STUDY THESE Flashcards
What are the 5 bundle of rights:
PEETC
1. The right of Possession
2. The right of Enjoyment of the property
3. The right to Control the property’s use
4. The right to Exclude others from the property
5. The right to Transfer ownership of the property
What are the 5 factors to test if an item is a fixture:
MARIA
1. Method of attachment
2. Adaptability
3. Relationship of the parties
4. Intention of the party who attached the item
5. Agreements between the parties relating to the item
Fructus industriales
Annual crops
ex: corn, wheat, and other crops that require annual labor are considered personal property
Fructus naturales
Established crops (such as an apple orchard), trees, and shrubs, and perennial bushes that do not require annual cultivation are a part of the land and must be sold with the land.
A tenant has the right to take crops after a tenancy has ended if…
The crops were the result of the tenant’s labor.
prior appropriation
Nevada water rights
(are granted according to the date of first use)
Water table
A distance from the surface to a depth at which natural groundwater is found.
correction lines or standard parallels are made approximately every how many miles?
24 miles
The rectangular grid that is created by the intersection of the standard parallel lines and the guide meridian lines creates a square block that is approximately __ miles on each side.
24 miles
A township contains approximately _____ acres
23,040 acres
Each township is divided into smaller squares called ________
sections
Each township contains __ sections
36 sections
Each section of land is
(A)___ mile on each side or
(B)___ square mile in size.
(C)____ yards X ____ yards and contains
(D)___ acres.
A. 1 mile on each side
B. 1 square mile
C. 1,760 yards X 1,760 yards
D. 640 acres
Each section in a township can be subdivided into
(A)______ and ________, repeatedly, until a specific parcel of land is accurately described. These smaller parcels within a section are known as
(B)_______ or _______.
(A) halves and quarters
(B) aliquot parts or fractional parts.
Halves of a Section (or subdivisions thereof) are represented as ____?
N, S, E, and W.
Quarters of the Section (or subdivision thereof) are represented as ____?
NW, SW, NE, and SE.
- A section contains
___ acres - A half section contains
___ acres - A quarter section contains
___ acres - A half of a quarter
contains __ acres - A quarter of the quarter
contains __ acres
- 640 acres
- 320 acres
- 160 acres
- 80 acres
- 40 acres
Appurtenances refer to
those rights that go with the land.
Ownership of a parcel of land includes the right to use its surface, however, another person may own the
subsurface rights.
air rights.
A column of townships which runs north and south parallel to the principal meridian is called
range
PQ: Are easements sold with real property?
If the servient estate is transferred, the easement is typically transferred with the property.
However, the holder of the easement may have only a personal right, which cannot be assigned.
A metes and bounds description must
commence and finish at the same identifiable point.
Mobile and manufactured homes in Nevada
- are considered to be personal property until the structure is mounted on a concrete pad or other permanent foundation
- are taxed as real property and sold under the same terms as a home built on site once permanently affixed to the land
- are subject to sales tax when purchased if not attached to real property
Which of the following are included in the bundle of rights concept of real property ownership?
A. The right to tax and escheat to the state
B. The right to lease
C. The right to devise
B. The right to lease
C. The right to devise
Mr. Wetter owned stock in a mutual water company, an interest appurtenant to the land. Wetter sold his land to the Dryers. The stock
Is considered part of the real property being transferred
Is a mortgage classified as personal or real property?
Personal Property
Mt. Diablo meridian line runs
North and south
If aluminum storm windows are custom made and installed on a particular building, they become what may properly be described as a
- fixture.
- part of the real property.
Both
An ownership interest in real property is known as an
estate
What are the two types of estates:
A freehold estate and a less than freehold estate.
A __________ is an ownership interest in the real property.
freehold estate
A less than freehold estate is
the right to use the real property of another.
The common characteristic of a freehold estate are that they are
- Its duration must be indefinite.
- It must be freely inheritable.
It must be freely transferable
Fee simple determinable:
the fee is granted “so long as” or “while” a specified use is made of the property.
Fee simple subject to condition subsequent:
The fee simple subject to a condition subsequent is similar to the fee simple determinable estate.
no automatic reversion.
Upon the violation of the condition, the grantor must re-enter the property and take action to recover the estate.
Fee simple subject to executory interest:
Similar to a fee simple deteriminable estate
when the condition is breached, the property goes to a third party and does not revert to the owner.
less than freehold estates are _________ ________ in real property.
leasehold interests
In Nevada, a minimum of __ _____ notice is required to terminate a tenancy at will.
5 days
- In Nevada, when spouses take title to real estate with a right of survivorship that cannot be destroyed by either party. They have a
joint tenancy
- All of the following are non-freehold estates EXCEPT
estate at appurtenance.
estate from period to period.
estate at sufferance.
estate at will.
estate at appurtenance.
allodi
- Which of the following is incorrect regarding a fee simple estate?
It is free of all encumbrances
It is transferable by deed or will
It may be held by one or more persons
It is of indefinite duration
It is free of all encumbrances
- The term ‘undivided interest’ means
A. each co-owner has a right to possession of the entire property.
B. when one co-owner dies the remaining owners acquire his interest.
A only
- All of the following acts of one joint tenant terminates a joint tenancy EXCEPT
when a joint tenant
mortgages his or her share
deeds his or her share to a co-owner
sells his or her share
deeds his or her share to himself or herself
mortgages his or her share
77.
Which is FALSE regarding REITs?
They must receive 95% of their income from investments
They must distribute 100% of their ordinary income each year to the shareholders in order to qualify for the favorable tax treatment given to REITs
Shareholders are shielded from the liability for the REIT’s debts
They cannot have any five investors own more than 50% of the trust
They must distribute 100% of their ordinary income each year to the shareholders in order to qualify for the favorable tax treatment given to REITs
A tenancy in common requires
undivided interest.
Fees are classified as
Estates of Inheritance
Life Estates
Freehold estates
The benefit of leasing owned property
Estates of Inheritance
Freehold estates
Which of the following is an interest in real property but not an estate?
Remainder
Mortgage
Leasehold
Reversion
Mortgage
In the United States, although modified, property ownership and real property law is based on the English common law. The term freehold derives from a system of land ownership known as the
Allodial system of ownership
Under the Nevada theory of community property, both spouses are required to join in executing the security agreement or bill of sale for
a community mobile home
household goods
furnishings and appliances
all are correct
If Fred Shepard owns a freehold estate, which of the following actions would cause his interest to be converted to a less-than-freehold estate?
Leasing of the land for agricultural purposes to a third party for five years
Conveyance of the mineral and oil rights therein to a third party
Conveyance of easement for right of way over the land
None of these are correct
None of these are correct
Johnson bought for his use an apartment in a large building and received a deed conveying to him a fee simple estate and also a tax bill on his ownership. His apartment ownership is called a
condominium.
The interest that a landlord has during a valid tenancy is known as
reversionary interest.
Which of the following unities must exist in tenancy in common?
Possession
Which of the following terms does NOT pertain to the condominium form of ownership?
Proprietary lease
To create a real property joint tenancy relationship, there must be unities of:
possession, time, interest, and title
In Nevada, a general partnership
may take title to real property in the partnership’s name or in the name of one or more of the partners as long as reference is made to the partnership in the deed
A group of persons or legal entities who pool their assets and talents in the furtherance of investing in multiple ongoing real estate projects is the definition of a
syndicate
The purchaser of which of the following apartment units could have a fee simple interest?
- Cooperative apartment
- Condominium apartment
2 only
Which of the following statements is FALSE concerning limited partnerships in Nevada?
A limited partnership may take title to real property as a tenancy in partnership
A limited partner’s liability is limited to the debts of the partnership
A limited partner may not be involved in partnership management
All limited partnerships require a written limited partnership agreement
A limited partner’s liability is limited to the debts of the partnership
Warranty Deed
aka General Warranty Deed or Full Warranty Deed
(and what are the 4 covenants?)
deed that gives the buyer the most protection.
Covenants that come with a warranty deed:
1. Covenant of seizin
2. Covenant against encumbrances
3. Covenant of quiet enjoyment
4. Covenant of warranty forever
Special Warranty Deed
similar to the general warranty deed except that the grantor does not warrant that the title is entirely free of encumbrances.
The grantor only warrants that the title is free and clear of encumbrances created or suffered by the grantor. The grantor will only defend against things the grantor did or allowed to be done while the grantor held title.
Bargain and Sale Deed
Therefore, the following covenants of seizing, against encumbrances, and quiet enjoyment are not given.
This type of deed is frequently used as a result of a sheriff’s sale or when a land sales contract has been fulfilled.
Quitclaim Deed
merely releases a possible cloud or interest that the grantor may have in the property
Grant, Bargain and Sale Deed
MOST COMMON IN NEVADA
contains two warranties: grantor warrants that he/she has not transferred the property to anyone else and grantor warrants that he/she has not encumbered the title except as specified in the deed.
Estoppel Deed
- Also known as Deed in Lieu of Foreclosure
Essential elements of a valid deed:
- The deed must be in writing
- Identify the parties.
- signed by a competent grantor
- Have a living grantee.
- Contain words of conveyance.
- Include an accurate and adequate description of the property being conveyed.
- Delivery and Acceptance
Alluvium:
Any land added by either accretion or reliction.
A vesting of title which will allow George and Susan Stone, a married couple, to will their separate interest to whom they choose and, if not willed, the survivor will get the interest in the property is
Community property
Title acquired by adverse possession may be perfected by
either a quitclaim deed or a quiet title action.
First grant or patent in a chain of title is issued by
a sovereign power
if seller financing is involved in the purchase, the instrument will be known as a
purchase money mortgage.
easement appurtenant
A minimum of two parcels of land is required to create an easement appurtenant
creating dominant tenement or estate and servient tenement or estate
