Property Ownership Flashcards
A homeowner has negotiated with a neighbor to obtain the permanent right to pass over the northern part of the neighbor’s land to gain access to the river. He pays the neighbor $9,000 for the right of access and receives a deed. This is an easement
appurtenant.
Although states make specific laws governing water rights and the rights in land that borders water, most states generally follow one of two basic doctrines regarding water rights. In many states, the common law doctrine of riparian and littoral rights dictates that water rights are automatically conveyed with property. In others, all water rights are controlled by the state under the doctrine of
prior appropriation.
Three people buy a house as tenants in common. Subsequently, two of the owners want to sell, but the third discourages each potential purchaser. The two owners who wish to sell the house can
file an action for partition against the third owner.
A property is encumbered by a first mortgage of $60,000 and a second mortgage of $23,500. The property has just been sold at a foreclosure auction to a speculating investor for $88,000. Assume that all costs of the foreclosure sale are included in these balances. Which of the following statements is FALSE regarding the distribution of funds?
The second mortgagee receives nothing unless he forced the foreclosure auction.
A major difference between freehold and nonfreehold estates is that all freehold estates
are of indeterminable duration.
The main difference between tenancy in common and joint tenancy is that with tenancy in common, when a co-owner dies,
his undivided interest passes to his heirs.
