Real Property & Ownership

Question 1

Five Economic characteristics of land (DUSTS)

Answer 1

Demand
Utility
Scarcity
Transferability
Situs

Question 2

Joint Tenancy: P.I.T.T

Answer 2

Possession
Interest
Time
Title

Question 3

Annexation

Answer 3

Changes personal property to real estate

Question 4

Severance

Answer 4

Changes real estate to personal property

Question 5

Fixture

Answer 5

Once personal property but has since been installed to real estate

Question 6

Appurtenance

Answer 6

after something is installed onto a property, it can be called an appurtenance

Question 7

Livery of Seisin

Answer 7

“I own it and I have the right to sell it.”

Question 8

Three Physical characteristics of land

Answer 8

Immobility
Indestructibility
Heterogeneity

Question 9

Personal Property

Answer 9

Personalty & Chattels; readily moveable from one location to another

Question 10

Emblements or “fructus industriales”

Answer 10

Personal Property plants

Question 11

Trees that do not require annual cultivation or “fructus naturales”

Answer 11

Real Property plants

Question 12

Trade Fixture

Answer 12

only kind of fixture that can be removed from property

Question 13

Water rights

Answer 13

Doctrine of Prior Appropriation requires that property owners obtain permits for use of water

Question 14

Littoral rights

Answer 14

properties that border bodies of water that are not moving (lake)

Question 15

Riparian rights

Answer 15

properties that border moving water (river)

Question 16

Freehold estate

Answer 16

estates of indefinite duration that can exist for a lifetime or forever

Question 17

Fee Simple

Answer 17

The most commonplace estate, owning land and anything on the land

Question 18

Fee Defeasible

Answer 18

Ownership is dependent on certain conditions

Question 19

Fee Tail

Answer 19

Property inherited by a monarch (illegal in the United States)

Question 20

Life Tenant

Answer 20

Property that an individual owns only for their lifespan

Question 21

Dower

Answer 21

common law that entitled a widow to a portion of her husband’s estate in absence of a will

Question 22

Curtesy

Answer 22

common law that entitled a widow to a portion of his wife’s estate in absence of a will

Question 23

Homestead

Answer 23

protects the value of a home from property taxes and creditors following the death of a homeowner

Question 24

Severalty

Answer 24

a single party owns the fee or life estate

Question 25

Tenancy in Common

Answer 25

an arrangement where two or more people share ownership rights in a property or parcel of land. Can own different percentages, and give their share to anyone upon their death.

Question 26

Joint Tenancy

Answer 26

an arrangement where two or more people share ownership rights in a property or parcel of land. Must own the same percentage, and upon their death transfers share to surviving party.

Question 27

Syndicate

Answer 27

group of investors who pool their money to buy or build property

Question 28

Condominium

Answer 28

owns only the airspace within the condo, plus sharing ownership in the community property

Question 29

Cooperative

Answer 29

members own stock shares in the building rather than the property

Question 30

Allodial

Answer 30

allowing individuals title to property without proprietary control of the King

Question 31

Fee simple defeasible condition subsequent

Answer 31

grantee may use the property for any purpose except that specifically prohibited

Question 32

Limited Partnership

Answer 32

only the limited partner has limited liability

Question 33

General Partnership

Answer 33

the general partner has unlimited liability

Question 34

Lifespan Estate

Answer 34

an individual owns only through the duration of their lifetime

Question 35

Interval Estate

Answer 35

an individual owns only for a specified amount of time

Question 36

Joint Venture

Answer 36

two or more parties that combine resources for a specific development or investment