Quiz #1 review Flashcards
Chapters 1 - 6
The term Real Estate Includes
The land and the improvements and the right to use them
What are the physical characteristics of land?
Starts at the center of the earth and passes through earth’s surface and continues into space. Indestructible, Immoveable, Nonhomogeneous
What are the Economic characteristics of land?
Scarcity, Situs, Improvability, Fixity
The rights that a property owner enjoys on a body of flowing water is known as?
Riparian Rights
The rights which a property owner enjoys on a lake or sea is known as?
Littoral Rights
What is a fixture
An object that has been attached to the land physically to become real estate
What are the tests to determine if an object is a fixture or personal property?
M A R I A
~MODIFICATION
~ATTACHMENT
~RELATIONSHIP OF THE PARTIES
~INTENTIONS OF THE ANNEXING PARTY
~AGREEMENT
A method of describing property using points, angles, and distances is called
Metes and Bounds
What property rights are retained by the government under the allodial system of property ownership?
P E T E
~Police Power
~eminent domain
~taxation
~escheat
The most common and inclusive form of ownership is
Fee Simple
What are the five methods of creating an easement?
- Grant
- Reservation
- Condemnation
- Necessity
- Prescription
What is the difference between an easement appurtenant and a personal easement in gross?
An Easement appurtenant cannot be changed
Ted has a right to use John’s property to fish in the lake whenever Ted chooses. If Ted’s right will terminate with the death of John and with the transfer of the property, it is MOST likely a:
Personal Easement
A _______ lien is a lien on all the property of a person in a given jurisdiction.
Tax
What type of lien is both voluntary and specific?
Mortgage
Sally conveys a property to Ralph with the wording “so long as the property is never used for the sale of consumption of demon liquor.” If three years later Ralph opens a liquor store on the property, the estate will automatically terminate and revert back to Sally. True or False
True
Upon his death, farmer John willed property to his wife Sue for the remainder of her life, upon her death, the property is to go to their son Elmo.
What estate does Sue have in the property?
Life Estate
Upon his death, farmer John willed property to his wife Sue for the remainder of her life, upon her death, the property is to go to their son Elmo.
What estate does Elmo have in the property?
Elmo is the remainder person
What is the difference between a commercial easement in gross and a personal easement in gross?
Easement in Gross:
is servient, but there is no dominant estate. Gas company lines, phone lines, electric lines. Personal easement:
An easement to hunt for deer and fish. Can’t assign it.
How many acres are in the NE1/4 of the SE1/4 of the SW1/2 of Section 25? Show your work.
640 Acres in a section
1/4 x 1/4 x 1/16 = 1/32
640/ 32 = 20 ACRES
How many acres are in the E1/4 of the S1/2 of the W1/4 and W1/4 of the S1/2 fo the NE1/4 of Section 25? Show your work.
1/4 X 1/2 X 1/4 = 32
32/640 = 20
+
1/4 X 1/2 X 1/4 = 32
32/640 = 20
= 40 ACRES
What does the acronym PITT stand for:
PITT
~Possession
~Interest
~Title
~Time
What are the four types of statutory estates created by law?
~DOWER - FOR WIFE
~CURTESY - FOR HUSBAND
~COMMUNITY PROPERTY
~HOMESTED PROTECTION
Name and describe the five deed covenants.
~COMENANT OF:
SEIZEN - owner guarantees to be the owner and has the right to convey
~QUITE ENJOYMENT - guarantees that no one can come and take the property
~AGAINT ENCUMBERANCES - there are no liens
~OF FURTHER ASSUARNCE - provides any documents providing clear title
~WARRANTY FOREVER - if someone claims to own the land in the future, the grantee has the right to sue the grantor. (money back guarantee)
What is the fifth unity of title for tenants by the entirety?
Unity of person - By the entirety, couples are one unit
What does the acronym MARIA stand for and how is it applied?
M A R I A
~MOFICICATION
~ ATTACHMENT
~RELATIONSHIP OF THE PARTIES
~INTENTIONS OF THE ANNEXING PARTY
~AGREEMENT
To determine if a person’s property is real property
A ______________ is a written supplement or amendment made to a previously existing will.
Codicil (change)
A _________________ deed carries no warranties other than the grantors authority to convey the property.
a ______________ deed only warrants the property’s title during the grantor’s ownership.
a _____________ deed is used to clear title.
a _______________ deed contains all five covenants and warranties.
Bargain and sale deed
Special Warranty
Quitclaim Deed
General Warranty
What are the eight essential elements of a deed?
1 NAME/S OF THE GRANTOR
2 NAME/S OF THE GRANTEE
3 LEGAL DESCRIPTION RESTRICTION
4 GRANTING CLAUSE
5 CONSIDERATION
6 RESTRICTIONS AND EXCEPTIONS
7 SIGNATURE/S OF THE GRANTOR
8 DELIVERY AND ACCEPTANCE
