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Real Estate License > Ownership > Flashcards

Ownership Flashcards

1
Q

When a person or entity uses the land of another for a specific purpose

A

easement

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2
Q

land and everything permanently attached to it

A

realty

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3
Q

grant a wife (or child) interest in her husband’s estate. Recognize the rights of a husband in the event of his wife’s death.

A

dower

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4
Q

if the true owner is so disinterested in the land they own that they allow someone else to use it for a long period of time (7 - 40 years), the person using it has rights based on the fact they were treating the property as their own.

A

adverse possession

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5
Q

a person has a title and exclusive ownership to a piece of property (typically a house or unit), and shared access to other community areas.

A

condominium

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6
Q

Monuments and occupancy markers are sometimes used in this type of property description

A

metes and bounds

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7
Q

The divisions created in rectangular survey property descriptions

A

townships

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8
Q

a property owner has these rights when their property borders a moving body of water such as a river or stream.

A

riparian rights

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9
Q

describes the likely environmental effects a new development will have.

A

environmental impact report (statement)

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10
Q

There is no warranty afforded with this deed and the grantor gives up all rights to the property

A

quitclaim deed

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11
Q

In this deed, the grantor does maintain that he/she has an interest in the property

A

bargain and sale deed

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12
Q

This deed is used when a borrower (homeowner) is released from a mortgage; records will show that the mortgage has been paid off.

A

reconveyance deed

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13
Q

What is the term for restrictions, easements, or liens that give others rights to a property?

A

encumbrances

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14
Q

the right of the government to acquire ownership of private Real Estate for public use.

A

eminent domain

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15
Q

the right of the government to acquire property when the owner dies intestate and has no heirs eligible to inherit the property.

A

escheat

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16
Q

transfers title to personal property.

the instrument that conveys ownership rights to personal property

A

bill of sale

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17
Q

transfers title to real property.

A

deed

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18
Q

allows a property owner to use the property as security for the loan while still being able to occupy it.

A

hypothecation

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19
Q

What is a right to use another’s land called?

A

easement

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20
Q

annual crops planted on real property but are considered personal property.

A

emblements

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21
Q

When this deed is given, the grantee is protected from any person who claims it and any liens against the property by the grantor.

A

warranty deed

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22
Q

An estate that is of indefinite duration is called a ____ estate

A

freehold estate

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23
Q

refers to things that aren’t actually affixed, but can still be reasonably assumed to go with the property.

A

constructive annexation

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24
Q

An estate that is of indefinite duration is called a ____ estate.

(1) the asset is immovable or fixed, and
(2) there is no time limit or fixed duration for which the land can be owned.

It is the highest possible ownership interest of real property.

A

freehold estate

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25
Q

type of leasehold estate

A

estate for years

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26
Q

When a ____ estate ends, the property automatically transfers to a remainderman. The owner of a ____ estate cannot choose who the property transfers to.

A

life estate

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27
Q

When a life estate ends, the property automatically transfers to a _______. The owner of a life estate cannot choose who the property transfers to.

A

remainderman

28
Q

owns all of the legal property rights forever. This includes passing those rights to another party through the process of inheritance. When someone inherits this type of estate, they also inherit all of the rights to the real property.

A

fee simple estate

29
Q

A tenant renting property from a landlord has a ______ or leasehold estate, while the landlord has a freehold estate. A _________ estate is created with a lease or rental agreement and is also noninheritable.

A

nonfreehold estate

30
Q

When the owner transfers his property, he effectively “alienates” himself from it.

A

voluntary alienation

31
Q

when an involuntary transfer of estate occurs when one party uses the property of another for a given amount of time, and in a way that is obvious, notorious, exclusive to a single possessor or party, continuous and uninterrupted, and without verbal or written agreement of the owner.

A

adverse possession

32
Q

a form of joint ownership between married couples (Upon death annulment, or divorce, the property is divided equally between the parties, or heirs in the case of death.)

A

community property

33
Q

a lease has not been signed, and no aspect of tenancy has been formally specified in writing. Therefore, the tenant can leave whenever they want, and the property owner can make the tenant leave at any time.

A

tenancy at will

34
Q

In many states, a primary residence is protected from the claims of unsecured creditors, including those arising from a resident’s bankruptcy.

A

homestead laws

35
Q

created by open, notorious, uninterrupted, hostile, and adverse use — similar to how an estate by adverse possession is created.

A

easement by prescription

36
Q

an agent uses fear as a tool to try to get owners to sell

A

blockbusting

37
Q

a part of the contract of sale that allows a buyer or seller to get out of the contract without penalty in the case of certain specified events.

A

contingency

38
Q

part of a deed contains warranties, if applicable

A

testimonium

39
Q

The ____, further defines any rights being granted to the grantee.

this part of the deed describes the limits of the estate being granted.

A

habendum clause (to have and to hold clause)

40
Q

In this deed, the grantor gives up his property rights without implying he has or ever had any rights.

A

quitclaim deed

41
Q

While _____ indicates ownership, it is not a physical thing. The deed is the physical proof of a title.

A

title

42
Q

Joan sells her house to her brother Mike on a handshake. This contract is:

A

unenforceable contract

43
Q

A court will likely grant commission to a real estate broker if he can prove he was the procuring cause of sale, even if the listing has expired

A

broker protection clause

44
Q

A contract can become voidable if one of the parties was being victimized because ____. (3)

A
  1. a minor
  2. misled
  3. agreement not voluntary
45
Q

For a deed to be valid _____(3)

A
  1. name of grantee
  2. signature of grantor
  3. description of property
46
Q

can be written or oral, as long as the terms are clearly stated. You must have an offer by one party and acceptance by another party.

A

express contract

47
Q

The owner shows through his actions that the contract is still valid.

A

implied contract

48
Q

restrictions or limitations explicitly described in the deed.

A

exceptions and reservations

49
Q

grants a piece of property to the grantee to complete a transfer of real estate.

A

grantor

50
Q

when a new contract is used to replace the initial contract.

A

novation

51
Q

the seller names a price they want for their property, and any amount above that sale price goes to the broker.

A

net listings

52
Q

All listings should have a fixed expiration date, and this period is negotiable as no laws regulate this aspect of sale. However, most contracts are 60-120 days for a single family home and 6 months- 1 year for a commercial property.

A

listing period

53
Q

What are the four elements required of every valid and enforceable contract?

A
  1. competent parties
  2. legal purpose
  3. offer and acceptance
  4. consideration
54
Q

something of value given in exchange for something of value. In real estate, this is usually some sort of monetary payment.

A

consideration

55
Q

The ____, also known as the words of conveyance, includes the words that describe exactly what rights the grantee is receiving.

A

granting clause (words of conveyence)

56
Q

For a listing agreement to be valid, it must be ____.

A
  1. in writing
  2. expiration date
  3. be signed
57
Q

Both parties have obligation to perform.

A

bilateral contract

58
Q

In this statement, the seller is required by law to disclose any material defects to the property to the best of his/her knowledge.

A

seller disclosure statement

59
Q

The ____ requires that all real estate transfers of title be in writing.

A

statute of frauds

60
Q

serves as proof of current ownership, as well as serving to transfer property to someone else.

A

deed

61
Q

the grantor delivers the deed to a trustee or escrow agent. Once the grantee completes their required actions, the trustee will release the deed to the grantee. However, once the grantor gives the deed to the trustee, the title is considered legally transferred to the grantee.

A

delivery in escrow

62
Q

The ____ shows that the grantor is receiving something in exchange for the property.

The thing of value in exchange for the property does not have to be the exact sum of money that is paid, nor does it even have to be a sum of money (it can often be “for love and affection” for gifts).

A

consideration clause

63
Q

a contractor substitutes similar materials during a job

when the performance is substantial but not exactly as the contract requires.

A

substantial performance

64
Q

A(n) ____ is a way of proving that the grantor signs the deed voluntarily.

A

acknowledgment

65
Q

he ____ of a piece of property is designed to leave no doubt about the exact boundaries of the property being conveyed.

A

legal description

66
Q

In a real estate transaction, the ____ is the recipient of a piece of property and is receiving property from someone else.

A

grantee

67
Q

The term ____ refers to the legal act of giving and receiving a deed.

A

passing title

Real Estate License (4 decks)

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