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Real Estate National > Unit 2: Rights and Interests in Land > Flashcards

Unit 2: Rights and Interests in Land Flashcards

1
Q

Powers that implement public controls for land use.

A

Police Powers

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2
Q

Government’s power to take private property for public use is called?

A

Eminent Domain

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3
Q

The process by which the government takes an owner’s private property is called?

A

Condemnation

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4
Q

Governmental rights in land, remembered P.E.T.E., includes Police Power, Eminent Domain, Taxation, and ______?

A

Escheat

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5
Q

T or F: Property taxes are levied and paid at the county/local level.

A

True

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6
Q

T or F: Property taxes do NOT have priority over all other liens.

A

False–They do have priority

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7
Q

T or F: Involuntary and Voluntary alienation are examples of Eminent Domain.

A

True

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8
Q

T or F: Property Taxes are based on assessed values(lowest) and are an ad valorem tax.

A

True–County assessor determines the assessed value, (Assessed value x tax rate=property taxes)

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9
Q

These are charges against specific properties that benefit from a public improvement, i.e. street lights or sidewalks.

A

Special assessments–often charged on a street frontage basis

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10
Q

T or F: Special assessments have 2nd priority after property taxes.

A

True–if not paid, creates a specific lien with a right of foreclosure

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11
Q

This is exercised when an owner dies and has no will(intestate) and is without heirs.

A

Escheat

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12
Q

T or F: Taxes=Assessed value x tax rate, T=A x R

A

True, and tax rates are expressed as a % or part per 1,000(Mill Rate)

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13
Q

T or F: The person receiving a deed is the Grantee.

A

True—giving a deed is a Grantor

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14
Q

Tor F: The borrower is considered the Mortgagor when getting a loan.

A

True—the Mortgagee is the lender, receiving the mortgage

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15
Q

T or F: In a lease, the tenant is the Lessor.

A

False, the tenant is the Lessee, the landlord is the lessor.

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16
Q

The amount and kind of legal interest in, or right in, real property that allows or will allow possession is an _________.

A

Estates–two types Freehold and Leasehold

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17
Q

Ownership estate for an indefinite duration is considered a _________ _________.

A

Freehold estate

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18
Q

An estate of possession for a fixed term is called a __________ estate.

A

Leasehold

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19
Q

T or F: Fee estate, fee simple, and fee simple absolute is a right of ownership with the most or complete bundle of rights available, max, largest control of property.

A

True–it lasts forever, has most control and rights, is transferable(alienation) and inheritable

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20
Q

Qualified fee is also called a fee simple _______ estate.

A

Defeasible(defeated)–this is created by a deed condition, normally a gift

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21
Q

T or F: In a defeasible estate, it may revert back to grantor if deed conditions are not met.

A

True, may revert to grantor but is transferable and inheritable

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22
Q

The third ownership estate is called a _______ estate.

A

Life–a Life tenant(grantee) is the owner

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23
Q

T or F: When a life estate is measured by the life of another it is called pur autre vie, for the life of another.

A

True–it is usually measured by the life of the Grantee

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24
Q

T or F: Upon death of a life tenant, the estate returns to fee simple absolute and goes to party named in the deed.

A

True–the process is called reversion because it reverts back to the Grantor or a 3rd party, (the remainderman)

25
Q

T or F: Life tenants may sell or lease the property, but upon the life tenant’s death(or whoever is the measuring life), the buyer’s/tenant’s will KEEP their interest.

A

False–they lose their interest, a life estate is transferable but not inheritable

26
Q

Tor F: In a leasehold estate, the landlord/lessor holds a leased fee estate and has a reversionary interest.

A

True–possession is for a fixed term, the tenant holds a leasehold estate

27
Q

T or F: If you buy a leased property, you are the owner “subject to” the lease

A

True

28
Q

This type of estate has a specific termination date(no further notice required), death of landlord or tenant DOES NOT terminate the lease, & the sale of the property DOES NOT terminate the lease.

A

Estate for years/Tenancy for Years/Estate for Term

29
Q

This type of estate renews automatically for a set period upon payment of rent, is for an INDEFINITE amount of time(no expiration date), month to month, week to week, year to year, until ONE party gives notice of termination.

A

Estate(tenancy) from Period-to-period–Periodic Tenancy

30
Q

T or F: Periodic Tenancy can also be created when a tenant holds over from a estate for years.

A

True–called Holdover Tenancy, landlord can evict or accept payment(proof of periodic tenancy acceptance). can holdover equal to term, as long as 1 year or less. Terminated by proper notice of either party.

31
Q

Does death terminate a Tenancy at will?

A

Yes–Death, notice of termination, and sale of the property

32
Q

This tenancy type is characterized by and indefinite duration, no fixed term, and is terminated by death, notice, or property sale.

A

Estate(tenancy) at will

33
Q

A holdover tenancy occurs when legal tenancy expires and owner may evict tenant or accept rent, also called Estate _________.

A

Estate(tenancy) at sufferance

34
Q

When an owner accepts rent from a holdover tenant, their estate becomes a ________ estate.

A

Periodic

35
Q

A nonpossessory interest, claim, right held by a party who is NOT the legal owner.

A

Encumbrance

36
Q

This attaches to and binds to real property.

A

Encumbrance–could be easements, liens, restrictions, and encroachments

37
Q

The right to use the land of another for a specific purpose.

A

an Easement

38
Q

This attaches to and runs with the land–transfers with the deed.

A

Easement appurtenant–Has a dominant holder or tenement, and Servient holder (which is the one giving the easement), ex. shared driveway, condo party wall

39
Q

This easement has NO Dominant property, only servient. ex. Utility easement–usually held by a company, gov’t, person

A

Easement in Gross

40
Q

This easement is granted by the courts to a private owner to prevent creation of landlocked property. Granted if no other access.

A

Easement by necessity

41
Q

T or F: Easements are created by express contract, prescription, or necessity.

A

True–they are real property interests so transfer with deed, NOT revocable once given, may or may not be paid for

42
Q

Easements are terminated 3 ways by Merger, Release, and ________.

A

Abandonment–not automatic, must prove in court. Merger is acquiring dominant and servient property, and Release–holder of dominant interest release rights to servient(via quitclaim deed)

43
Q

Private Controls on real property are called_______.

A

deed restrictions

44
Q

T or F: Deed restrictions are binding on all present and future owners, and run with the land(appurtenant)

A

True–usually developer of a subdivision

45
Q

T or F: Deed restrictions must be for lawful purposes and the strictest rule, if multiple, is the one adhered to.

A

True

46
Q

Any claim on land to secure payment for a debt.

A

lien

47
Q

T or F: liens are either voluntary vs. involuntary, specific vs. general

A

True

48
Q

Releasing a recorded lien is called________.

A

satisfaction

49
Q

This document releases an unrecorded lien.

A

a lien waiver

50
Q

This type of lien (gen or spec) attaches ONLY to specific real property or personal property.

A

Specific

51
Q

What lien has priority over all others?

A

government lien for property taxes(involuntary)

52
Q

This lien is placed by contractors and dates to when work began?

A

Mechanic’s lien/Construction lien(involuntary)—seller must clear if found before closing

53
Q

T or F: a mortgage lien or deed of trust is a voluntary lien.

A

True

54
Q

This type of lien attaches to all property, personal and real.

A

General lien–like a judgement lien, court ordered claim against an individual, unpaid hospital bills, child support

55
Q

The ________ exemption was created by state statute to protect a primary residence against creditors.

A

The homestead exemption–protects against judgements and debits for personal loans and credit cards–DOESN’T protect against mortgage, mechanic, or property tax liens

56
Q

Unauthorized use of another person’s land or a physical object intruding onto neighboring property.

A

Encroachment

57
Q

A ________would help identify any encroachments on your land or property.

A

Survey

58
Q

A revocable permission that grants a right to use the property.

A

License

59
Q

Party Walls and a shared driveway are examples of easement _________.

A

appurtenants

Real Estate National (8 decks)

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