Property Ownership 8%

Question 1

personal property

Answer 1

Items of property not fixed or otherwise attached to real property.

Question 2

real property

Answer 2

land and all that is affixed to it. The land and all naturally occurring appurtenances; the buildings and all fixtures; the earth to the center including mineral rights; the air to a reasonable distance; and water rights.

Question 3

conveyance

Answer 3

The legal process of transferring of one property from one owner to another through a deed.

Question 4

metes and bounds

Answer 4

a method of property description that follows or traces the perimeter of the subject property using compass directions and measuring the distance of each boundary. It begins at a point of beginning and ends in the closure of the lot.

Question 5

lot and block

Answer 5

a method of property description that relies on the recorded plats of subdivision. Individual parcels are described by making reference to the assigned lot and block numbers of the subdivision.

Question 6

government survey

Answer 6

A method of land description that divides a state into an imaginary grid system based on lines of longitude and latitude. further divisions are made to create townships, sections, and fractional portions of sections.

Question 7

mineral rights

Answer 7

the right a property owner has to subsurface minerals

Question 8

air rights

Answer 8

right to use air space above one’s land; limited to reasonable distance above the surface of the land.

Question 9

riparian rights

Answer 9

water rights associated with a river or stream

Question 10

littoral rights

Answer 10

water rights associated with a lake or ocean

Question 11

liens

Answer 11

means of securing repayment of a debt; a claim held by a creditor against the property of a debtor which secures the payment of a debt

Question 12

easement

Answer 12

right to use the property of another for a specific purpose such as passage. it includes the right of ingress (right to enter) and egress (right to exit). Does not include the right to possess.

Question 13

license

Answer 13

limited to use property; in property law, the permission to use the property of another in a non-possessory manner for some limited purpose; e.g., permission to hunt, fish, etc.

Question 14

encroachments

Answer 14

intrusion onto property of another

Question 15

tenants in common

Answer 15

estate in common; concurrent form of ownership with separate titles and an undivided interest in the same estate

Question 16

joint tenancy

Answer 16

a form of ownership by which two or more owners hold equal, undivided interests in the same estate. four unities must exist: time, title interest, and possession. a right of survivorship is the distinguishing characteristic

Question 17

timeshare

Answer 17

joint, fractional, interval ownership of a condo. specific time intervals are purchased rather than complete title

Question 18

condominiums

Answer 18

individual and common ownership in a multi-unit building; a form of absolute ownership of a unit in a multiunit building or development coupled with shared ownership in common areas

Question 19

cooperative co-op

Answer 19

housing complex owned by a corporation that stockholders occupy via proprietary leases

Question 20

ownership in severalty

Answer 20

A state of ownership in which one person holds title severed from all others; the term does not refer to several as in more than one

Question 21

sole ownership/ sole propietorship

Answer 21

form of business ownership in which one person owns the company and is individually responsible for the debts of the company

Question 22

life estate ownership

Answer 22

a form of freehold estate which duration is measured by the lifetime of the grantee (life tenant) or some third party. It terminates on the death of the measuring life and either reverts to the grantor or passes as a remainder interest to a named individual