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MA real estate national exam > real estate ownership > Flashcards

real estate ownership Flashcards

1
Q

everything subject to ownership (also known as title)

A

property

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2
Q

movable; not attached directly or indirectly to land

A

personal property

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3
Q

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

A

bill of sale

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4
Q

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

A

trade fixtures

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5
Q

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

A

emblements

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6
Q

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

A

real property

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7
Q

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

A

bundle of rights

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8
Q

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

A

deed

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9
Q

the surface material of the earth

A

land

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10
Q

items permanently attached directly or indirectly, such as buildings

A

improvements

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11
Q

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

A

appurtenances

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12
Q

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

A

mineral rights

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13
Q

rights of owners of land adjoining waterways

A

riparian rights

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14
Q

rights of owners of land bordering lakes and oceans

A

littoral rights

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15
Q

permanently affixed

A

method of attachment

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16
Q

custom built to fit a particular space

A

adaptability

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17
Q

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

A

agreement of parties

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18
Q

owner intended to make it permanent

A

intention

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19
Q

personal to real

A

annexation

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20
Q

real to personal

A

severance

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21
Q

monuments, natural or artificial may be point of beginning

A

metes and bounds

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22
Q

number of feet from one point to another (distance)

A

metes

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23
Q

pertains to the compass direction

A

bounds

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24
Q

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

A

government rectangular survey

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25
Q

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

A

townships

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26
Q

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

A

lot and block system

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27
Q

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

A

links and rods

28
Q

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

A

freeholds (fee simple or fee simple absolute)

29
Q

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

A

life estate

30
Q

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

A

life estate in reversion

31
Q

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

A

life estate in remainder

32
Q

ownership by two or more persons

A

co- ownership

33
Q

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

A

tenancy in common

34
Q

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

A

joint tenancy

35
Q

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

A

tenancy by the entirety

36
Q

zoning ordinances and building codes

A

police power

37
Q

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

A

eminent domain

38
Q

municipal ad valorem property taxes. the priority lien before lender

A

taxes

39
Q

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

A

escheat

40
Q

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

A

attachments

41
Q

run with the land

A

private restrictions

42
Q

created by deed of grantor

A

conditions

43
Q

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

A

covenants

44
Q

borrower

A

mortgagor is

45
Q

lender

A

mortgagee is

46
Q

title theory state

A

MA is a

47
Q

null and void

A

when debt is paid in full the mortgage is

48
Q

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

A

mechanics lien

49
Q

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

A

equitable title

50
Q

to give real property by will to devisee

A

devise

51
Q

to give personalty by will to legatee

A

bequest or legacy

52
Q

an addition or amendment to a will

A

codicil

53
Q

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

A

dower

54
Q

no will or defective will. administrator appointed by court

A

descent- intestate

55
Q

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

A

descent and distribution

56
Q

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

A

dedication

57
Q

acquisition by union through natural actions

A

accession

58
Q

forced transfer

A

involuntary alienation

59
Q

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

A

adverse possession

60
Q

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

A

habendum clause

61
Q

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

A

general warranty deed

62
Q

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

A

special warranty deed

63
Q

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

A

quitclaim deed

64
Q

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

A

bargain and sale deed

65
Q

a method of registering land

A

torrens system

66
Q

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

A

title insurance

MA real estate national exam (4 decks)

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