Real Property

Question 1

Estates

Answer 1

Interest in real property

Question 2

Real Property

Answer 2

Land, sub-surface rights, air rights, fixtures

Question 3

Fixtures

Answer 3

Attached to the land “by its roots”, ex kitchen cabinets

Question 4

What type of property is a corporate building?

Answer 4

Real Property

Question 5

What type of property is a farm field?

Answer 5

Real Property

Question 6

What type of property is a house?

Answer 6

Real Property

Question 7

What type of property is a well or septic system?

Answer 7

Real Property

Question 8

What type of property are kitchen cabinets?

Answer 8

Fixtures

Question 9

What type of property is a mobile home?

Answer 9

Depends, if it can be actively moved it’s personal property

Question 10

What type of property are vehicles?

Answer 10

Personal property, not part of land

Question 11

Freehold Property Rights

Answer 11

Own the land, legal title to it, can use, hold, or sell

Question 12

Non-Freehold Property Rights

Answer 12

Mere possession not ownership (lease)

Question 13

Future Interest Property Rights

Answer 13

Take possession in the future

Question 14

Present Possessory Property Rights

Answer 14

Currently have the right to own/possess

Question 15

Non-Possessory Property Rights

Answer 15

Right to use, not possess
Easements (cable company running cables through your land)

Question 16

Fee Simple Absolute Ownership

Answer 16

Present possessory, holder has the possessory rights, present and future, can be given in inheritance (heirs), potentially infinite duration, assumed by court, can do whatever you want

Question 17

Defeasible Fee

Answer 17

Present possessory, conditional ownership, “To A so long as condition XYZ is met. If not met then it goes to B”
Could hold forever if condition is always met

Question 18

Reversion

Answer 18

Future interest property rights, if condition fails to be met in defeasible fee, property goes back to grantor

Question 19

Remainder

Answer 19

Future interest property rights, if condition fails to be met in defeasible fee, property goes to 3rd party (city)

Question 20

Life Estate

Answer 20

An estate for the life of one or more people
“To B for Life”
One lives on estate until death then property reverts back to heirs (reversion or remainder after death)

Question 21

How to sell life estate property

Answer 21

To get to fee simple absolute must buy out person living there and future heirs

Question 22

Duties of a life tenant

Answer 22

Repair/preserve land/structures, pay taxes, not waste

Question 23

What is property waste?

Answer 23

injure the future interest (letting the property rot), voluntary waste, permissive waste

Question 24

Deed

Answer 24

Document that serves as title, filed with the register of deeds, includes names of grantors and grantees, consideration ($), legal description, signitures, notary seal, notice of mortgage or encumbrance (Banks take care of this part, new mortgage for each homeowner, “will not pay outstanding mortgage)

Question 25

Will or Inheritance

Answer 25

Property transferred at owner's death

Question 26

Testate

Answer 26

Will

Question 27

Interstate

Answer 27

No will, inheritance is governed by law, stuff is given out like a tree, goes to spouse/kids, then parents, if not those then out to siblings and then up again

Question 28

Eminent Domain

Answer 28

Gov. taking land for public use, fair compensation is required

Question 29

Adversive Possession

Answer 29

Continuous HOAX, obtain title to land without delivery of a deed, aids in resolution of boundry disputes

Question 30

Continuous HOAX

Answer 30

Possession of land in an adversive possession must be: 1) Continuous 2) Hostile (without permission) 3) Open/Obvious 4) Adverse (not done in owner's best interest) 5) Exclusive (you're the only one doing it)

Question 31

Timeline of Adversive Possession

Answer 31

7,10, or 14 years depending on state

Question 32

Concurrent Ownership

Answer 32

Tenants in common, joint tenants, tenants by the entirety

Question 33

Tenants in Common

Answer 33

Own an undivided fractional interest, don't have to have same amount of ownership, have right to use entirety of land, when one dies portion goes to their heirs

Question 34

Joint Tenants

Answer 34

Owns an undivided interest in the whole, equal amounts of ownership, upon death ownership goes to remaining tenants, unity of time, title, interest, and possession

Question 35

Tenants by the Entirety

Answer 35

Ownership by spouses, no separate transfer, upon death share goes to surviving spouse, unity of time, title, interest, and possession, equal, unrestricted access

Question 36

Tenancy for Years

Answer 36

Stated period of time, doesn't have to be years could be 6 months

Question 37

Periodic Tenancy

Answer 37

Lease period by period, to terminate notice required equal to periodic tenancy

Question 38

General Landlord/Tenant Contract

Answer 38

Mutual assent, consideration requirements and duties, anti-discrimination (required no matter the contract)

Question 39

Possession

Answer 39

Covenant of quiet enjoyment, Landlord needs cause to enter property once rented

Question 40

Rights and Duties of Tenant

Answer 40

Pay rent, abide by terms of the lease (If T breaks, eviction, if LL breaches constructive eviction), T has right to use and responsible for damages,

Question 41

Rights and Duties of Landlord

Answer 41

LL must repair and comply with building code, LL must furnish and maintain premises in a habital condition (Breach if substantial, physical defects)

Question 42

Constructive Eviction

Answer 42

House becomes inhabital, T fixes and LL reimburses