Real Property, Transfer And Ownership Flashcards
Equity is defined as
The market value less the debt owed
What are the owner’s rights in f their farm zoning is changed by the county to single family residential?
Their old use continues through non-conforming use
Which police power allows a city to forcibly purchase a vacant lot to build a parking lot?
Eminent domain
How do you transfer personal property in a sale?
Bill of sale
What is area between businesses and federal wetlands?
Buffer zone
The term used to denote not only the land and improvements to real estate but also the intangible rights included is
Real property
A wife buys home with an inheritance. How does she own it?
In severalty
An easement through your neighbor’s land for you to use to get to the lake is
An appurtenance
When a grantor attests they are signing the deed of their own free will in a called
Acknowledgment
Bookshelves screwed into the wall in the family room is an example of a
Fixture
A corn crop growing out in a field is an example of a
Emblement
Condo ownership includes
An undivided interest in common areas
An Icecream making machine bolted to the wall in a restaurant is an example of
Trade fixture
May the tenant restaurateur remove a trade fixture when the lease is up?
Yes, but any damage needs to be repaired
How does a corporation own real estate
In severalty
The “bundle of legal rights” is part of the definition of
Real property
If you cut down a tree in your yard and stack them t up into cords of wood what has happened?
Severance
The reversion of property to the state or county when a person dies intestate and there are no heirs capable of inheriting or the property is abandoned is called
Escheat
This is used as a transition area between 2 incompatible zones
Buffer zone
A permitted use of real property that was lawfully established at the time of original construction but no longer conforms to existing zoning is called
Non-conforming use
This refers to the number one of lots a parcel of ground can be subdivided into
Gross density
The party that uses an appurtenant easement is called
Dominant estate
The parcel that provides the land for the easement is the
Servient estate
Which type of easement attaches to the owner’s land and transfers to the new owner?
Appurtenance easement
These agreements are personal in nature, does not “attach” to a dominate estate, rather a person or entity
Easement in gross
Access created by the courts to grand a landlocked owner access is
Easement by necessity
Initially the neighbors believe and agree to a property line but later find out it’s in the wrong spot. What legal concept would leave the fence where it was originally placed
Boundary by agreement
An unauthorized invasion or intrusion of an improvement or other real property onto another’s property is
Encroachment
A possible encroachment is best determined by
A survey
What is the legal description style which uses a map that reference streets, easements and points of beginning
Recorded plat
The N2, SE4, NW4, NE4 of section 32 contains how many acres?
5 acres
The style of legal descriptions that uses monuments and compass directions is
Metes and bounds
Is street address an approved method to legally describe real estate in Idaho?
No
An estate refers to
Certain rights and the extent of ownership in land
How may a life estate be established
By the provision of the deceased estate
When does an ordinary life estate terminate?
Upon the death of the life tenant
Legal life estates are
For husbands and wives only
When a personal residence is foreclosed on, this law would protect some of the equity against unsecured creditors
Homestead laws
If one dies with a will they die
Testate
If one dies without a will and no heirs can be located their property goes to the state through
Escheat
Having your riverfront lot grow in size because the current deposits sediment on your lot is called
Accretion
What are 6 requirements to establish an adverse possession claim?
Payment of taxes, open and notorious use, actual possession, continuous and uninterrupted for 20 years, hostile to the owner, exclusive to the possessing party (POACHER)
If you take a short cut through your neighbor’s land to get to the lake for a long enough time you may be able to gain legal access forever though this concept
Prescriptive easement
Which occurs by operation of law?
Private grant, gift deed, involuntary alienation or voluntary alienation
Involuntary alienation
The police power that allows a government to force a party to sell them some or all their land is called
Eminent domain
By what process does the government exercise eminent domain?
Condemnation
What is the same as sole ownership?
Severalty ownership
What happens to the interest of a “tenants in common” owner upon their death?
Their will would stipulate
If a couple marries and she retains 100% free and clear ownership of her old house as a rental, what happens to the monthly rent received?
The rent is community property shared by both
A married man receives an inheritance and buys office building as a rental with the money. What is the status of the rent paid by the building tenants?
He and his wife must share the rent
One of the 4 owners of an apartment building wants to sell but the others do not. Can the one owner force the partners to sell?
Yes, a partition suit in court may do that
What is the type of property where the owner owns a block of air but no ground?
A condominium
The priority of loans against a property is set by
Recording date
What does not appear on a property’s chain of title report
The property’s zoning
A condensed history of the chain of title is called
Abstract
Marketable title means
The buyer could sell or mortgage the property
Which title policy would insure again encroachment?
Owner’s extended policy
A client of yours wants you to draft up paperwork to allow their son a life estate in their home. What should you do?
Refer them to a lawyer
The “bundle of legal rights” is part of the definition of
Real property
An estate refers to
Certain rights and the extent of ownership in land
An example of special purpose real estate is
A public school
What type of business structure allows all owners to participate in running the concern and save unlimited liability?
General partnership
Which is not a requirement to establish a prescription easement?
Open and notorious use
Exclusive to a particular party
Payment of the property taxes
Continuous for a period of least 20 years
Payment of the property taxes
An owner of a home died. The owner was not married. The probate court disposed the f the home per state statues. How did this owner die?
Intestate
Condemnation and escheat are examples of
Involuntary alienation
