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Real Estate National Exam > Property Ownership > Flashcards

Property Ownership Flashcards

1
Q

Any item that may be owned by a business or artificial person,such as a business entity or trust

The two types of property
• real property: A parcel (piece) of land
•Personal property an item that may be owned by a person, ab artificial person,and is not a real property

A

Property

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2
Q

A real property owner owns everything above and below of their land

A

The doctrine of adcoelum

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3
Q

Attached natural property:This includes things such as trees or minerals embedded in the ground of the property

Attached artificial property: This includes things such as buildings or sewer piping embedded in the ground of the property

A

Attached natural property vs
Attached artificial property

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4
Q

Property that possessed by a larger entity and cannot be removed from the real property

Some examples be a driveway garage, large trees or shrubs,etc

A

Appurtenances

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5
Q

Surface rights: the rights of the landowner to occupy and use the surface of the land as desired

Air rights: the rights of the landowner to of the land as desired

Mineral rights: the rights of the owner to use the minerals embedded within the land desired

A

Surface, air, and mineral rights

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6
Q

Items that been affixed on the land with the intent that the improvement shall remain on the land indefinitely such as buildings,sheds, garages,fences,and other similar items

Real property includes such improvement that have been added to the land

A

Improvements

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7
Q

A bare piece of land that has no Improvements upon it
Improvements on the property are significant factors in determining the value of the land therefore,bare land is cheaper that similar land that has improvements

A

Lot or parcel of land

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8
Q

Personal Property that has been attached to real property with the intent to leave the fixture attached indefinitely

A

Fixture

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9
Q

Cultivated crops that are generally owned by the seed

A

Emblements

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10
Q

Fixtures installed by a commercial property tenant for the use of the commercial business (e.g, a business sign commercial grade kitchen supplies etc)

Trade fixtures are not installed with the intent to remain indefinitely; these items are installed with the intent to remain until the business will no longer use the premises.When the commercial tenant leaves, So do the trade fixtures

A

Trade fixtures

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11
Q

Tangible personal property: A movable and existent item that can be used or consumed

Intangible personal property: An item of value that cannot be physically felt or touched

A

Tangible personal property vs
Intangible personal property

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12
Q

A document that identify the personal property to be sold and is signed by both the buyer and seller of the property

A

Bill of sale

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13
Q

Freehold estates: An indefinite duration of ownership of a property

leasehold estate: definite duration of the use of a property and is not a form of ownership

A

Freehold estates vs.leasehold estates

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14
Q

Property that is owned and controlled by the purchaser with the rights to do whatever they please on their property, provided local and federal laws are upheld

A

Fee simple absolute

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15
Q

Ownership interests that terminate present ownership if a specified event (stated in a conveyance) occurs

A

Freehold estates Defeasible fees

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16
Q

The property interest termination is contingent on death

A

life estate

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17
Q

The property interest termination is contingent on life of the grantor or that of a third person, rather than the grantees life

A

Life estate
Pur Autre vie

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18
Q

The right of the original owner who sells their property but will regain ownership of that property after specific conditions have been met

A

Future interest reversion

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19
Q

The right of someone designated by the original property owner,after having sold the property to receive said property after specific conditions have been met

A

Future interest remainders

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20
Q

A lease that has determine expiration date

A

Tenancy for years

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21
Q

A lease that renews on a periodic basis- such as week to week month to month

A

periodic tenancy

22
Q

A lease that indefinite in duration that either party may choose to terminate at will

A

Tenancy at will

23
Q

The tenant has stayed on the premises past the lease’s expiration without the landlord’s consent

This is known as being a holdover tenant however if the landlord accepts a lease payments from the tenant this creates a periodic tenancy

A

Tenancy at sufferance

24
Q

A legal or equitable claim against a property by non-owner
This is commonly referred to as clouds on title when a non possessory has interest in the property

A

Encumbrance

25
Q

The right to use someones else’s land for a stated purpose Generally, this interest must be I. Writing between the grantor and grantee. The land is subject to the easement until it is terminated by merger release or abandonment (by the easement holder)

A

Encumbrance Easement

26
Q

When two properties are joining together under same title

A

Merger

27
Q

An easement of (servient estate) that allows another’s land (dominant estate) to use and benefit off the servient estate

A

Easement Appurtenant easement

28
Q

An easement held by a particular person to use the land for that’s person’s benefit

The land is a servient estate but no dominate estate

A

Easement in gross

29
Q

An implied easement that is held by a private person who owns landlocked land and does not have a way to access the land

This allows the landowner to use a reasonable route across other land so they may access their land looked parcel

A

Easement by necessity

30
Q

A claim that is attached to the land to secure payment on an underlying obligated

A

Encumbrance lien

31
Q

An unpermitted intrusion onto a neighboring property a physical structure that is extended above or below the surface (including plants)

A

Encumbrance: Encroachment

32
Q

Permission given by a landowner to enter and use land ( maybe oral written, require payment, or be revocable by the landowner)

A

Encumbrance License

33
Q

A legal notice (recorded) that there is a pending lawsuit regarding the real property’s title

A

Encumbrance

34
Q

Ownership that is held by one person, or artificial person

This is also called estate in severalty

A

Sole proprietor

35
Q

Ownership that is held by more than one person or artificial person, at the same time

A

Concurrent ownership

36
Q

Creates joint tenants and the right of survivorship

This means that when one of the joint tenants dies, the interest of that owner will immediately be acquired by the remaining joint tenants
The interest will not be able to be passed by the estate or will of the decedent because there is no interest to be conveyed

A

joint tenancy

37
Q

Property may not be transferred without the consent of both spouses

A

Tenancy by entirely

38
Q

Property owned by many persons

A

common interest ownership properties

39
Q

Property that have individual unit’s within the property that are owned by individual owners but share ownership (and use) of the common areas

A

Condominiums and townhomes

40
Q

Buildings owned by a corporation, which them leases units to the corporations shareholders

Shareholders purchase the corporations stock and receive bylaws and proprietary lease for their unit

A

cooperatives

41
Q

Properties that have multiple owners but can only used during certain times within a year

A

Time-Share

42
Q

A description of parcel of land’s features that is sufficient for legal purposes

It contains the land location, measurements and boundaries for the purposes of ownership it will also show how much land in the area the owner legally owns and where the adjacent landowner property begins

A

Legal description

43
Q

Legal description that use directions and compass degrees to measure a parcel of land

The measurements describes the land in a clockwise motion from a referenced monument Example: Commercing at the street sign of walker avenue and 34th street, go 200 feet south then go 250 feet west

A

metes and bounds

44
Q

A legal description that uses meridians townships, ranges, tiers
and sections to describe parcels

This is also called the government
Survey system

A

rectangular description

45
Q

Township: a division of parcel of land that has been subject to land survey; It contains 36; sections ( 36 square miles)

Section: A piece of land one square mile area that forms one of the 36 subdivision of township ( 1 mile x 1 mile =640 acres)

Acre: a measurement of land that is equal to 43,560 square feet

A

Township, Section and acre

46
Q

The physical measurements of the property boundaries (may show improvements encouragements, and zoning violations

This creates or verifies a legal description monuments or makers, are used in this process to assist in determining property boundaries

A

Land survey

47
Q

A legal description that uses a plat map recorded by the property owner to describe a parcel of land

Generally, plat maps are recorded in residential areas and each parcel within is referred to as a lot within these maps, the description will designate a plat name and lot number. This is completed prior to obtaining building permits for the properties within the plat

A

Recorded plat

48
Q

What the two main classes of property?

A

A. Choice B shows from of real property and Personal Property.
Choices C and D are types of real property

49
Q

Owning land does NOT include which rights?

A. Surface rights

B. Air rights

C.Past Ownership Rights

D.Mineral Rights

A

C. Choices A, B, and D are present and future rights included in land ownership

50
Q

Which of the following is real property?

A. Emblements

B.Appuretenances

C.Cars

D. Trade Fixtures

A

B: Appurtenances are a part of the real
property that cannot be removed withOut
causing significant damage. Emblements are
cultivated crops that are generaily owned by the
planter of the seed. Cars are movabie objects
that are not connected to real property. Trade
fixtures are personal property installed on real
property by commercial tenants, but they are not
instailed with the intent to remnain indefiitely.

51
Q

Gabriel has a freestanding
refrigerator in his house.
What is the classification of this fridge?

A. Fixture
B. Trade fixture
C. Personal property
D. Improvement

A

C: The fridge is not attached to his real property
making it his personal property. A fixture and
an improvement must be installed upon the real
property. A trade fixture, although considered
personal property, is attached to commercial
properties. Here, Gabriel has the fridge in his
residential property.

52
Q

Helena has entered a purchase
agreement for the sale ofa home
and farmnland. Which of che following
i NOT covered under the purchase
agreement?

A lnstaled shelf
B. Planted crops
C inecalied idge
D Panted trees

A

B: Planted crops are emblements, and
emblements are personal property that are
not subject to a purchase agreement (uniess
there was a bill of sale or the crops were part
of the listing). Choices A and C are fixtures
Planted trees are natural improvements and are
Considered appurtenances.

Real Estate National Exam (10 decks)

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