Quiz 2: Real Estate Principles: Unit 2 Flashcards
What is considered real property?
Bearing wall in a single-family residence.
What type of estate does a renter hold?
Less-than-freehold estate.
Whenever an interest in real property is transferred voluntarily or involuntarily:
the new owner should record the transfer instrument to protect his or her legal interests.
Emblements are:
personal property.
What is the commonality of the terms, measuring life, pur autre vie, and life tenant?
They are associated with life estates.
Recording a document, such as a grant deed, as well as possession of the property:
give constructive notice of an interest in real property.
Ownership in severalty would most likely involve:
sole ownership.
What are the two types of natural attachments?
Fructus naturales and fructus industriales.
Minerals are owned as real property unless they are:
migratory minerals such as oil or gas.
The terms, measuring life, pur autre vie, and life tenant are associated with:
life estates.
Which of the following types of income is considered community property?
Wages from either spouse.
An owner builds an expensive oak bookcase and places it in his den, affixing it permanently to wall for stability. When the home is sold, if no special arrangements are made:
it has become a fixture and belongs to the buyer.
(True or False). A grant deed must be acknowledged to be recorded.
True.
A renter holds a:
less-than-freehold estate.
(True or False). Actual notice is a fact, such as seeing the grant deed or knowing that a person inherited a property by will. Recording a document as well as possession of the property give constructive notice of an interest in real property.
True.
