Unit 2 Property, Estate, and Ownership

Question 1

Acknowledgement

Answer 1

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

Question 2

Appurtenance

Answer 2

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.

Question 3

Bundle of Rights

Answer 3

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

Question 4

Easement

Answer 4

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

Question 5

Estate

Answer 5

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

Question 6

Trade fixture

Answer 6

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

Question 7

Riparian Rights

Answer 7

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

Question 8

Freehold Estate

Answer 8

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

Question 9

Emblements

Answer 9

Annual crops produced for sale.

Question 10

Personal Property

Answer 10

Anything movable that is not real property.

Question 11

Littoral

Answer 11

Land bordering a lake, ocean, or a sea.

Question 12

Fixture

Answer 12

Personal property that has become affixed to real estate.

Question 13

Real Property

Answer 13

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

Question 14

Severalty

Answer 14

Ownership of real property by one person or entity.

Question 15

Chattel

Answer 15

Personal Property.

Question 16

Less than freehold estate

Answer 16

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

Question 17

Life Estate

Answer 17

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

Question 18

Title

Answer 18

Evidence of land ownership

Question 19

Constructive notice

Answer 19

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

Question 20

Quiet Enjoyment

Answer 20

The right to peace without aggravation by others.

Question 21

“property”

Answer 21

Rights or interests in the thing owned.

Question 22

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:

Answer 22

Reversion

Question 23

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

Answer 23

Property

Question 24

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

Answer 24

Personal; Real

Question 25

Land includes (3):

Answer 25

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

Question 26

Timber, crops, and landfill soil are _______ property

Answer 26

Personal property

Question 27

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

Answer 27

Riparian Rights

Question 28

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

Answer 28

Real Property

Question 29

Easements, mineral rights and trees are all ___ property.

Answer 29

Real

Question 30

An appurtenance....

Answer 30

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

Question 31

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

Answer 31

Personal property.

Question 32

Freehold estates are....

Answer 32

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

Question 33

Severalty

Answer 33

Is ownership by an individual.

Question 34

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

Answer 34

Ownership in severalty.

Question 35

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

Answer 35

Their own.

Question 36

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

Answer 36

Will it.

Question 37

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

Answer 37

Both spouses.