real estate ownership

Question 1

everything subject to ownership (also known as title)

Answer 1

property

Question 2

movable; not attached directly or indirectly to land

Answer 2

personal property

Question 3

personal property conveyed from one party to another by an instrument called:

Answer 3

bill of sale

Question 4

attached and used in the ordinary course of business; by lease terms; tenants will remove them at expiration of lease

Answer 4

trade fixtures

Question 5

annual and semi annual plantings (crops) which, although rooted in the land, are removable by seller by agreement with buyer or tenant farmer by agreement with landlord

Answer 5

emblements

Question 6

land and anything either directly or indirectly permanently attached to the land

Answer 6

real property

Question 7

owner may transfer, build mortgage, control, possess, rent and devise any component of the realty

Answer 7

bundle of rights

Question 8

realty is conveyed from one party to another by an instrument called

Answer 8

deed

Question 9

the surface material of the earth

Answer 9

land

Question 10

items permanently attached directly or indirectly, such as buildings

Answer 10

improvements

Question 11

rights existing outside the four corners of the property such as a right of way across adjoining land of another

Answer 11

appurtenances

Question 12

gravel, dirt, oil, gas, coal, minerals and water

Answer 12

mineral rights

Question 13

rights of owners of land adjoining waterways

Answer 13

riparian rights

Question 14

rights of owners of land bordering lakes and oceans

Answer 14

littoral rights

Question 15

permanently affixed

Answer 15

method of attachment

Question 16

custom built to fit a particular space

Answer 16

adaptability

Question 17

seller and buyer agree seller will remove an item of realty before transfer of title

Answer 17

agreement of parties

Question 18

owner intended to make it permanent

Answer 18

intention

Question 19

personal to real

Answer 19

annexation

Question 20

real to personal

Answer 20

severance

Question 21

monuments, natural or artificial may be point of beginning

Answer 21

metes and bounds

Question 22

number of feet from one point to another (distance)

Answer 22

metes

Question 23

pertains to the compass direction

Answer 23

bounds

Question 24

base lines run east and west and are crossed by meridians which cross them running north and south

Answer 24

government rectangular survey

Question 25

are 6 square miles which are divided into section one square mile of 640 acres

Answer 25

townships

Question 26

the recorded plat plan of subdivision divided the tract into blocks separated by streets

Answer 26

lot and block system

Question 27

a link is equal to .66 feet and a rod equals 16.5 feet

Answer 27

links and rods

Question 28

highest form of ownership, indefeasible. indefinite duration; unlimited, most common form of ownership. inheritable

Answer 28

freeholds (fee simple or fee simple absolute)

Question 29

title passes from grantor to grantee by deed, but grantor states in deed who gets title after this grantees death- not inheritable

Answer 29

life estate

Question 30

upon grantees death, title passes back to grantor, who retains future interest. if grantor is already dead, title passes to grantors estate/heirs

Answer 30

life estate in reversion

Question 31

the ordinary life estate. upon grantees death, title passes in fee to third party

Answer 31

life estate in remainder

Question 32

ownership by two or more persons

Answer 32

co- ownership

Question 33

equal or unequal interest. equal right of possession. undivided interest in whole.

Answer 33

tenancy in common

Question 34

equal interests, equal rights of possession, undivided interest in whole, one deed with all parties named. upon death of one, interest goes to surviving tenants equally

Answer 34

joint tenancy

Question 35

a form of joint tenancy but restricted to a married couple only

Answer 35

tenancy by the entirety

Question 36

zoning ordinances and building codes

Answer 36

police power

Question 37

right of government to force sale of private property through process of condemnation for the public good at a fair price

Answer 37

eminent domain

Question 38

municipal ad valorem property taxes. the priority lien before lender

Answer 38

taxes

Question 39

death of owner with no will and no heirs or abandoned property. cash or cash proceeds put in state treasury

Answer 39

escheat

Question 40

a legal seizure by court action of a defendants property as security for possible judgment

Answer 40

attachments

Question 41

run with the land

Answer 41

private restrictions

Question 42

created by deed of grantor

Answer 42

conditions

Question 43

developer of a subdivision records in county registry of deeds covenants binding upon property owners in the subdivision or owners sign a separate agreement

Answer 43

covenants

Question 44

borrower

Answer 44

mortgagor is

Question 45

lender

Answer 45

mortgagee is

Question 46

title theory state

Answer 46

MA is a

Question 47

null and void

Answer 47

when debt is paid in full the mortgage is

Question 48

a form of protection for contractors, sub contractors and material suppliers

Answer 48

mechanics lien

Question 49

purchase and sale agreement encumbers the sellers bundle of rights by providing the buyer with:

Answer 49

equitable title

Question 50

to give real property by will to devisee

Answer 50

devise

Question 51

to give personalty by will to legatee

Answer 51

bequest or legacy

Question 52

an addition or amendment to a will

Answer 52

codicil

Question 53

when disinherited or left token amount, surviving spouse can demand force share

Answer 53

dower

Question 54

no will or defective will. administrator appointed by court

Answer 54

descent- intestate

Question 55

law governing distribution to heirs (1/2 to spouse, 1/2 divided among children)

Answer 55

descent and distribution

Question 56

devotion (gift) of land by owner with intent it be accepted for public use

Answer 56

dedication

Question 57

acquisition by union through natural actions

Answer 57

accession

Question 58

forced transfer

Answer 58

involuntary alienation

Question 59

acquisition of title by possession for a statutory period (20 years) against owners will

Answer 59

adverse possession

Question 60

"to have and to hold" defines the estate being granted, such as a life estate only

Answer 60

habendum clause

Question 61

grantor will pay for any loss if a claim is made against the title by third parties even if the claim originated prior to grantors term of ownership

Answer 61

general warranty deed

Question 62

grantor is liable for claims by third parties if the claim originated only during grantors term of ownership

Answer 62

special warranty deed

Question 63

grantor conveys only whatever interest grantor may have at time of conveyance. no warranties, expressed or implied but neither grantor not his/her heirs can return to claim ownership against grantee. most common deed in MA

Answer 63

quitclaim deed

Question 64

grantor implies a current or past interest in the property and conveys any such title which may exist without warranties, expressed or implied. used for foreclosures, tax sales

Answer 64

bargain and sale deed

Question 65

a method of registering land

Answer 65

torrens system

Question 66

an insurance policy for protection against occurrences that have already happened such as forged deeds, undisclosed heirs, parties lacking capacity, etc. one time charge at closing

Answer 66

title insurance