Real Property Ownership and Encumbrances - flashcards

Question 1

What is Real Property?

Answer 1

Runs with the property, generally immovable

Question 2

What is Real Estate?

Answer 2

Includes real property and personal property

Question 3

What is Land?

Answer 3

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

Question 4

What is Personal Property?

Answer 4

Runs with the person, generally movable

Question 5

What are Intangible Assets?

Answer 5

Financial instruments, stocks, and bank accounts

Question 6

What are Fixtures?

Answer 6

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

Question 7

What are Trade Fixtures?

Answer 7

Used in a business personal property

Question 8

What is Annexation?

Answer 8

Additions to property, including natural causes like riverfront

Question 9

What are the Legal Tests for Fixtures?

Answer 9

Intention, method of attachment, adaptation, relationship between parties

Question 10

What are Appurtenances?

Answer 10

Attachments to property, including gardens and buildings

Question 11

What are Emblements?

Answer 11

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

Question 12

What is Tangible Property?

Answer 12

Physical, touchable property like land and improvements

Question 13

What is Intangible Property?

Answer 13

Abstract, untouchable property like mortgages and rights

Question 14

What are the Physical Characteristics of Land?

Answer 14

Immobility, permanence, and uniqueness

Question 15

What are the Economic Characteristics of Land?

Answer 15

Scarcity, improvements, permanence of investment, and area preference

Question 16

What are Property Descriptions?

Answer 16

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

Question 17

What is Metes and Bounds?

Answer 17

Property description using distances and directions

Question 18

What is a Monument?

Answer 18

Landmark used as a reference point for surveys

Question 19

What is Lot and Block?

Answer 19

Property description used in subdivisions

Question 20

What is Rectangular Survey?

Answer 20

Grid system using baselines and meridians

Question 21

What is a Township?

Answer 21

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

Question 22

What are Sections?

Answer 22

One-mile squares within a township

Question 23

What are Vertical Land Descriptions?

Answer 23

Define air rights and subsurface rights

Question 24

What is the Geodetic Survey System?

Answer 24

Establishes reference points for accurate surveys

Question 25

What are Benchmarks?

Answer 25

Permanent markers with latitude, longitude, and elevation

Question 26

What is Datum?

Answer 26

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

Question 27

What are Encumbrances?

Answer 27

Restrictions on the use or transfer of real property

Question 28

What is a Lien?

Answer 28

Monetary encumbrance asserting a creditor's claim

Question 29

What is a General Lien?

Answer 29

Affects all of a debtor's property

Question 30

What is a Specific Lien?

Answer 30

Limited to a specific item controlled by the debtor

Question 31

What is a Statutory Lien?

Answer 31

Created automatically by statute

Question 32

What is an Equitable Lien?

Answer 32

Created by court order

Question 33

What is a Mortgage Lien?

Answer 33

Result of property financing

Question 34

What is a Mechanic's Lien?

Answer 34

Nonpayment of claims by those who worked on a property

Question 35

What are Special Assessment Liens?

Answer 35

Result from owner or municipality-initiated improvements

Question 36

What are Municipality Property Tax Liens?

Answer 36

Result from unpaid taxes

Question 37

What are Federal (IRS) Tax Liens?

Answer 37

Result from unpaid taxes

Question 38

What are Judgement Liens?

Answer 38

Result from a court order to pay a certain amount

Question 39

What is the Lien Effective Date?

Answer 39

Date when liens are recorded

Question 40

What is the Priority of Liens?

Answer 40

Determines order of payment, property tax liens are always superior

Question 41

What is Mechanic/Material-mans' Liens Priority?

Answer 41

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

Question 42

What are Non-monetary Encumbrances?

Answer 42

Physical and legal restrictions like easements and encroachments

Question 43

What are Easements?

Answer 43

Nonowner's right to use property for a specific purpose

Question 44

What is an Easement Appurtenant?

Answer 44

Right to use property for the benefit of another

Question 45

What do Ingress, Egress, and Regress mean?

Answer 45

Enter, exit, and reenter

Question 46

What is an Easement by Necessity?

Answer 46

Arises when landlocked parcel is sold

Question 47

What is a Servient Tenement/Estate?

Answer 47

Property that provides access for an easement

Question 48

What is a Dominant Tenement/Estate?

Answer 48

Land that benefits from an easement

Question 49

What are Appurtenant Rights?

Answer 49

Rights that run with the land

Question 50

What is an Easement in Gross?

Answer 50

Easement with no neighboring dominant tenement

Question 51

What is a Personal-Use Easement?

Answer 51

Easement in gross for personal use

Question 52

What is an Easement by Prescription?

Answer 52

Use of land without a specific arrangement

Question 53

What is Tacking?

Answer 53

Claiming a previous owner's period of adverse use

Question 54

What is Property Dedication?

Answer 54

Formal assertion of continued right to use public property

Question 55

What is Adverse Possession?

Answer 55

Transfer of title based on demonstrated use

Question 56

What is a Party Wall Easement?

Answer 56

Shared wall between properties

Question 57

How are Easements Created and Terminated?

Answer 57

Mutual agreement, necessity, long-time use, abandonment

Question 58

What is a License?

Answer 58

Revocable right to use property in a limited way

Question 59

What are Encroachments?

Answer 59

Overlapping use of one property by another

Question 60

What is Lis Pendens?

Answer 60

Encumbrance indicating pending lawsuit

Question 61

What is Title?

Answer 61

Ownership and legal evidence of ownership

Question 62

What are the Types of Title?

Answer 62

Clear, Marketable, Equitable, Legal

Question 63

What is Color of Title?

Answer 63

Apparent title that is inaccurate or outdated

Question 64

What is Sole Ownership?

Answer 64

Individual is the sole owner of the property

Question 65

What is Concurrent Ownership?

Answer 65

Ownership by two or more parties

Question 66

What is Tenancy in Common?

Answer 66

Undivided fractional interest in the property

Question 67

What is Joint Tenancy?

Answer 67

Ownership with right of survivorship

Question 68

What is Right of Survivorship?

Answer 68

Remaining tenant's interest increases upon death of other tenants

Question 69

What are Marital Property Ownership Rights?

Answer 69

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

Question 70

What is Common Interest Ownership?

Answer 70

Multiple owners with overlapping interests

Question 71

What is Condominium Ownership?

Answer 71

Fee simple title to unit and undivided interest in common areas

Question 72

What is a Declaration?

Answer 72

Developer's organizational plans for a condominium

Question 73

What is a Townhouse?

Answer 73

Ownership from the ground up

Question 74

What is Cooperative Ownership?

Answer 74

Occupant is a shareholder with a proprietary lease

Question 75

What is Time Share Ownership?

Answer 75

Fee simple ownership of interval occupancy

Question 76

What is a Freehold Estate?

Answer 76

Absolute ownership of real property

Question 77

What is Fee Simple Defeasible?

Answer 77

Deed with qualifications that can void the estate

Question 78

What is Fee Simple Determinable?

Answer 78

Deed that automatically ends upon a stated condition

Question 79

What is Fee Simple Subject to a Condition Subsequent?

Answer 79

Deed that requires action to terminate the estate

Question 80

What is a Life Estate?

Answer 80

Estate for the duration of a person's life

Question 81

What is Life Estate Pur Autre Vie?

Answer 81

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

Question 82

What are Future Interests?

Answer 82

Rights to acquire the estate after its termination

Question 83

What is a Remainder?

Answer 83

Interest in the property after a life estate

Question 84

What is a Reversion?

Answer 84

Interest in the property reverts to the grantor

Question 85

What is Dower?

Answer 85

Property rights of widows

Question 86

What is Usufruct?

Answer 86

Estate similar to a life estate

Question 87

Who is a Naked Owner?

Answer 87

Owner of a life estate

Question 88

What is Right of Habitation?

Answer 88

Nontransferable right to dwell in another's house

Question 89

What is the size of an Acre?

Answer 89

43,560 square feet