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Real Estate Principles > Unit 2 Property, Estate, and Ownership > Flashcards

Unit 2 Property, Estate, and Ownership Flashcards

1
Q

Acknowledgement

A

A formal declaration to a public official (notary) by a person who has signed an instrument that states that the signing was voluntary.

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2
Q

Appurtenance

A

Those rights and improvements that belong to and pass with the transfer of real property but are not necessarily a part of the actual property.

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3
Q

Bundle of Rights

A

An ownership concept describing all the legal rights that attach to the ownership of real property.

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4
Q

Easement

A

The right to use another’s land for a specified purpose.

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5
Q

Estate

A

A legal interest in land; defines the nature, degree, extent, and duration of a person’s ownership in land.

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6
Q

Trade fixture

A

Personal property affixed to leased property by the tenant for business purposes that may be removed by tenant upon termination of the lease.

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7
Q

Riparian Rights

A

The rights of a landowner whose land is next to a natural watercourse to reasonable use of whatever water flows past the property.

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8
Q

Freehold Estate

A

An estate in real property which continues for an indefinite period of time.

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9
Q

Emblements

A

Annual crops produced for sale.

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10
Q

Personal Property

A

Anything movable that is not real property.

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11
Q

Littoral

A

Land bordering a lake, ocean, or a sea.

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12
Q

Fixture

A

Personal property that has become affixed to real estate.

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13
Q

Real Property

A

Land, anything affixed to the land, anything appurtenant to the land, anything immovable by law.

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14
Q

Severalty

A

Ownership of real property by one person or entity.

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15
Q

Chattel

A

Personal Property.

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16
Q

Less than freehold estate

A

A leasehold estate; considered to exist for a definite period of time or successive periods of time until termination.

17
Q

Life Estate

A

An estate that is limited in duration to the life of its owner or the life of some other chosen person.

18
Q

Title

A

Evidence of land ownership

19
Q

Constructive notice

A

Notice given by recording a document or taking possession of the property.

20
Q

Quiet Enjoyment

A

The right to peace without aggravation by others.

21
Q

“property”

A

Rights or interests in the thing owned.

22
Q

Jon conveys a portion of his fee estate to Fred that is for a term less than his own, John’s own interest would be:

A

Reversion

23
Q

________ refers tot eh bundle (collection) of rights a person has in the thing owned.

A

Property

24
Q

_____ property becomes _____ property if it is permanently affixed to land or improvements.

A

Personal; Real

25
Q

Land includes (3):

A
  1. the surface
  2. the air
  3. the space beneath for an indefinite distance
26
Q

Timber, crops, and landfill soil are _______ property

A

Personal property

27
Q

The owner of property bordering a stream or river has _____ rights

A

Riparian Rights

28
Q

Riparian rights have been ruled in court to be _____ property.

A

Real Property

29
Q

Easements, mineral rights and trees are all ___ property.

A

Real

30
Q

An appurtenance….

A

… is anything used with the land for its benefit, such as easements and stock in a mutual water company.

31
Q

A mobilehome not attached to a foundation, including its contents, is considered _____ property.

A

Personal property.

32
Q

Freehold estates are….

A

real property estates of ownership.This type of estate continues for an indefinite period and is sometimes called an ESTATE OF INHERITANCE.

33
Q

Severalty

A

Is ownership by an individual.

34
Q

property owned by one person or entity is known as sole and separate, or ____________

A

Ownership in severalty.

35
Q

Tenants in common are free to sell, convey (sell or lease), or mortgage _________ interest.

A

Their own.

36
Q

A person may sell a joint tenancy interest, but may not _____.

A

Will it.

37
Q

A contract to sell community real property must be signed by _____ spouses.

A

Both spouses.

Real Estate Principles (4 decks)

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