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PA Real Estate Exam > Ownership > Flashcards

Ownership Flashcards

1
Q

Rights of Ownership

A

1) Use
2) Possession
3) Enjoyment
4) Disposal
5) Excluding others from the above

Also known as “Bundle of Rights”

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2
Q

Real Property

A

1) Land
2) Everything attached to it (Fixtures)
3) Legal rights associated with land

Real Estate = Real Property

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3
Q

Personal Property

A

1) Any property (or chattel) that can be moved

2) Rights in Real Property held less than a lifetime (like a leasehold estate)

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4
Q

Feudal vs Allodial

A

Feudal

1) Land owned by sovereign
2) Individuals possess for lifetime (no inheritance)

Allodial - modern system

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5
Q

Freehold Estate

A

Ownership interest in land held for a lifetime or longer

Entitles owner to ownership and possession

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6
Q

Estate Less Than Freehold = Leasehold Estate = PERSONAL PROPERTY

A

Possession interest for less than a lifetime

This is personal property

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7
Q

Government Limitations on Private Ownership

A

1) Eminent Domain (exercised through purchase or condemnation)
2) Taxation
3) Police Power (zoning, building codes, etc)
4) Escheat (taking possession when there are no legal heirs or property is abandoned)

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8
Q

Fixture

A

Was personal property, but now affixed to real property

Attachment (permanent)
Adaptation (to property)
Agreement (between parties)

Is part of the value of the property (including taxes, sale, etc)

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9
Q

Trade Fixture

A

Remains personal property

Must be removed before end of lease in original condition

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10
Q

Deed vs Bill of Sale

A

Deed - real property

Bill of Sale - personal property

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11
Q

Fructus Naturales vs Fructus Industriales (EMBLEMENTS)

A

Naturales are fixtures - trees, shrubs, rocks, etc.

Industriales (emblements) are personal property - crops and cultivated plants

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12
Q

Appurtenance

A
  • A right/privilage/improvement associated with land, but not necessarily party of it - like a parking spot by a condo
  • Conveyed through an Easement (Easement Appurtenant)
  • Runs with the land
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13
Q

Riparian Rights

A
  • Flowing Water
  • Navigable - low water mark
  • Non-Navigable - midway
  • First owner may alter the course, even if unfair
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14
Q

Littoral Rights

A
  • Stationary Water (lake/sea)
  • No water ownership, but may use it for reasonable purposes
  • May not alter water’s position
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15
Q

Chattel = Personal Property

A

Chattel Personal = personal property not associated with real property
Chattel Real = personal property, but associated with real property (like a leasehold estate)

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16
Q

Fee Estate

A
  • Freehold Estate
  • Can be held a lifetime or longer
  • Inheritable
  • Fee Simple
    • Only limited by govt rights
    • Indefeasible
  • Qualified Fee = Fee Simple Determinable
    • Defeasible
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17
Q

Life Estate

A
  • Held for a lifetime, but not longer
  • Not inheritable
  • Originates from a fee estate
  • Life tenant may sell, mortgage, etc the LIFE estate
  • Life Estate pur Autre Vie - Life estate depending on life of a third party. Only inheritable if life tenant dies before third party does.
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18
Q

Life Estate in Reversion vs in Remainder

A
  • Reversion = estate returned to grantor of life estate

- Remainder = estate goes to third party (remainderman)

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19
Q

Statutory Estates

A

Dower = wife gets hustband’s
Curtesy = husband gets wife’s
Homestead Protecton = life estate goes to spouse

20
Q

Estate in Severalty

A

Sole ownership of an estate

21
Q

Joint Tenancy

A

Form of concurrent ownership with the following properties:

 1) Survivorship (member's share is absorbed by remaining shareholders)
 2) Unity of Possession (undivided interest in whole property)
 3) Unity of Interest (equal degrees or shares of ownership)
 4) Unity of Time (interest acquired at same time)
 5) Unity of Title (single title for all tenants)

A joint tenant may sell his/her interest without consent of others, but new tenant becomes tenant in common

Not a valid form for corporations

22
Q

Tenancy in Common

A

Concurrent ownership that only requires unity of possession (undivided interest in whole property)

No right of survivorship

A tenant in common may sell his/her interest without consent of others

23
Q

Tenancy by the Entirety

A

Concurrent ownership by married couple with same properties of joint tenancy, but as a single entity (unity of person)

This is the default in PA if no specification is given (for married couples)

24
Q

Community Property

A

Each spouse has equal interest in property acquired during a marriage.

Not recognized in PA.

25
Splitting Concurrent Ownership
Can be done by PARTITION in all cases except tenancy by the entirety - Partition in kind (property is subdivided and split) - Partition at law (property is sold and revenue split) Can be done by voluntary agreement between co-owners or court order
26
Easement
- Right to use or occupy the property of another in a limited way - No ownership or possession - just use - Not an estate in land - Can be created by: 1) Private Grant (written agreement by landowner) 2) Prescription (squatter's rights - 21 yrs) 3) Condemnation (govt - eminent domain) 4) Reservation (landowner sells land, but retains easement for him/herself in the deed) 5) Necessity (cannot landlock a landowner) - Can be terminated by 1) Release (written agreement) 2) Abandonment 3) Vacation (court order) 4) Merger (between dominant and servient estates) 5) Expiration (if easement had end date)
27
Easement Appurtenant
Right of a dominant property to use part of servient property Permanently runs with dominant estate Granted by servient estate
28
Easement in Gross
Right to use part of a servient state for a given purpose If granted to govt or commercial entity, then runs with the land (COMMERCIAL EASEMENT). These are also transferable. If granted to an individual (PERSONAL EASEMENT), terminates with sale of the land or death of the holder. Not transferable Cannot be revoked
29
Party Wall Easement
If adjacent properties are separated by a common wall, then each party owns their half of the wall, plus an easement on the other half.
30
License
Like easement in gross, but revokable at any time
31
Encroachments
Trespass (on land) Nuisance (air over land) Resolved by survey (the "sure" way) or observation ("just looking"). Can be paid damages or ordered removal.
32
Lien
Legal claim one person has on the property of another Priority determined by RACE STATUTES Mortgage Tax a) Ad Valorem (property tax - top priority) b) Special Assessment (when tax is levied for special project - top priority) c) Federal Income Tax Mechanic's (only for the property being worked on, from date of visible constructions start. must file within 4 months and take action within 2 years) Judgment Deficiency Judgment (when foreclosure doesn't cover debt) Domestic Support (from date of missed payment)
33
Ownership of Communities (NOT Community Property)
Condominiums Cooperatives Planned Unit Developments Resort Timeshares
34
Condominiums
- Fee simple title to individual unit (separate property) - Undivided interest in remaining elements as tenants in common (common elements) - Allowed under "Uniform Condominium Act" and other state laws - Legislation allows for AIR LOTS - Individual deeds derived from MASTER DEED - Governed by OWNERS' ASSOCIATION (each unit owner is a member, usually a not-for-profit corp)
35
Cooperative
- Entire estate is held by a not-for-profit corporation (no separate properties) - New tenants purchase stock in the corporation - Given a proprietary lease, allowing you to occupy a unit - Owners pay fixed monthly fee covering their share of common expenditures - Governed by COOPERATIVE TENANTS' ASSOCIATION
36
Planned Unit Development
- Individually owned homes with community ownership of common areas. - Common areas owned as tenants in common - Owner's association responsible for maintenance of common areas only - Created by local zoning
37
Resort Timeshares
- Divides a living unit for specified periods of time - Several formats include: 1) RIGHT-TO-USE - May occupy a unit for a period of time each year for a number of years 2) FEE SIMPLE OWNERSHIP - use of property for one week each year and fee simple ownership with other buyers 3) CLUB PLAN - membership in a club which owns the property and right to use one week a year
38
Methods for Describing Property
1) Recorded Subdivision Plat Maps - Official - Map of a subdivision created by developer or subdivider - Blocks (major unit) - Lots (sub unit) 2) Metes and Bounds - Official - Walking directions using POINT OF BEGINNING (POB) and monuments (either natural or man-made) - When using "permanent" or man-made monuments, that is considered a SURVEY - PERMANENT REFERENCE MARKERS (or BENCHMARKS) are also identified as a safeguard (lat & long) 3) Government Rectangular Survey 4) Informal Reference
39
Title
The sum of all facts on which ownership is founded
40
Abstract of Title
Summary of all instruments affecting title and all encumbrances affecting the property
41
Marketable Title
A title which is free of reasonable doubt as to ownership
42
Deed Transfer Requirements
Noted in Statute of Frauds 1) Be in writing 2) Signed by grantor 3) Must include competent parties (grantor must be 18+ and of sound mind, while grantee must be of sound mind) 4) Include consideration (good or valuable) 5) Words of Conveyance - indicating intent of grantor to transfer title 6) Property description 7) Name of grantor and grantee 8) Delivery and Acceptance 9) Habendum Clause (warranties of title and type of estate being granted) 10) date
43
Inheritance
DECEDENT - person who dies TESTATE - Valid will is left TESTATOR - Decedent who leaves a valid will INTESTATE - No valid will
44
DEVISE
A gift of real property DEVISEE is the recipient DEVISOR is the decedent who leaves it
45
ACCRETION
Gaining land from acts of nature ALLUVION - depositing of soil by water RELICTION - receding of water, exposing more land

PA Real Estate Exam (1 decks)

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