Module 3

Question 1

A system of land ownership in which land is privately held, free and clear of any rent or service due to the government (all land in the US); commonly contrasted to the Feudal System

Answer 1

Allodial System

Question 2

The process by which a government or municipal quasi-public body raises funds to pay for its operation

Answer 2

Taxation

Question 3

A tenant’s right to occupy real estate during the term of a lease; generally considered to be a personal property interest

Answer 3

Leasehold Estates

Question 4

Any lien (such as a mortgage, tax or judgment lien or an easement/restriction on the use of the land) that may diminish the value of a property. A cloud against clear, free title to property that limits a property owner’s rights in land

Answer 4

Encumbrance

Question 5

A building or some portion of it (a wall or fence) that extends beyond the land of the owner and illegally intrudes onto some land of an adjoining owner

Answer 5

Encroachment

Question 6

The government’s right to impose laws, statutes and ordinances (including zoning ordinances and building codes) to control the way land is used in order to protect the public’s health, safety and welfare

Answer 6

Police Power

Question 7

The reversion of property to the state or county, as provided by state law, in the event the property is abandoned or the owner dies without leaving a will and has no heirs to whom the property may pass.

Answer 7

Escheat

Question 8

A statutory estate is created by law. Examples of statutory estate include community property and homestead protection.

Answer 8

Statutory Estates

Question 9

CC&Rs Private restrictions that have been placed in the public records that control the use of property.

Answer 9

Covenants, Conditions, and Restrictions

Question 10

The right of a landowner to use water that borders a property.

Answer 10

Water Rights

Question 11

The right of a government or municipal quasi-public body to acquire private property for public use through a court action called a Condemnation (where the court decides that the property is a need for public use and determines the price or compensation to be paid to the owner)

Answer 11

Eminent Domain

Question 12

An estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate.

Answer 12

Freehold Estates

Question 13

A right or interest in land that is less than ownership or possession; a contract, lien, or easement can create this estate for a buyer

Answer 13

Equitable Estates

Question 14

Those rights, privileges and improvements that belong to and pass with the transfer of real property but are not necessarily a part of the property, such as rights-of-way, easements, water rights and property improvements

Answer 14

Appurtenance

Question 15

Land can be privately owned by individuals

Answer 15

Allodial System

Question 16

Estates created by law

Answer 16

Statutory Estates

Question 17

Ownership of real property

Answer 17

Freehold Estates

Question 18

Estate for years, periodic estate, estate at will, tenancy at sufferance

Answer 18

Leasehold Estates

Question 19

Liens, easements

Answer 19

Equitable Estates

Question 20

Taxes that are “according to value”. These taxes are paid first at foreclosure, and create the highest priority lien.

Answer 20

Ad valorem Taxes

Question 21

The _______________ is private ownership of land.

Answer 21

Allodial System

Question 22

The government has the right to take private land for public good.

Answer 22

Eminent Domain

Question 23

The government’s right to regulate and control private land.

Answer 23

Police Power

Question 24

In order to use land in a way that violates zoning laws, the owner must apply for and receive a/n _______________ from the zoning committee.

Answer 24

Variance

Question 25

The government’s right to tax real property.

Answer 25

Taxation

Question 26

Property taxes are according to value.

Answer 26

Ad Valorem Taxes

Question 27

Land that separates one land use from another.

Answer 27

Buffer Zone

Question 28

__________________ is considered to be the best type of ownership, as it places the least number of limitations on the owner.

Answer 28

Fee Simple Absolute, or Fee Simple

Question 29

_____________________ is any lease with a specific starting and ending date.

Answer 29

The Tenancy for Years, or Estate for Years

Question 30

With Estate for Years & Periodic Estate No notice is required for this estate to ________

Answer 30

end

Question 31

______________ are an exception to homestead protection.

Answer 31

Ad valorem tax liens

Question 32

______________ is automatic and cannot be waived.

Answer 32

Homestead Protection

Question 33

_______________________ is the continuous use of the land over some time without the owner's permission that may establish a right to use the land (also called Limitation).

Answer 33

Prescription

Question 34

A lease has expired and the tenant refuses to move out. The tenant is not paying rent.

Answer 34

Tenancy at Sufferance

Question 35

An interest in real property that gives possession and use of the property without ownership.

Answer 35

Leasehold estate

Question 36

A law that protects a person’s primary residence from forced sale by creditors.

Answer 36

Homestead

Question 37

A transfer of some or all of the rights to someone else with the liability remaining with the original tenant.

Answer 37

Sublet

Question 38

A lease where the tenant pays a base rent plus a percent of the receipts of the business.

Answer 38

Percentage Lease

Question 39

A lease with a specific starting and ending date needing no notice to terminate.

Answer 39

Estate for Years

Question 40

A lease where the tenant pays rent plus a portion of the expenses of the property, such as taxes, maintenance, or utilities.

Answer 40

Net Lease

Question 41

A benefit that reduces the taxable value of someone’s primary residence.

Answer 41

Homestead Exemption

Question 42

The rights associated with ownership of land.

Answer 42

Bundle of rights

Question 43

The type of ownership that has the greatest bundle of rights.

Answer 43

Fee Simple Absolute

Question 44

A lease where the landlord pays all the expenses of the property and the tenant only pays rent.

Answer 44

Gross Lease

Question 45

A lease that automatically renews for a like period of time, requiring a notice to terminate.

Answer 45

Periodic Estate

Question 46

A claim, lien, charge, or liability attached to and binding real property.

Answer 46

Encumbrance

Question 47

One of the foreclosable liens on a property.

Answer 47

Mechancics and Material Mans Lien

Question 48

A lien that is freely given by the debtor.

Answer 48

Voluntary Lien

Question 49

A lien that attaches to one or more named properties.

Answer 49

Specific Lien

Question 50

A right given to certain creditors to have debts paid out of the property of a defaulting debtor.

Answer 50

Lien

Question 51

A lien that is created because of a law.

Answer 51

Statutory Lien

Question 52

A lien that attaches to all the property of a debtor.

Answer 52

General Lien

Question 53

A lien that is placed on a property against the wishes of the owner.

Answer 53

Involuntary Lien

Question 54

A private encumbrance placed on a property.

Answer 54

Covenants, Conditions, and Restrictions

Question 55

A neighbor’s fence is an example of an

Answer 55

Encroachment

Question 56

______________ give an owner the right to use water from a lake, ocean, or sea on or next to the property.

Answer 56

Littoral Rights

Question 57

_______________ is considered to be the best type of ownership, as it places the least number of limitations on the owner.

Answer 57

Fee simple/ Fee Simple Absolute

Question 58

_________ is ownership that could be voided if a condition is not met, or if a requirement is violated.

Answer 58

Condition Fee

Question 59

________ is a transfer of some or all of the rights and or leased space under a lease to another, with liability remaining with the original tenant.

Answer 59

Subletting

Question 60

_________ caused by high-tension power lines are a controversial topic.

Answer 60

Electromagnetic Fields EMFs

Question 61

A/n __________ gives a buyer the right to purchase a property within a preset time period at a preset price.

Answer 61

option

Question 62

If the intended use of a property violates zoning, the owners must request a/n ____________, which is permission to violate the rules.

Answer 62

Variance

Question 63

_________ is used to insulate pipes, in chimneys and in roofs, as well as flooring materials and siding. Problems arise in its removal because the dust can be extremely hazardous.

Answer 63

Asbestos

Question 64

A/n ________ is freely given, usually as collateral for a loan. A mortgage lien is a common example of this.

Answer 64

Voluntary Lien

Question 65

In thirteenth century England, the king decided that land could be privately owned by individuals. This is referred to as the __________.

Answer 65

Allodial system

Question 66

Eminent domain is the right of the government to take private land for public use. The action of taking the land is called _________.

Answer 66

Condemnation

Question 67

A/n ___________ is a right or privilege or improvement that belongs to and passes with land, but is not necessarily a part of the land.

Answer 67

Appurtenance