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Kentucky Real Estate Exam > Property Ownership > Flashcards

Property Ownership Flashcards

1
Q

Define real estate

A

Land, plus all things permanently attached to it naturally or artifically

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2
Q

Define real property

A

Real estate, plus the interests, benefits, and rights included with real estate ownership

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3
Q

Define personal property

A

everything owned that is not real property

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4
Q

What are the five basic tests to determine whether something is real property or personal property?

A

Method of annexation, adaptability for use, relationship of the parties, intention in placing, agreement of the parties

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5
Q

Define legal description

A

a legal description permits a specific parcel of property to be located by a trained surveyor

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6
Q

What are the 3 types of legal descriptions?

A

metes and bounds, lots and block, and RGSS

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7
Q

What are metes?

A

the direction and distance of a line forming the property’s bounds

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8
Q

What are bounds?

A

bounds are physical features that define the boundaries of the property

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9
Q

How are metes-and-bounds descriptions characterized?

A

a point of beginning, which is where the description both begins and ends. It also uses monuments to mark boundaries

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10
Q

What is the RGSS and how is it defined?

A

a rectangular government survey system, it divides land into townships and further into sections

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11
Q

An RGSS is read from left to right, or right to left?

A

left to right

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12
Q

What is lot and block?

A

a system that begins with either a reference to metes and bounds or RGSS and then further divides the land into lots with numerical descriptions to each parcel

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13
Q

How many sq ft are in an acre?

A

43,560 sq ft

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14
Q

How many linear ft are in a mile?

A

5,280

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15
Q

How many acres are in a hectare?

A

2.47

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16
Q

How many acres are in a sq mile?

A

640 acres

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17
Q

What are mineral rights and subsurface rights?

A

the rights to drill or dig for minerals on the property

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18
Q

What are air rights?

A

The right to use the area in the sky above the property

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19
Q

What are riparian rights?

A

rights that address water that MOVES through a property such as a river or stream

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20
Q

What are littoral rights?

A

Rights that address the use of static water, such as lakes, ponds, or oceans, but not divert or contain it

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21
Q

What is prior appropriation?

A

a statute that says the first party to physically take water from a source and put it to beneficial household, agricultural, or industrial use will continue to have a claim to the water

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22
Q

Define Accretion

A

process by which water moves earth and causes a build up

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23
Q

Define alluvion

A

new deposits of land that are a result of accretion

24
Q

Define erosion

A

gradual loss of land due to natural force

25
Define avulsion
A sudden loss of land by a swift, large scale change in water flow
26
Define reliction
when water gradually recedes and uncovers new land
27
Define easement
a non-posessory right acquired by one party to use another party's land for a special use
28
a ____ is the estate on which an easement is placed
servient estate
29
a ____ is the estate that holds the easement
dominant estate
30
Easement appurtenant
attached to a parcel of land, transfers with the land, and gives the easement holder rights to use adjoining property
31
Easement in gross
granted to a specific individual or business, rather than attached to the property itself
32
Right of way easement
provides a pass-through to other property but doesn't allow usage of the land
33
Easement license
a temporary permission for one person to something on another's land without ownership
34
What are encroachments?
Structures built on another's land without permission
35
Deed restrictions and covenants, conditions, and restrictions (CC&R's) are ____ affecting land use
encumbrances
36
Define freehold estate
an interest in real property where the owner's possession of the property isn't of fixed duration
37
What are the 3 types of freehold estate?
fee simple estate (or fee simple absolute), fee simple determinable, and fee simple subject to condition subsequent
38
Define fee simple estate
a type of free hold estate that conveys the most rights possible, can be sold and inherited through probate court
39
Define fee simple determinable estate and give an example
property is conveyed to a new owner as long as some event does or does not occur i.e. Morris gives a plot of land to a local district park as long as the district only uses it for youth soccer.
40
Define fee simple subject to condition subsequent estate and give an example
property ownership is conveyed to new ownership on a specific condition i.e. Trinity conveys property to her son, on the condition it remains residential
41
Define leasehold estate
an estate in which the holder has a possessory interest in a property but no ownership
42
Define ownership in severalty
one person owns the property with no joint interest by any other person
43
Define tenants in common
a form of co-ownership in which each co-owner is entitles to possession of the whole. An owner's ownership is inheritable and, upon the owner's death, does not necessarily pass to the other owners.
44
If co-ownership of a tenants in common space is terminated by partition, ______
then the property is divided into portions, called partitions, and each tenant owns a specific partition.
45
Define joint tenancy
a form of co-ownership in which equal ownership requires unity of time, title, interest, and possession.
46
Joint tenancy, unlike tenants in common includes survivorship, which means ____
the surviving co-owners will own the property of a joint tenant who dies
47
In joint tenancy, if there are more than 3 owners and one of the owners dies, the deceased owner's portion _____
is divided equally among the surviving owners
48
Define a townhome
a single-family home that shares walls with neighbors, an owner owns both the structure and the land
49
Define planned unit development, or PUD
a mixed-use development that has both residential and commercial units, consists of a parcel of land, any improvements, and shared common areas. Developers who are building PUD's must submit plat maps for their development
50
Define ordinary life estate
an estate based on the life of the estate holder/life tenant. i.e. Christine givers her son an ordinary life estate in a property, and the estate lasts until her son's death
51
Define Pur Autre Vie
an estate based on the life of someone other than the holder of the life estate/life tenant. i.e. Jarrod grants his ex-wife, Margo, a life estate pur autre vie in a house where Jarrod's mother, Rose lives. So long as Margo continues to care for Rose, she will have an estate in the home until the mother passes.
52
Should a life tenant of a life estate do anything to decrease the property value of the estate, the estate holder or heirs to the estate holder, may file a lawsuit to stop the waste or seek damages. That property de-valuaing by the life tenant is known as ____
an act of waste
53
When a life estate ends, ownership and interest is determined in one of two ways, those two are:
Remainderman: ownership will pass to a remainderman instead of the party who established the life estate. Reversion: Ownership will revert to the life estate originator, or their heirs.
54
Define bundle of rights
the rights extended to the porperty owner to the use the physical components of land, such as the surface, sub-surface, and air rights
55
What are the 5 rights included in the bundle of rights
possession, control, exclusion, enjoyment, disposition
56
Define the 5 bundle of rights
Possession - the title holder may be on the property Control - The owner controls the use of the property Exclusion - The owner may decide who may or may not access the property Enjoyment - The owner may use the property in any legal manner Disposition - The owner has the right to sell or convey the property

Kentucky Real Estate Exam (8 decks)

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