Estate

Answer 119

( jaslai diyeko tyo manche marepach, afailai firta aune condition)
A life estate is the other type of freehold estate. A life estate is so named because it is limited to the duration of a measuring life (this may be the life of the tenant or the recipient of the life estate). This means that life estates are NOT estates ruled by inheritance.

What Makes It a Life Estate?
• The life tenant enjoys the full bundle of rights of ownership, but they do so ONLY for the duration of the measuring life.
• Life estates can be created by private parties or by law (under specific circumstances).
• Life estates create a future interest for the person next in line to receive title to the property.
o These future interests can be remainder interests or reversionary interests.

Question 120

Among one of the future interest is a ‘Remainder interest’ which means:

Answer 120

( jaslai diyeko ho tyo mare pachi, tyo marne manche ko najiko adhikari ( reminder) lai jane )

The remainder interest is the interest in an estate that will pass to another party (other than the grantor) at the death of the person upon whom the life estate is based (the recipient of the future remainder interest is referred to as the remainderman).

EXAMPLE
Consider Benjamin, the young man you met in the last example. Benjamin owns a fee simple estate. He grants a life estate to his grandmother, Diana. When Diana dies, Benjamin designates that the estate goes to Creed (Diana’s husband).

A has a fee simple estate. He grants a life estate to B, when B dies, The property goes back to B(h) who is B’s heirs

Question 121

Among one of the future interest is a ‘ Reversionary interest’ which means:

Answer 121

sampati jasle payo, tyo paune manche mare pachi, tyo sampati dine manche lai firta (revise) jancha, ya dine manche ko najik afanta lai jancha

A has a fee simple estate. He grants a life estate to B, when B dies, The property goes back to A or A(h) who is A’s heirs

Question 122

Under Life Estate what is Act of Waste:

Answer 122

(A le B lai diyeko sampati life estate marfat, yedi B le bhigarne, bhankaune, modified garne, noksan garne garema tesko cheti purji bhehornu parne huncha)

If the life tenant were to do anything to diminish the value of the property, they would be committing an act of waste, for which they could be held liable.

A grants a life estate to her son, B. One day B hates the house and demolish the building because B does NOT have the right to destroy A’s peaceful house. That would be an act of waste and B would have to pay for it.

general knowledge
While life estate tenants are entitled to the bundle of rights (of ownership), including both possession and the ordinary use and profits arising from ownership, their rights are not absolute. They must take care that the exercise of their present rights does not encroach (hani garne, chayti garne) on the future rights of the remainderman.

Question 123

Two Types Of Life Estate:

Answer 123

1. Conventional life estate : created by property owners through a grant
2. Legal life estate: created by a function of law

Question 124

Conventional Life Estates is:

Answer 124

A le B lai granted ( through deed) a free hold estate and this property B bachun jel matrai usko(B) huncha)

is a life estate in which the measuring life is that of the life tenant; it is an estate created by a deed that lasts for the duration of the tenant’s life.

This kind of estate is made through a grant from a property owner to another party.

The two different types of conventional life estates are:

1. Ordinary
2. Pur autre vie

                          Conventional 
   
        Ordinary                           Pur autre vie

Question 125

One of the kind of Conventional life estate there is Ordinary which means:

Answer 125

Yo original Life estate nai ho ( as default) matlab jalai diyeko cha deed marfat, tesko ( paune) manche ko life samma matrai huncha. tespach deed ma koslai dine lekheko huncha tesailai jancha

An ordinary conventional life estate is a life estate in which the measuring life is that of the life tenant. It is an estate created by a deed that lasts for the duration of the tenant’s life.
• This is often referred to simply as a conventional life estate and is NOT always called an ordinary conventional life estate (that’s a lot to say).

EXAMPLE
Timmy has a fee simple estate and conveys the estate to Jody for Jody’s lifetime.
• Jody is the life tenant, and his life is the measuring life.
Upon Jody’s death (moment of silence, please), the life estate terminates. Ownership of the property is passed on to Breck, as dictated in the estate’s deed.

Question 126

Another kind of Conventional life estate there is Pur Autre Vie which means:

Answer 126

Jaslai sampathi diyeko cha, tyo payune manch haina arkai manche marema tyo sampati, jale diyeko ho teslai jancha yea deed ma lekhelo lai jancha.

A conventional life estate pur autre vie is a life estate in which the measuring life is based on someone other than the life tenant. When the measuring life ends, the estate is returned to the original grantor or passed on to some other designated person according to the provisions of the conventional life estate.

• Pur autre vie is a fancy-schmancy French phrase meaning life of another.

EXAMPLE
Jenny owns a fee simple estate and conveys a life estate in the property to Paula (her niece and private nurse). Paula is the life tenant for the duration of the life of Burt (Jenny’s elderly uncle).
• Paula is the life tenant.
• The measuring life is Burt’s.
Upon Burt’s death, the life estate ends, and subsequent ownership is granted to Elisa, as dictated by Jenny in the deed.

But Desh, you’re curious! I know you’re wondering what happens if Paula should die while Burt is still alive. Well, Paula’s heirs may inherit her life estate. However, when Burt dies, Paula’s heirs will lose the estate.

To whom it may go then?
It goes to whoever Paula mentioned in the deed after Burt’s death.

Question 127

Augmented Estates

Answer 127

Any property (real or personal) that someone owned is known as an augmented estate once that person dies. Think of it this way:
• Living owner? Just your normal estate.
• Deceased owner? Augmented estate.

A person can die intestate , or without a valid will, or testate, with a valid will. We will cover more on this later. For now, it’s only important to understand that augmented estates may or may not be governed by a will (depending on if the owner died intestate or testate). Will banayera maryo ki nabanai maryou
Intestate: not having made a will before one dies.
Testate: having made a valid will before one dies.

When a deceased person dies, relevant parties want to know where, or to whom, that value is going. The value of an estate is found by taking the actual value of the estate and subtracting funeral costs, estate administration expenses (maybe a lawyer is needed), and personal debts.

Question 128

Things are not an augmented estate:

Answer 128

A. The surviving spouse’s property.
B. The deceased spouse’s property, IF that property is owned by the deceased spouse and another party.

Ravi and his friend Sherman invested in a vacation property together. When Ravi passes, his wife doesn’t automatically get full possession of the vacation property (though she will likely inherit Ravi’s share).

Question 129

Legal Life Estates:

Answer 129

The main difference between a legal life estate and a conventional life estate is that state law creates legal life estates. Its main objective is to look out for a deceased person’s survivors (concerning real estate, at least).

Pro tip: To keep legal life estates separate from conventional life estates, remember the word legal: Legal life estates are mandated by legal action (state law).

Question 130

What are Three Types of Legal Life Estate?

Answer 130

• Homestead
• Dower and Curtesy
• Elective share

Question 131

( 1 of 3 types of legal life estate is Homestead: what is it ?

Answer 131

Hometead bhaneko State law le mareko manche ko ghar bar bank wa finiancial instution le lilam garna bata bachaucha, tara Virginia ma homestead law ko honor chaina.

Homestead laws: State laws that protect a homeowner from the loss of their principal residence from the claims of most creditors and require both spouses to execute any instruments of conveyance. In other words, they keep a person’s primary residence from being forcibly sold to pay debts or the debts of a deceased spouse.
Homestead Law Specifics
• Virginia does recognize homestead protection legislation and stipulates a spouse could get $15,000 of their deceased spouse’s augmented estate.
• Homestead law would be used in place of a will.

Question 132

2 of 3 types of legal life estate is Dower and Curtesy, what is it?

Answer 132

Yeuta spouse le arko mareko spouse ko sampati ko property inherit garnu

Dower/Curtesy: The right of a spouse to inherit property held in their spouse’s name after that spouse dies; dower is the word used for women, curtesy for men.

Dower/Curtesy Specifics
• Property is transferred if one spouse obtains a release from another spouse.
• Dower and curtesy are uncommon, as most dower and curtesy laws have been replaced by community property laws or elective share.

Question 133

3 of 3 types of legal life estate is Elective share laws:

Answer 133

Will ma je bhayepani, bacheko spouse le mareko spouse ko sampatiko claim garna saknu. claim nagareko khandama will anusar ko thau ma janu ya other tarikale court le law anusar karba garnu

State laws that let a spouse make a claim to their deceased spouse’s property, despite what is in the will. The surviving spouse has to make a claim to the property and often gets a percentage of the value. If no claim is made, the estate passes per the will or other applicable law.

In Virginia, a spouse can claim one third of the value of an augmented estate if there are children involved and half of the value if there are no children.