National Portion!

Question 1

Real property

Answer 1

the land plus the improvements made by man plus the legal rights to the land.
This includes the right to sale, exchange, and mortgage, give it away, and leave it in your will to another and ECT

Question 2

bundle of rights

Answer 2

the description of all the rights held by a property owner of real property. However, no owner ever enjoys the full bundle of rights. There are always restrictions placed on these rights by governments that have jurisdiction over the property

Question 3

control (not absolute)

Answer 3

Subject to the rights of taxation, police power, eminent domain etc.

Question 4

enjoyment (quiet)

Answer 4

That no one has a superior claim on the property

Question 5

exclusion (make it private)

Answer 5

The right to privacy, to stop others from entering your property without your permission

Question 6

Allodial System of Title

Answer 6

is used in the United States to descript real property ownership. The owner has complete and absolute control of the real estate. The government has no claim to any ownership rights of privately owned real estate and the owner has no obligations to the government

Question 7

Land

Answer 7

is everything from the center of the earth upward. It includes the subsurface, surface and the air above the earth. It does not include anything made by man.

Question 8

Real estate

Answer 8

is land plus the improvements made by man including buildings, highways, and utilities

Question 9

Real Property

Answer 9

is land plus the improvements made by man plus the legal rights to the land.
This includes the right to sale, exchange, and mortgage, give it away, and leave it in your will to another and ECT.

Question 10

Land characteristics

Answer 10

Ownership of land can be laterally severed into subsurface rights, surface rights, and air rights. The owner of the surface rights does not always control the subsurface or air rights to the property. The two broad categories of land are physical characteristics, those features that all land possesses, and economic characteristics, those features that contribute to the value of any given parcel of land.

Question 11

Physical:

Answer 11

Land is immobile (geographic location is fixed—can never change), indestructible, and unique or nonhomogeneous (all parcels differ geographically and each has its own location), no two parcels are identical.

Question 12

economic:

Answer 12

Scarcity (although there is a substantial amount of unused land, supply in a given location can be limited) – such as a downtown area; Improvements (placement of an improvement affects value and use) – a property with a view may be worth more than a property with no view; Permanence of Investment (improvements represent a large fixed investment) – a property with a large custom home will be more valuable than a property with a mobile home. See Situs as the most important.

Question 13

situs:

Answer 13

This is also referred to as area preference, people’s choice and preferences for a given area. Location, location, as areas change, people’s desire to be in a given location can change. This is the most important economic characteristic of land

Question 14

chattel:

Answer 14

Referred to as personal property. It’s basically movable. Example: Furniture

Question 15

bill of sale

Answer 15

Used to transfer personal property

Question 16

fixture

Answer 16

Personal property, which has been converted to real property by method of attachment, character and adaptation, or contractual intent of the parties. Examples: Blinds, ceiling fans, and curtain rods

Question 17

Appurtenances

Answer 17

To land is anything used with the land for the benefit of its owners. Examples: roadways, easements and condominium parking areas

Question 18

Emblements

Answer 18

Cultivated crops are call emblements. They are considered part of the land until time that they are harvested and then they become personal property

Question 19

Trade Fixtures

Answer 19

Articles installed by a tenant and removable by the tenant before the lease term expires. If not removed, they become the real property of the building owner by accession. Examples: Store shelves, bowling alleys, restaurant equipment

Question 20

Encumbrances –> liens that affect the title OR encumbrances that affect the physical condition of the property

Answer 20

Any claim, lien, charge, or liability attached to and binding on real property, is an encumbrance. Encumbrances limit or affect the use and/or title but do not prevent alienation (transfer of ownership).

1. liens that affect the title - such as judgments, mortgages, mechanics’ liens, and other liens which are charges on property used to secure a debt or obligation
2. encumbrances that affect the physical condition of the property such as restrictions, encroachments, and easements.

Question 21

easement

Answer 21

Non-possessory interest in land. An easement is classified as an interest in real estate but is NOT an estate in land. The party that owns the property still has full ownership; the party that uses the easement only has the right to pass over or use the other party’s land. Easements are classified as either appurtenant or in gross.

Question 22

license

Answer 22

A license is a personal privilege to enter land and can be given orally or informally. Usually a license is given rather than a personal easement in gross. A license is permission and can be given and can be canceled by the property owner. Example: Permission to park in a neighbor’s driveway.

Question 23

easement in gross

Answer 23

is personal in nature and does not pass with the land. Common examples are power line easements, billboard site easements, and the like. Commercial easements in gross may be assigned or conveyed and may be inherited. However, personal easements in gross usually are not assignable and terminate on the death of the easement owner

Question 24

how many an easement be created?

Answer 24

By express grant (written document) or in a deed, necessity, express reservation, implied grant, implied reservation (implied is created when actions and conduct demonstrate intent), prescription, condemnation, by the sale of land with reference to a plat, or by estoppel (the owner of the servient tenement orally promises passage then subsequently changes his mind and refuses access, thereby damaging the owner of the dominant tenement).

Question 25

how many easements be terminated?

Answer 25

They may be terminated when the purpose for which they were created ceases, by merger, by release (dominant tenement releases servient tenement), or by abandonment (discontinued use coupled with the intent to never use again).

Question 26

restrictions

Answer 26

Limits the use of the property such as deed restrictions or restrictive covenants. Deed restrictions and restrictive covenants have basically the same meaning

Question 27

encroachment

Answer 27

A fixture or structure which invades a portion of a property belonging to another. To determine an encroachment, a survey should be done.

Question 28

open beach law

Answer 28

The public is to have perpetual right (granted through prescription, dedication or presumption) to use public beaches. Even though fee simple title to a lot belongs to an individual

Question 29

riparian rights

Answer 29

Permits owner of land adjacent to a non-navigable stream, ownership of the land under the stream or river to the exact center of the waterway. You also have the unrestricted right to the water for limited domestic purposes. Owners of land adjacent to navigable streams or rivers own only up to the mean vegetation line and the remainder belongs to the public.

Question 30

Tenancy In Common vs Tenancy by the Entirety:

Answer 30

ownership by two or more without rights of survivorship vs Ownership by a husband and wife with rights of survivorship

Question 31

Joint Tenancy

Answer 31

joint tenancy: Ownership of real property by two or more persons, each of whom has an undivided, equal, ownership interest WITH the right of survivorship