Unit 2: Property, Estates & Ownership

Question 1

What is Acknowledgment?

Answer 1

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

Question 2

What is 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

What is Bundle of rights?

Answer 3

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

Question 4

What is Easement?

Answer 4

Interest owned by one person in the land of another.

Question 5

What is Estate?

Answer 5

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

Question 6

What is 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

What is Riparian rights ?

Answer 7

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

Question 8

What is Free Hold Estate?

Answer 8

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

Question 9

What is Emblements?

Answer 9

Annual crops produced for sale by tenant farmers

Question 10

What is personal property

Answer 10

Anything movable that is not real property.

Question 11

What is littoral ?

Answer 11

Land bordering a lake, Ocean, or Sea

Question 12

What is Fixture?

Answer 12

Personal property that has become affixed to real estate.

Question 13

What is Real Property?

Answer 13

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

Question 14

What is Severalty?

Answer 14

Ownership of real property by one person or entity.

Question 15

What is Chattel?

Answer 15

Personal property

Question 16

What is Less Than Freehold?

Answer 16

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

Question 17

What is an Life Estate?

Answer 17

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

Question 18

What is a Title

Answer 18

Evidence of land ownership

Question 19

What is constructive notice?

Answer 19

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

Question 20

What is Quite Enjoyment?

Answer 20

The right to peace without aggravation by others.

Question 21

In a technical sense, the term “Property” refers to :

Answer 21

Rights or interest in the thing owned

Question 22

Why do disputes arise regarding ownership of personal property?

Answer 22

Personal property can become real property.

Question 23

Is airspace considered real property?

Answer 23

Yes

Question 24

Is a lease considered personal property

Answer 24

Yes

Question 25

A running stream is considered what type of property?

Answer 25

Real property

Question 26

Which of the following statements concerning riparian rights is not correct

Answer 26

Riparian property owners own the water and may use as much as they want

Question 27

Is an existing mortgage considered personal property?

Answer 27

Yes

Question 28

What is considered appurtenances to land?

Answer 28

Something acquired by legal rights and used with the land for its benefits

A right-of- way over another’s adjoining land

Stock in a mutual water company

Question 29

What are the 5 test of a Fixture?

Answer 29

Method of attachments

Adaptability of the item

Intention of the parties

Relationship of the parties

Agreement between the parties

Question 30

Of indefinite duration is a phrase that describes an

Answer 30

Estate of inheritance

Question 31

John conveys a portion of his fee estate to Fred that is for a term less than his own, Johns own interest would be?

Answer 31

Reversion

Question 32

Is a “tenancy for years”a non Freehold estate?

Answer 32

Yes

Question 33

David left his son 2/3 interest and his son’s wife 1/3 Ingres in real property jointly and with ought the right of survivorship. They will take title as:

Answer 33

Tenancy in common.

Question 34

Ownership in severely would most likely involve:

Answer 34

Sole ownership

Question 35

Banker, Cool, and Turner own equal interest in a parcel of land as tenants in common. Withought the consent of the others, Turner leased the entire parcel to Hunter for agricultural purposes. Such a lease would be:

Answer 35

Valid, But Hunter takes the property subject to Baker and Cooks right to share in the enjoyment and possession of the property.

Question 36

The word “Time,Title, and possession” are most closely related to?

Answer 36

Survivorship

Question 37

How are a joint tenancy interest and a community property interest alike ?

Answer 37

Ownership interest and equal

Question 38

Chris, Bell, and Lyn took title to a property as joint tenants. Chris sold her share to pay, and then Bell died. Who owns the property now?

Answer 38

Lyn owns 2/3

Pat Owns 1/3 as tenant in common .

Question 39

A contract to sell community real property made by one spouse only is

Answer 39

Unenforceable