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Real Estate Study > REVIEW OF LIENS AND COMM. OWNERSHIP > Flashcards

REVIEW OF LIENS AND COMM. OWNERSHIP Flashcards

1
Q

LIENS ARE CREATED AS A MEANS OF

A

SECURING A DEBT

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2
Q

LIENS MAY BE CREATED BY

A
  1. ACTS OF PARTIES

2. OPERATION OF LAW

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3
Q

LIENS WHICH ARE CREATED BY OPERATION OF LAW ARE CALLED

A

STATUTORY LIENS AND

INVOLUNTARY LIENS

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4
Q

Voluntary Liens are created

A

by agreement of the parties

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5
Q

A lien which attaches to ALL property owned by a lienee is a

A

VOLUNTARY LIEN

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6
Q

A SPECIFIC LIEN is one which attaches to

A

A Particular Property

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7
Q

Which of the following liens have the highest priority?

A

REAL PROPERTY TAX LIENS

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8
Q 
GENERAL LIENS ARE 
1. Federal Income Tax liens.
2. Judgments Liens
3. Deficiency Judgement liens.
BUT
A

Real Property Liens is NOT a general lien.

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9
Q

All of the these are SPECIFIC LIENS:
MORTGAGE LIEN
MECHANIC’S LIEN
REAL PROPERTY LIEN

A

DEFICIENCY JUDGEMENT LIENS ARE GENERAL LIENS

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10
Q

A JUDGEMENT AGAINST A BORROWER WHEN THE PROCEEDS FROMA foreclosure sale are insufficient to satisfy the indebtedness is a

A

DEFICIENCY JUDGMENT LIEN.

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11
Q

A lien in favor of a person who has furnished work or materials in the erection or repair of a building is

A

A MECHANIC’S LIEN AND

CAN SOMETIMES GIVEN PRIORITY OVER A MORTGAGE

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12
Q

TITLE to real property which is subject to a lien may be transferred how?

A
  1. SATISFYING THE LIEN
    OR
    2.ASSUMPTION OF THE LIEN BY THE GRANTEE
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13
Q

IN A CONDOMINIUM DEVELOPMENT, individual owners own

A
  1. FEE TITLE TO THEIR UNITS.

2. A SHARE OF THE LAND.

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14
Q

ALL of the following can be organized as a CONDOMINIUM

A
  1. A SHOPPING CENTER.
  2. A RETIREMENT COMMUNITY
  3. A GARDEN APARTMENT COMPLEX
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15
Q

EACH UNIT IN A CONDOMINIUM DEVELOPMENT

A
  1. OCCUPIES AN AIR LOT
    AND
  2. IS PART OF A HORIZONTAL PROPERTY REGIME (A horizontal property regime allows units within one building to be sold and owned separately and owners of those units to own a common right in common areas of the building and property.
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16
Q

All of the following are true of Condominium ownership :

A
  1. Own units whose title is derived from a “master deed”
  2. Hold Fee Simple Title to their units
  3. Hold an undivided interest in the land.

It is NOT true that the individual unit owners have no interest in the land under the units. THEY DO!

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17
Q

THE SPACE BETWEEN THE INTERIOR SURFACE OF THE WALLS IN A CONDOMINIUM UNIT IS

A

SEPARATE PROPERTY

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18
Q

A CONDOMINIUM “OWNERS ASSOCIATION”

A
  1. PROVIDES A MEANS OF INTERNAL GOVERNMENT OF THE DEVELOPMENT
    AND
    SERVES TO CONTROL, REGULATE, AND MAINTAIN THE COMMON ELEMENTS.
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19
Q

CONDOMINIUM FEES ARE DETERMINED BY

A
  1. THE ASSOCIATION’S BOARD OF DIRECTORS
    AND
  2. ASSESSING EACH OWNER A PROPORTIONATE SHARE OF THE ASSOCIATION’S EXPENSES.
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20
Q

THE OWNER OF A CONDO UNIT

A

RECEIVES A SEPARATE TAX BILL FOR THE TAXES ON HIS UNIT.

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21
Q

In the COOPERATIVE form of ownership, the title to units in the building is held by

A

a corporation

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22
Q

Rules governing Cooperative living:

A

are made by cooperative “tenants’ association” AND the tend to be more stringent than in a condo

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23
Q

The expenses of operating a cooperative development are met by charging the cooperators:

A

a PROPORTIONATE SHARE OF THE EXPENSES

NOT rent on the unit they occupy

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24
Q

PUD (planned unit development)

A

unit owners do NOT old direct interest in common areas

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25
Q

PUD (Planned unit developments) are created under what augority?

A

Local Zoning

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26
Q

Owners of units in a Planned unit development own

A
  1. THE LAND BENEATH THEIR UNITS
    AND
  2. THE AIR ABOVE THEIR UNITS.
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27
Q

VERTICAL STACKING of units in a PUD

A

are not possible

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28
Q

What is true about a PUD:

A
  1. Owners provide all maintenance of their homes.
  2. The community assoc. maintains the common ares.
  3. Owners pay dues to the community association
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29
Q

A timeshared resort may be organized in all the following formats:

A
  1. right - to-use
  2. fee simple ownership.
  3. Club plan
30
Q

A timeshare resort may be organized in all the following formats:

A
  1. right - to-use
  2. fee simple ownership.
  3. Club plan
31
Q

THE “RIGHTS OF OWNERSHIP” IS THE DEFINITION FOR

A

PROPERTY

32
Q

The rights to use, possess, enjoy and dispose of something are the rights of

A

Ownership

33
Q

The rights of ownership of property are often referred to as the

A

BUNDLE OF RIGHTS

34
Q

Any property that can be moved is

A

PERSONAL PROPERTY

35
Q

RIGHTS in real property that are eld for less than a lifetime are called

A

Personal Property

36
Q

Leases are called estates

A

less than freehold.

37
Q

The rights of a tenant under a lease of real property are classified as

A

Personal Property

38
Q

Feudal

A

the system where individuals can own land for their own lifetime but cannot pass it on to heirs

39
Q

Allodial

A

the system where individuals can own land for their own lifetime as well as pass it on to heirs

40
Q

Estate in Land

A

the degree, quantity, nature and extent of one’s interest in land

41
Q

The Two types of estates in land are

A

FREEHOLD ESTATES AND LESS THAN FREEHOLD

42
Q

“OWNERSHIP” interest in property is called

A

freehold estate

43
Q

Freehold estates are held for lifetime or longer or NOT?

A

yes! freehold estates are held for a lifetime or longer

44
Q

Rental interest in property is called

A

estate less than freehold

45
Q

An interest is land which is for less than a lifetime is called a

A

Estate less than freehold

46
Q

An estate less than freehold is

A

Personal property

47
Q

EMINENT DOMAIN

A

Eminent domain refers to the power of the government to take private land for public use under certain circumstances. For example, the government may sometimes take someone’s house to make room for a new highway or a bridge.

48
Q

AN INDIVIDUALS RIGHTS IN LAND ARE LIMITED BY THE RIGHTS OF THE

A

GOVERNMENT

49
Q

THE PROCESS used to acquire property under the right of eminent domain is called

A

CONDEMNATION

50
Q

POLICE POWER

A

Police power is the state’s inherent right to regulate an individual’s conduct or property to protect the health, safety, welfare, and morals of the community. Some common examples of police power, as it relates to real estate, are Zoning, Building codes and Rent control.

51
Q

THE right of the state to assume ownership of property when the owner dies without a valid will or heirs is called

A

ESCEAT

52
Q

The Right of the state to assume ownership of property when it is abandoned is called

A

Escheatment : is a government’s right to property if it is unclaimed for any reason after a period of time. Escheat rights can be granted by a court of law or given following a standard time period. In the case of death with no will or heirs, escheat rights may be granted to a state in a probate decision.

53
Q

The state MAY NOT exercise its powers of escheat when an individual

A

fails to pay taxes on time.

54
Q

A Trade fixture is considered

A

PERSONAL PROPERTY

55
Q

A FIXTURE

A

is real property

56
Q

Real Property is conveyed by means of a

A

DEED

57
Q

Trees and Uncultivated vegetation are called

A

FRUCTUS NATURALES AND IS REAL PROPERTY

58
Q

Landscaping for a house is an example of

A

Fructus Naturales

59
Q

Plants that are cultivated annually are called

A

fructus industriales and they are PERSONAL PROPERTY

60
Q

EMBLEMENTS ARE THE SAME THING AS

A

FRUCTUS INDUSTRIALES

EMBLEMENTS ARE PERSONAL PROPERTY

61
Q

EMBLEMENTS EXAMPLES

A

CORN AND WHEAT

62
Q

APPURTENANCE

A

A RIGHT OR IMPROVEMENT ASSOCIATED WITH LAND

63
Q

An assigned parking space for a condominium unit is called

A

an Appurtenance

64
Q

Rights associated with ownership of land adjoining a flowing body of water are called

A

Riparian rights.

65
Q

Rights associated with ownership of land adjoining a stationary body of water are called

A

Littoral rights.

66
Q

Riparian Rights are

A

Limited

67
Q

Under riparian rights, an owner of land adjoining a navigable boy of flowing water owns land to the

A

Low water mark

If a boat is NOT navigable then owning land to the middle of the waterway

68
Q

An Item of CHATTEL IS

A

PERSONAL PROPERTY ONLY

69
Q

AN item of personal property which is moveable and NOT associated with real property is called ( like boats or tools)

A

Chattel Personal

70
Q

An Item of personal property which is NOT moveable or is associated with real property is called

A

Chattel REAL

71
Q

Leases and mortgages and option and easements are all examples of

A

Chattel REAL

72
Q

Trade fixtures are personal property:

Like Anita bringing in her fan and or boards for use in the store during the leased time

A

Trade fixtures are removable personal property that a tenant attaches to leased land for business purposes, such as a display counter.

Real Estate Study (28 decks)

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