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National RE Test pt1 > Real Property Ownership and Encumbrances - flashcards > Flashcards

Real Property Ownership and Encumbrances - flashcards

1
Q

What is Real Property?

A

Runs with the property, generally immovable

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2
Q

What is Real Estate?

A

Includes real property and personal property

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3
Q

What is Land?

A

Earth’s surface, subsurface, airspace, and associated rights

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4
Q

What is Personal Property?

A

Runs with the person, generally movable

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5
Q

What are Intangible Assets?

A

Financial instruments, stocks, and bank accounts

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6
Q

What are Fixtures?

A

Once moveable items attached to real property, such as sinks and ceiling fans

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7
Q

What are Trade Fixtures?

A

Used in a business personal property

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8
Q

What is Annexation?

A

Additions to property, including natural causes like riverfront

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9
Q

What are the Legal Tests for Fixtures?

A

Intention, method of attachment, adaptation, relationship between parties

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10
Q

What are Appurtenances?

A

Attachments to property, including gardens and buildings

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11
Q

What are Emblements?

A

Crops owned by a tenant, can be harvested after lease expires

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12
Q

What is Tangible Property?

A

Physical, touchable property like land and improvements

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13
Q

What is Intangible Property?

A

Abstract, untouchable property like mortgages and rights

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14
Q

What are the Physical Characteristics of Land?

A

Immobility, permanence, and uniqueness

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15
Q

What are the Economic Characteristics of Land?

A

Scarcity, improvements, permanence of investment, and area preference

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16
Q

What are Property Descriptions?

A

Legal descriptions, metes and bounds, lot and block, rectangular survey, or street address

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17
Q

What is Metes and Bounds?

A

Property description using distances and directions

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18
Q

What is a Monument?

A

Landmark used as a reference point for surveys

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19
Q

What is Lot and Block?

A

Property description used in subdivisions

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20
Q

What is Rectangular Survey?

A

Grid system using baselines and meridians

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21
Q

What is a Township?

A

Six-mile by six-mile square identified by township and range lines

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22
Q

What are Sections?

A

One-mile squares within a township

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23
Q

What are Vertical Land Descriptions?

A

Define air rights and subsurface rights

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24
Q

What is the Geodetic Survey System?

A

Establishes reference points for accurate surveys

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25
Q

What are Benchmarks?

A

Permanent markers with latitude, longitude, and elevation

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26
Q

What is Datum?

A

Point, line, or surface used as a reference for elevations

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27
Q

What are Encumbrances?

A

Restrictions on the use or transfer of real property

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28
Q

What is a Lien?

A

Monetary encumbrance asserting a creditor’s claim

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29
Q

What is a General Lien?

A

Affects all of a debtor’s property

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30
Q

What is a Specific Lien?

A

Limited to a specific item controlled by the debtor

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31
Q

What is a Statutory Lien?

A

Created automatically by statute

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32
Q

What is an Equitable Lien?

A

Created by court order

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33
Q

What is a Mortgage Lien?

A

Result of property financing

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34
Q

What is a Mechanic’s Lien?

A

Nonpayment of claims by those who worked on a property

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35
Q

What are Special Assessment Liens?

A

Result from owner or municipality-initiated improvements

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36
Q

What are Municipality Property Tax Liens?

A

Result from unpaid taxes

37
Q

What are Federal (IRS) Tax Liens?

A

Result from unpaid taxes

38
Q

What are Judgement Liens?

A

Result from a court order to pay a certain amount

39
Q

What is the Lien Effective Date?

A

Date when liens are recorded

40
Q

What is the Priority of Liens?

A

Determines order of payment, property tax liens are always superior

41
Q

What is Mechanic/Material-mans’ Liens Priority?

A

Follows state-specific rules for time limits on recording the lien

42
Q

What are Non-monetary Encumbrances?

A

Physical and legal restrictions like easements and encroachments

43
Q

What are Easements?

A

Nonowner’s right to use property for a specific purpose

44
Q

What is an Easement Appurtenant?

A

Right to use property for the benefit of another

45
Q

What do Ingress, Egress, and Regress mean?

A

Enter, exit, and reenter

46
Q

What is an Easement by Necessity?

A

Arises when landlocked parcel is sold

47
Q

What is a Servient Tenement/Estate?

A

Property that provides access for an easement

48
Q

What is a Dominant Tenement/Estate?

A

Land that benefits from an easement

49
Q

What are Appurtenant Rights?

A

Rights that run with the land

50
Q

What is an Easement in Gross?

A

Easement with no neighboring dominant tenement

51
Q

What is a Personal-Use Easement?

A

Easement in gross for personal use

52
Q

What is an Easement by Prescription?

A

Use of land without a specific arrangement

53
Q

What is Tacking?

A

Claiming a previous owner’s period of adverse use

54
Q

What is Property Dedication?

A

Formal assertion of continued right to use public property

55
Q

What is Adverse Possession?

A

Transfer of title based on demonstrated use

56
Q

What is a Party Wall Easement?

A

Shared wall between properties

57
Q

How are Easements Created and Terminated?

A

Mutual agreement, necessity, long-time use, abandonment

58
Q

What is a License?

A

Revocable right to use property in a limited way

59
Q

What are Encroachments?

A

Overlapping use of one property by another

60
Q

What is Lis Pendens?

A

Encumbrance indicating pending lawsuit

61
Q

What is Title?

A

Ownership and legal evidence of ownership

62
Q

What are the Types of Title?

A

Clear, Marketable, Equitable, Legal

63
Q

What is Color of Title?

A

Apparent title that is inaccurate or outdated

64
Q

What is Sole Ownership?

A

Individual is the sole owner of the property

65
Q

What is Concurrent Ownership?

A

Ownership by two or more parties

66
Q

What is Tenancy in Common?

A

Undivided fractional interest in the property

67
Q

What is Joint Tenancy?

A

Ownership with right of survivorship

68
Q

What is Right of Survivorship?

A

Remaining tenant’s interest increases upon death of other tenants

69
Q

What are Marital Property Ownership Rights?

A

Tenancy by the entireties, community property, community property with right of survivorship

70
Q

What is Common Interest Ownership?

A

Multiple owners with overlapping interests

71
Q

What is Condominium Ownership?

A

Fee simple title to unit and undivided interest in common areas

72
Q

What is a Declaration?

A

Developer’s organizational plans for a condominium

73
Q

What is a Townhouse?

A

Ownership from the ground up

74
Q

What is Cooperative Ownership?

A

Occupant is a shareholder with a proprietary lease

75
Q

What is Time Share Ownership?

A

Fee simple ownership of interval occupancy

76
Q

What is a Freehold Estate?

A

Absolute ownership of real property

77
Q

What is Fee Simple Defeasible?

A

Deed with qualifications that can void the estate

78
Q

What is Fee Simple Determinable?

A

Deed that automatically ends upon a stated condition

79
Q

What is Fee Simple Subject to a Condition Subsequent?

A

Deed that requires action to terminate the estate

80
Q

What is a Life Estate?

A

Estate for the duration of a person’s life

81
Q

What is Life Estate Pur Autre Vie?

A

Estate based on the life of someone other than the life tenant

82
Q

What are Future Interests?

A

Rights to acquire the estate after its termination

83
Q

What is a Remainder?

A

Interest in the property after a life estate

84
Q

What is a Reversion?

A

Interest in the property reverts to the grantor

85
Q

What is Dower?

A

Property rights of widows

86
Q

What is Usufruct?

A

Estate similar to a life estate

87
Q

Who is a Naked Owner?

A

Owner of a life estate

88
Q

What is Right of Habitation?

A

Nontransferable right to dwell in another’s house

89
Q

What is the size of an Acre?

A

43,560 square feet

National RE Test pt1 (1 decks)

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