Property Ownership 10%

Question 1

Ownership rights are enjoyment, disposition, possession, control, and exclusion; bundle of rights. Define all five of them.

Answer 1

Possession- the right to possess, or own, the property. If you’re the title holder, you’re the legal owner of the property.
Control- control the use of the property. This could include things like making renovations or changes to the property
Enjoyment- right to lawfully enjoy your property how you see fit
Disposition- right to “dispose” of the property. This means you have the right to sell it, will it or otherwise transfer ownership to someone else.
Exclusion- you get to say who can and can’t set foot on your property.

Question 2

What cannot be included in home sq footage?

Answer 2

Garages cannot. Only ceilings that are at least 7 feet height wise.

Question 3

Measurements-
One acre =
One mile=
One sq. mile/section=

Answer 3

One acre= 43,560 sq. ft
One mi= 5,280 ft
One sq. mi/section= 640 acres

Question 4

Lis pendens definition?

Answer 4

May be filed to warn of a possible future lien.

Question 5

Define Easement

Answer 5

Non-possessory right acquired by one party to use another party’s land for a special use; party who uses the easement is the Dominant estate and the property it lies upon is the Servient Estate.

Property’s deed and title history should list known easements.

Question 6

Tenancy by the entirety definition

Answer 6

Similar to joint tenancy but specifically for married couples.

Question 7

Townhouse definition

Answer 7

Single family homes but typically share walls with neighbors. Owner owns structure and the land.

Question 8

Trust facts

Answer 8

Trustor creates it.
Trustee manages it.
Beneficiary receives proceeds.

Question 9

Land trust facts?

Answer 9

Only 10 year increments

Real Property is the only asset permitted in a land trust

Question 10

MARIA Acronym

Answer 10

Method of annexation
Adaptability for use
Relationship of the parties
Intention in placing
Agreement of the parties

Question 11

Define appurtenance

Answer 11

Something which belongs to something else; could be a barn or an easement to land.

Question 12

Water rights

Answer 12

Riparian- allows owner to use moving water such a river stream or creek
Littoral- use and enjoyment of shore
Accretion- Soil is brought by the water and increases the size of the property
Erosion- land or soil is worn away
Avulsion- natural causes tear away land in a violent way