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Real Estate National Exam Study Guide (Virginia Bulletin) > Property Ownership > Flashcards

Property Ownership Flashcards

1
Q

Definition of Real Estate

A

land plus improvements

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2
Q

Definition of Real Property

A

interest, rights, and benefits included in ownership of real estate

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3
Q

Definition of Improvement

A

any artificial thing attached on or below ground (building, fence, water line, sewer pipe)

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4
Q

Definition of Personal Property

A

Items not attached to Real Estate or movable items.

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5
Q

Other term/s for Personal Property

A

Chattel/Personalty

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6
Q

At what point do Manufactured homes become Real Property?

A

Once they are permanently affixed to land

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7
Q

Plants that are considered Real Property

A

Fructus Naturales/Perrenials

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8
Q

Plants that are considered Personal Property

A

Fructus Industriales/Annuals

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9
Q

Other term for Fructus Industriales/Annuals

A

Emblements

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10
Q

Act of separating Real Property from land to become Personal Property

A

Sevarance

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11
Q

Act of adding Personal Property to land to become Real Property

A

Annexation

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12
Q

Definition of Fixture

A

Personal Property attached to land or building that becomes part of the Real Property

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13
Q

Legal Tests of Fixtures

A

(MARIA) METHOD of Annexation, ADAPTABILITY of item to land, RELATIONSHIP of parties, INTENTION in placing item on the land, AGREEMENT of the parties

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14
Q

Fixture used for business

A

Trade Fixture

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15
Q

Other term for Trade Fixture

A

Chattel Fixture

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16
Q

What type of property are trade fixtures considered to be?

A

Personal Property

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17
Q

Who is responsible for damage caused by removal of a Trade Fixture.

A

Owner of the Item

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18
Q

3 Physical Characteristics of Land

A

Immobility, Indestructibility, Uniqueness

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19
Q

4 Economic Characteristics of Land

A

Scarcity, Improvements, Permanence of Investment, Area Preference/Situs

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20
Q

Definition of Land in terms of Land Rights

A

Earth’s surface extending downward to center of the earth

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21
Q

Bundle of Legal Rights

A

(DEEPC) Disposition, Enjoyment, Exclusion, Possession, Control

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22
Q

Refers to “ownership” of the property

A

Title

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23
Q

Document used to transfer title

A

Deed

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24
Q

Right or privilege associated with property, although not necessarily a physical part of it.

A

Appurtenance

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25
Q

Ownership rights limited to surface of the earth

A

Surface Rights

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26
Q

Rights to natural resources/minerals below earth’s surface

A

Subsurface Rights

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27
Q

Rights to use space above earth

A

Air Rights

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28
Q

Surface, Subsurface, and Air Rights may be sold individually. True/False?

A

True

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29
Q

Rights granted to owners whose properties are adjacent to a river, stream, or similar flowing body of water

A

Riparian Rights

30
Q

Rights granted to owners whose properties adjacent to navigable lakes, seas, and oceans.

A

Littoral Rights

31
Q

How far do water rights extend in non-navigable waters?

A

Center of the waterway

32
Q

How far do water rights extend in navigable waters?

A

Highest point of the waterline

33
Q

Increase of land, usually caused by the water’s action

A

Accretion

34
Q

Gradual wearing away of land by natural forces

A

Erosion

35
Q

Sudden removal of soil by act of nature

A

Avulsion

36
Q

In states where water is scarce, how are water rights determined?

A

By Doctrine of Prior Appropriation

37
Q

Explain the process of Doctrine of Prior Appropriation

A

Owner receives permit to use a specified amount of water for beneficial use

38
Q

What is a Freehold Estate

A

Estate that lasts for an indeterminable time (i.e. fee simple, life estate, legal life estate)

39
Q

What are the 4 Basic Types of Freehold Estate

A
  • Fee Simple/Fee Simple Absolute
  • Fee Simple Defeasible
  • Life Estate
  • Legal Life Estate
40
Q

The highest estate/interest in real estate

A

Fee Simple/Fee Simple Absolute

41
Q

Estate subject to the occurrence or non-occurrence of a specified event.

A

Fee Simple Defeasible

42
Q

Two categories of Fee Simple Defeasible

A
  • Fee Simple Determinable

- Fee Simple Subject to a condition Subsequent

43
Q

3 Characteristics of a Fee Simple Determinable

A
  • bound by a specified limitation or condition
  • if condition is broken, possibility of reversion or remainder exists
  • title is automatically transferred to person named in reverter or remainder without going to court
  • language used must be similar to “so long as”, “while”, or “during”
44
Q

Characteristic of a Fee Simple Subject to a Subsequent Condition

A
  • If condition is broken, owner or his successors has Right of Reentry but must take current tenant to court to assert this right
  • language used must be similar to “on condition that”
45
Q

Characteristics of a Life Estate

A
  • estate limited duration of life of tenant
  • subject to reversion/remainder upon termination
  • a life tenant’s estate may be sold, mortgaged, or leased but will always be subject to the life of the tenant
46
Q

Characteristics of Pur Autre Vie (Life of Another)

A
  • estate limited to life of an identified person/s

- subject to reversion/remainder upon termination

47
Q

Remainder Interest

A

-estate passed on to another person other than the owner upon death of Life Tenant

48
Q

Reversion Interest

A

-estate returns to original owner of property upon death of Life Tenant

49
Q

Characteristics of a Legal Life Estate

A

-not created by property owner but established by law

50
Q

2 Different types of Legal Life Estate

A
  • Dower(widow) and Curtesy(widower)

- Homestead

51
Q

Characteristics of Dower and Curtesy

A
  • non owning spouse has a lifetime right to 1/2 or 1/3 interest in real estate even when property has been willed by owner to another person
  • signature of seller’s spouse must be in deed to release potential interest on property
52
Q

Characteristics of Homestead Estate

A
  • legal life estate on property occupied as the family home

- homestead exemption laws protect a portion of the value of the property from judgment of unsecured debts

53
Q

What are considered encumbrance?

A

Easements, deed restrictions, liens, encroachments

54
Q

Restriction used by subdivision developers to maintain specific standards in a subdivision

A

(CC&R’s) Covenants, Conditions, and Restrictions

55
Q

Right to use the land of another for a particular purpose

A

Easement

56
Q

Allows use of a neighbor’s land

A

Easement Appurtenant

57
Q

Wall/Fence shared between two properties

A

Party Wall

58
Q

Owner of Easement

A

Dominant Tenement

59
Q

Owner encumbered by Easement

A

Servient Tenement

60
Q

Individual or Company interest to use someone else’s land and generally terminates upon the death of the owner (i.e. right of way for utility company and railroads)

A

Easement in Gross

61
Q

Easement made by a party wall

A

Cross Easement

62
Q

How are easements created?

A

By a written agreement to be recorded at the city or county clerk where the easement is located

63
Q

What are two other an easement may be created?

A
  • Easement by necessity

- Easement by prescription

64
Q

How is an easement by necessity created?

A

-Land locked properties that needs an ingress and egress

65
Q

How is an easement by prescription created?

A
  • Claimant must have been using portion of land/property by a set number of years as prescribed by state law
  • tacking may be used as a basis for an easement by prescription
66
Q

How are Easements terminated?

A
  • when need no longer exists
  • when owner of dominant and servient tenements become one
  • release of right of easement
  • abandonment of easement
67
Q

Are easements terminated automatically?

A

No. Legal steps may be required (i.e. recordation)

68
Q

Granted permission by owner to enter land for a specific purpose

A

License

69
Q

How are licenses terminated?

A
  • Death of either party
  • Sale of Land
  • cancellation by owner of property
70
Q

Extension of an improvement past the owner’s land

A

Encroachment

Real Estate National Exam Study Guide (Virginia Bulletin) (1 decks)

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