Unit 2-Rights And Interests In land Flashcards
The real property taxes are computed based on the property’s
A. Subjective value
B. Market value
C. Assessed value
D. Income value
C. Assessed value
Assessed value x tax rate = property tax
The process which the government exercised its power to take private lands for public use is
A. Condemnation
B. Escheat
C. Foreclosure
D. Eminent domain
A. Condemnation
The process is condemnation the power is eminent domain
All of the following are governmental powers EXCEPT
A. Deed restrictions
B. Taxation
C. Zoning
D. Escheat
A. Deed restrictions
Are private restrictions on the use or sale of property
Under police power, building codes would determine all of the following except
A. Acceptable land uses
B. Types of plumbing and electrical materials allowed
C. Height and structure requirements
D. Methods of construction to be used
A. Acceptable land uses
A. Acceptable land uses
Building codes determine the types of plumbing and electrical materials allowed. The height and structure requirements and methods of construction to be used are also determined by building codes. Zoning codes determine acceptable land uses
The term estate refers to
A. The amount of property owned by an individual
B. The rights held by someone who has a possessory interest in real estate
C. A claim against or interest in land held by someone other than the owner of the property
D. Am exercise of police power
B. The rights held by someone who has a possessory interest in real estate
An estate in land refers to the collection or bundle of rights held by someone who has a possessory interest in a piece of real estate
When an individual or entity holds a claim against another’s property it is A. an estate B. a life tenancy C. A lien D. A license
C. A lien
A lien secured payment of indebtedness
All of the following are considered to be real property rights EXCEPT A. Land rights B. Governmental rights C. Deed rights D. Ownership rights
C. Deed rights
Real property rights are those of land, government, and ownership, not deed rights
Which of the following would be used by a purchaser to reveal encroachments?
A. Standard of title insurance
B. Abstract of title
C. Survey
D. Attorneys title opinion
C. Survey
A survey would be used to discover zoning setback violations or encroachments
Which of the following Lein’s has first priority?
A. Mechanics Lein
B. First mortgage
C. Property taxes
D. Court judgment
C. Property taxes
Government Lein’s for property taxes and special assessments always have top priority
The grantor of a life estate may retain
A. A leasehold estate
B. A qualified fee estate
C. Rights of remainder
D. A reversionary interest
D.
If the grantor of life estate retains reversionary rights, ownership in fee simple reverts to the grantor at the end of the life estate
If Ann grants a life estate to Ben and specified that title will be transferred to Carl’s upon the death of Ben which of the following is FALSE
A. Ben is the life tenant
B. Carl has a reversionary interest
C. Ben owns the property
D. Carl is the remainderman
B. Carl has a reversionary interest
Reversionary interest can be held by Ann the grantor
The holder of a fee estate
A. Has rights of alienation
B. Can change deed restrictions
C. May terminate a serving tenement
D. Must hold a reversionary interest
A.
A fee estate gives the owner the right to sell, will, or give the property away, which is known as alienation
A married couple has been granted the right to occupy and use 10-acre tract of land forever. Which of the following does the couple hold?
A. Fee simple estate
B. Estate for years
C. Life estate
D. Leasehold estate
A. Fee simple estate
The right to occupy and use land forever is a fee simple estate
In most life estates the life tenant may do all the following except
A. Will the property
B. Sell the property
C. Lease the property
D. Improve the property
A. Will the property
Most life estates terminate young the death of the life tenant and therefor cannot be willed. One exception: a life estate pur autre vie in which the life of someone other than the life tenant is used as measuring life
All of the following could be encumbrances on real estate EXCEPT
A. A lien
B. An Easement
C. A restrictive covenant
D. A fixture
D. A fixture
A fixture is real estate. Liens, easements, and restrictive covenants are encumbrances.
An estate that lasts only so long as a specified condition is met is known as a A. Life estate B. Qualified fee C. Fee simple absolute D. Deed restriction
B. A qualified fee estate also referred to as defensible estate is a form of ownership that can be lost by violating a condition in the deed granting the ownership interest
The right of government to establish zoning and land use laws is an exercise of which power?
A. Police power
B. Escheat
C. Government survey
D. Eminent domain
A. Police power
Is the governments right to enact and enforce laws to protect the health, safety, morals, and general welfare of the public (including land use laws)
The grantor of a qualified fee has set the requirement that the property “must be used only as a school” ; this requirement is known as a
A. Qualified condition
B. Remainder interest
C. Reversionary interest
D. Deed condition
D. Deed condition
Deed conditions are used to create the requirements of qualified fee estates
A leasehold estate with a definite expiration date that does not require notice by either party is
A. An estate at will
B. A fee simple absolute
C. An estate at sufferance
D. An estate for years
D. An estate for years
Has a specific termination date
Which governmental right is exercised when the state acquired private property through condemnation and makes a payment of just compensation
A. Escheat
B. Police power
C. Taxing power
D. Eminent domain
D. Condemnation is the process by which the government excercises its power of eminent domain
What is the difference between a freehold and a leasehold estate?
A. Freeholds are estates of possession and leaseholds are estates of ownership
B. Freeholds have an indefinite duration but leaseholds can terminate
C. Freeholds do not need to be in writing but leaseholds do
D. Freeholds must be fee simple but leaseholds can be life estate
B. Freeholds have an indefinite duration but leaseholds can terminate
A holder of a life estate has all of the following interests EXCEPT
A. Title
B. Ownership
C. Possession
D. Remainder
D. Remainder
A life tenant owns the property; therefore the life tenant has title and possession. The remainder estate belongs to the party who will obtain title upon death of the measuring life
An irrevocable right to use the lands of another is called
A. Escheat
B. A license
C. An encroachment
D. An easement
D. An easement
are non revocable rights of use to another’s property
A holder of a freehold estate has rights of
A. Escheat
B. Illegal use
C. Ownership
D. Domain
C. Ownership
Freehold estates are estates of ownership.
Which is NOT an estate of ownership?
A. Estate for years
B. Life tenancy
C. Fee simple
D. Qualified fee
A. Estate for years
An estate for years is a right of possession not ownership. Life tenancy like all other feeehold estates is an estate of ownership.
All of the following would be considered to have an interest in land EXCEPT
A. Farmer who is leading 20 acres
B. A holder of an easement
C. A hunter who has been given permission to hunt in a field
D. A lender holding a mortgage lien
C. Granting permission to use ones land creates a license which is not an interest in land
Which of the following estates usually does not terminate on the death of the holder of the estate?
A. Life estate
B. Estate for years
C. Estate at will
D. Estate at sufferance
B. An estate for years is a contract and terminates on the date specified in the lease, not upon death of the lessor or lessee.
The property Sam bought 30 years ago had an appurtenant easement for access. Twenty years ago the country built a new road and Sam has not used the easement since that time. When Sam sells the property, the easement
A. Will automatically return to the serving property owner
B. Will no longer run with the land due to the stature of limitation
C. Must be renewed by re-recording it with the country
D. Remains in place and will transfer with the property.
D.
Easements can be terminated by release, merger, or abandonment. If an easement is abandoned and the property owner wants to have it returned, typically the service by property must prove abandonment in court.
Protection on a primary home against certain creditors is known as
A. Specific lien rights
B. Homestead rights
C. General lien rights
D. Deed restrictions
B. Homestead rights
Protect a primary home from a foreclosure by certain lien holders
Revocable, nonexclusive permission to use property is called
A. Encroachment
B. A license
C. An easement
D. A restriction
B. License
A license can be revoked and it typically gives no exclusive permission to use property
