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Real Estate Agent PA exam > Property Ownership & Rights (S2U3&4) > Flashcards

Property Ownership & Rights (S2U3&4) Flashcards

1
Q

Tangible Rights of property ownership?

A

1) Land
2) Improvements
3) Fixtures
4) Crops

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2
Q

Intangible Rights of property ownership?

A

1) Interest in and title to the property
2) Mortgages & Leases
3) Licenses and Easements
4) Profits
5) Air, Water, & Mineral Rights

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3
Q

True or False:

Bundle of Rights can not be separated.

A

False, Rights can be separated and sold, leased, etc.

Ex. You can own the property but lease out the mineral rights.

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4
Q

Another way to classify the bundle of rights in relation to real property?

A

1) Surface Rights
2) Subsurface Rights
3) Air Rights

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5
Q

Surface Rights

A

Right to use land and water

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6
Q

Subsurface Rights

A

right to underground resources such as natural gas, minerals and water

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7
Q

Air Rights

A

the right to use the open space above buildings up to a height established by law

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8
Q

Bundle of Rights

A

common term to mean the complexities of property ownership rights, and helps explain how a property can be ‘owned’ by multiple parties at the same time.

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9
Q

Riparian Rights

A

are granted to landowners whose land abuts a river or stream. (River - R)

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10
Q

Littoral Rights

A

are granted to landowners whose land borders closed bodies of water such as lakes or oceans. (Lakes - L)

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11
Q

Natural Processes associated with water rights. (6)

A

1) Accretion: The process in which water carries rock, sand, and soil and causes land build-up. (a-cree-shon; think ‘creation process’)
2) Alluvion: New deposits of land that are the result of accretion (common at the mouth of large rivers. (a-loo-v-on; deposits, think going to the loo)
3) Accession: The increase of land or property due to natural or man-made causes. (ak-ces-shon; think accessing more land)
4) Erosion: Gradual loss of land due to natural force
5) Avulsion: Rapid loss of land
6) Reliction: Gradual receding of water, which uncovers new land (re-lick-shon)

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12
Q

Doctrine of Prior Appropriation

A

a legal doctrine that grants water rights to the first individual or entity to take water from a source for beneficial use.

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13
Q

Characteristics of Doctrine of Prior Appropriation

A

1) Granted based on need and use rather than adjacency.
2) Water rights aren’t connected to property ownership
3) Once water rights are granted, they are attached to the land of the permit holder.
4) To secure water rights, the request must be considered beneficial to some household, agricultural, or household operation.
5) The rights to a water source can sometimes be granted to more than one user.
6) If the first permit holder doesn’t need all the water, additional permits may be granted.
7) If there is a shortage or drought, permit holder may be required to reduce their usage with the first permit holder ensured of access to as least some water.
8) States that have this doctrine: AK, AZ, CA, CO, HI, ID, NM, OR, UT, WA

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14
Q

Appurtenance

A

the inherent or automatic ownership rights that are the natural consequences of property ownership. Property owners may keep, sell, or lease these rights.

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15
Q

Profit

A

the right to take products out of the soil. (drilling for oil)

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16
Q

License

A

permission to do something on another’s land without actually possessing any interest or ownership in the land.

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17
Q

True or False: Licenses are assignable or inheritable and it is a permanent privilege.

A

False: Licenses are not assignable or inheritable and it is a temporary privilege.

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18
Q

True or False: Licenses may be revoked by the owner at any time unless a termination date has been specified by contractual agreement.

A

True

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19
Q

Estate

A

having a legal interest or right in the property.

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20
Q

Possession

A

Owners or tenants may have this right.

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21
Q

Ownership

A

Only owners have this right.

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22
Q

Interest

A

having a right or claim on a property.

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23
Q

Fee Simple

A

Ownership, possession, and control for owner’s lifetime. Ownership conveyed to heirs by will after death.

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24
Q

Fee Simple Absolute

A

Complete Ownership

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25
Q

Fee Simple Defeasible

A

Aka. Qualified Fee; permits the recovery of fee simple ownership if certain conditions aren’t met.

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26
Q

Defeasible

A

the grantor (seller) has placed a limitation on the deed.

27
Q

Fee Simple Determinable

A

Type of Fee Simple Defeasible Estate and is inheritable. The Title remains with the new owner as long as the condition of ownership are being met.

28
Q

Fee on condition

A

Aka Fee simple subject to a condition subsequent: another type of Fee simple defeasible estate that is also inheritable. Identified by the words “but if” in the deed.
Estate continues unless a specific event occurs, in which case ownership may revert to the owner or the owner’s successors.

29
Q

Life Estate

A

an estate that includes ownership, possession, and control for someone’s lifetime.
The life tenant is responsible for reasonable property management, repairs, etc.

30
Q

Act of Waste

A

abuse of a property by a person who holds interest through life estate.

31
Q

Remainder Interest

A

refers to the remainderman’s right to fee simple title upon the death of the life tenant.

32
Q

Reversionary Interest

A

a life estate in which property title reverts to the owner upon the death of a life tenant.

33
Q

Pur Autrie Vie

A

life estate that is created by a property owner who grants an estate to someone for the duration of another individual’s life.

34
Q

Estate for year

A

an estate for a specified period of time.

35
Q

Periodic Estate

A

aka Estate from Period to Period; one that reviews itself automatically at the end of each lease period unless one of the parties to the lease terminates it.
Often the result of an Estate for Years ending.
Think a year lease ends and the tenant many now pay month to month.

36
Q

Estate at Will

A

aka Tenancy at Will; a tenancy for an unknown period of time. Either party can terminate the lease by giving notice to the other party.

37
Q

Dower

A

a form of legal life estate and refers to a wife’s interest in the real estate owned by her deceased husband. Dower isn’t recognized in all states.

38
Q

Curtesy

A

a form of legal life estate and refers to a husband’s interest in the real estate owned by his deceased wife. Curtesy isn’t recognized in all state.

39
Q

Escheat

A

the state’s power to claim property when an owner dies without a will and without heirs or creditors.

40
Q

Homestead

A

a type of estate that gives the owner special protections in property used as a family home. Not all states recognize the homestead concept.

41
Q

Conventional Life Estate

A

Created by agreement of the parties.

42
Q

Legal Life Estate

A

Created by operation of law.

43
Q

Estate for Years (Lease)

A

The lease may be for a day, week, month, years, or any definite period of time. When the specified date occurs, the elease terminates automatically.

44
Q

Estate at Will (Lease)

A

The duration of this lease is unknown at the time it is created and can be terminated by either the lessor or lessee at any time.

45
Q

Estate at Sufferance (Lease)

A

A type of possession in which a tenant stays after the right to possess has terminated.

46
Q

Periodic Estate (Lease)

A

This involves possessory interest that is automatically renewed at the end of each period specified in the lease.

47
Q

Leasehold

A

AKA a Leased Fee; Interest in real property for a determined length of time.

48
Q

Estate in Severalty

A

one person owning the property and all other interests are severed.

49
Q

Tenancy in Common

A

Each person is entitled to possession of the whole. If one dies, that person’s ownership is inheritable and doesn’t necessarily pass to the other owners.
This is the default co-ownership if no other type is named

50
Q

Joint Tenancy

A

Equal ownership with undivided rights of possession and requires unity of four separate conditions.

JT includes the right of survivorship - meaning when one joint tenant dies, that person’s share automatically goes to the surviving joint tenants.

51
Q

4 Conditions of Joint Tenancy

A

1) All owners must have the same type of interest in the property
2) All must receive their title at the same time from the same source
3) All must have the same percentage of ownership
4) All must have the right to undivided possession in the property

52
Q

Tenancy by the Entirety

A

Only available to married couples and includes unity of time, title, interest,, possession, and marriage.
Also has the right to survivorship
The creditors of one spouse can’t attach liens to or sell the interest of the property owned in this manner.
One spouse can’t transfer interest in the property without the consent of the other spouse.
Can’t be reduced to tenancy in common or joint tenancy.
Such a change would require divorce, an annulment, or for the couple to amend the title.

53
Q

Community Property Rights

A

Property does not have to be titled in both spouses names for both spouses to own equally.
Must be land purchased by either spouse
Land that is gifted, inherited, or the result of personal injury recovery are considered “separate property” and not owned equally by both spouses.
If the property was purchased by either spouse before marriage, it is not owned equally by both spouses.
CPR only recognized in 9 states: AZ, CA, ID, LA, NV, NM, TX, WA, WI

54
Q

Termination of Joint Tenancies

A

JT may sell their personal share of ownership.
The buyers of this share do not become a joint tenant because the required 4 unities do not exist.
Therefore the new owner is a tenant in common and the remaining tenants continue as joint tenants with the right of survivorship shared between them.
The new buyer has an inheritable share.

55
Q

Termination of Co-Ownership by Partition

A

Bringing legal action to have a property partitioned, which would allow each tenant to have a specific, divided portion of the property exclusively.
Each tenant would receive title to a separate tract according to that person’s share of interest.
In cases where it’s impossible to do an equitable split, a court may order the sale of the property and determine the appropriate share of proceeds to be distributed to the tenants in common.

56
Q

Rights of Survivorship (TIC, JT, & TBE)

A

1) Tenants in Common: No right of survivorship; when a co-owner dies, interest canpass according to decedent’s will; beneficiary then becomes a tenant in common.
2) Joint Tenancy: Joint tenancy includes right of survivorship; when a joint tenant dies interest passes to other joint tenants.
3) Tenancy by the entirety: Yes, between spouses only, when one spouse dies interest passes to the other spouse

57
Q

Special Wording (TIC, JT, TBE)

A

1) Tenants in Common: Deed (owners may each have their own) may contain the words “tenants in common” if no specific wording is included, almost all states assume tenants in common is the co-ownership type; interest assumed to be equal between co-owners unless stated otherwise, but equal interest isn’t required.
2) Joint Tenancy: May be created by a will; otherwise the deed must identify each owner as a joint tenant.
3) Tenancy by the entirety: Assumed in some states when a married couple purchases real estate; recommended wording: “husband and wife as tenants by the entirety with the right of survivorship”

58
Q

Tenancy by Entirety Unities (5)

A

1) Time
2) Title
3) Possession
4) Interest
5) Person

59
Q

Rights to Partition (TIC, JT, TBE)

A

1) Tenants in common: Co-owners can request court-ordered partitioning of property to terminate tenancy in common.
2) Joint Tenancy: Partition suit may jeopardize joint tenancy
3) Tenancy by the entirety: Divorce or annulment terminates tenancy by the entirety; co-owners become tenants in common

60
Q

Interest in Property (TIC, JT, TBE)

A

1) Tenants in common: Undivided (each co-owner has the right to possess the entire property, but can’t claim or exclude others from a specific portion of the property); each owner can sell, trade, gift, etc, own interest without other owners’ consent
2) Joint Tenancy: Undivided (each co-owner has the right to possess the entire property, but can’t claim or exclude others from a specific portion of the property) owners can’t sell, trade, gift, etc, interest without other owners’ consent.
3) Tenancy by the Entirety: Undivided; neither spouse can will, sell, trade, gift, etc.

61
Q

Adverse Possession of Real Property

A

The loss of real property.

Allows someone to claim the property of another after using it for an extended period of time.

62
Q

Critera of Possession of Real Property

A

1) Open & Notorious: The use must be open and well known to others
2) Actual Possession: The possessor must physically occupy the property
The possessor must reasonably believe that he or she is entitled to the property

3) Hostile Possession: possession of property must be without permission of the true owner.
Property must be used exclusively by the possessor (not shared with the owner)
4) Continuous & Uninterrupted: possession must be C&U for the statutory period of time (which varies from state to state)
Just means without a significant break in use

63
Q

Color of Title

A

refers to a written document showing good faith belief that the possessor is legally entitled to the land.

64
Q

Tacking

A

adding the time the claimant has possessed the property onto the time another possessed the property to meet the time requirement for an adverse possession claim.

Real Estate Agent PA exam (10 decks)

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