Property Ownership

Question 1

Metes and Bounds

Answer 1

Legal description of land having point of beginning, using terminal points and angles degrees and minutes to outline a property

Question 2

Property held in Trust

Answer 2

Property held by one party for the benefit of another

Question 3

Syndicate

Answer 3

Two or more parties join to operate a real estate investment.

Question 4

Tenancy by the Entirety

Answer 4

Joint tenancy.

Co-owners are husband and wife

Question 5

Leasehold Estate

Answer 5

Interest in real property giving party possession without ownership

Question 6

Estate for years

Answer 6

Leasehold with specific starting and ending date.

It survives death or the sale of the property

Question 7

General Partner

Answer 7

partner who shares full responsibility and full liability

Question 8

Sole Ownership

Answer 8

ownership by one person, one corporation, one partnership

Question 9

Rectangular Survey System

Answer 9

legal description of land

uses base lines, meridians townships, sections, and ranges

also called the Government Survey System

Question 10

Indeterminate Length

Answer 10

period of time with no set termination date

ownership or freehold estate is of indeterminate length

Question 11

Scarcity

Answer 11

economic characteristic of land

states that a short supply where demand is great will cause an increase in value

usually based on geography

Question 12

Economic Characteristics of Land

Answer 12

Scarcity, modification, fixity and situs

Question 13

Onsite construction

Answer 13

Improvements constructed or built on the land

Not prefabricated

Question 14

Offsite Construction

Answer 14

Improvements built in a controlled environment and transported to land for installation

Question 15

Encumbrance

Answer 15

A limitation on the rights of a property owner

Question 16

Cloud on the title

Answer 16

Encumbrance that causes doubt as to the validity of title and can prevent sale or transfer of title

Question 17

Homestead

Answer 17

Residence property of a landowner

Question 18

Homestead

Answer 18

Residence property of a landowner

Question 19

Homestead

Answer 19

Residence property of a landowner

Question 20

Homestead

Answer 20

Residence property of a landowner

Question 21

Homestead

Answer 21

Residence property of a landowner

Question 22

Homestead

Answer 22

Residence property of a landowner

Question 23

Homestead

Answer 23

Residence property of a landowner

Question 24

Homestead

Answer 24

Residence property of a landowner

Question 25

Homestead

Answer 25

Residence property of a landowner

Question 26

Homestead

Answer 26

Residence property of a landowner

Question 27

Homestead

Answer 27

Residence property of a landowner

Question 28

Homestead

Answer 28

Residence property of a landowner

Question 29

Homestead

Answer 29

Residence property of a landowner

Question 30

Homestead

Answer 30

Residence property of a landowner

Question 31

Homestead

Answer 31

Residence property of a landowner

Question 32

Tenancy at Sufferance

Answer 32

The interest in a property held by a holdover tenant not paying rent

Question 33

Holdover Tenancy

Answer 33

The interest in a property held by holdover tenant who is paying rent

Question 34

Statutory Estate

Answer 34

An interest in real property created by law

Question 35

Community property

Answer 35

A statutory estate

All property acquired after marriage is jointly owned by the husband and wife

Question 36

Methods to create an easement

Answer 36

Express or implied grant

Agreement

Reservation

Limitation or prescription

Necessity

Condemnation

Question 37

Accession

Answer 37

Gaining title to improvements as a result of the annexation of fixtures

Question 38

Trade Fixture

Answer 38

Personal property installed on leased property for the purpose of the tenants occupation or profession

Question 39

Severance

Answer 39

Real property becomes personal property when “severed” from the land.

Uninstall, unattach

Question 40

Annexation

Answer 40

Process if attaching personal property so it becomes real property thus creating a fixture

Question 41

Bundle of Rights

Answer 41

Term used to describe an owners legal rights in land

Right to sell, lease, occupy, etc

Question 42

Few Simple

Answer 42

Ownership with the greatest bundle of rights

Has all available rights to the property

Can always pass to heirs

Also called few Simple absolute

Question 43

Defensible Fee

Answer 43

Ownership with terms or conditions which if violated could cause the ownership to be terminated

Question 44

Conditional Fee

Answer 44

Ownership with terms or conditions which if violated could cause ownership to be terminated

Question 45

Fixture

Answer 45

Personal property installed or attached to become real property

Question 46

Personalty

Answer 46

Personal property

Question 47

Modification

Answer 47

An economic characteristic of land stating that improvements made by man will alter the value of the land and surrounding properties