Unit 1: Property Ownership

Question 1

Severance

Answer 1

Process by which real property is converted to private property.

Question 2

Fixture

Answer 2

Personal property that has been converted to real property by being permanently affixed or attached to the land or building.

Question 3

Situs

Answer 3

A person’s choice or desire for a given area; area preference.

Question 4

General Lien

Answer 4

A lien which attaches to all property owned by the debtor.

Question 5

Easement

Answer 5

A right, privilege or interest which one party has in the land of another.

Question 6

Encroachment

Answer 6

The illegal extension of a building or some other improvement beyond the land of one owner and onto the land of an adjacent owner.

Question 7

Tenancy in Common

Answer 7

The form of real estate ownership automatically provided when two or more people own real estate together.

Question 8

Testamentary Trust

Answer 8

A trust set up to take effect once the trustor has died.

Question 9

Time-Share

Answer 9

Ownership of property for a specified period of time each year.

Question 10

Metes and Bounds

Answer 10

A method of land description which identifies a parcel by specifying its shape and boundaries.

Question 11

A charge, claim or liability that someone has on the title of someone else’s property is an ________

Answer 11

Encumbrance

Question 12

A factory cannot obtain access to a road that can carry its new, large trucks. After unsuccessful negotiations, the owner was able to get access through an ________

Answer 12

Easement by Necessity

Question 13

A Life Tenant cannot do which with of the following with her Life Estate?
A.  Sell it
B.  Mortgage it
C.  Leave it to her heirs
D.  All of the above

Answer 13

D. All of the above

Question 14

When ownership is held entirely by one person it is known as _______

Answer 14

In Severalty

Question 15

In the Rectangular Government Survey which direction do principal meridians run?

Answer 15

North and South

Question 16

The highest and best type of interest in real estate recognized by law is _______

Answer 16

Fee Simple

Question 17

If a business owner sells the back half of his lot to a developer and the developer is granted a Easement Appurtenant to cross the owner’s property to get to the street, what type of property is the business owner’s>

Answer 17

Servient Tenement

Question 18

If someone owns an interest in a Partnership as a limited partner, what type of partner are they?

Answer 18

A “ Silent Partner”