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Real Estate > unit 3 > Flashcards

unit 3 Flashcards

1
Q

an easement is not _____ but a license is

A

revocable

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2
Q

a claim that on party has against the land of another to secure payment of a debt is a

A

lein

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3
Q

a person who has not been paid for work performed on real property may record a

A

mechanics lein

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4
Q

a party wall shared driveway, or the right to cross the land of another are examples of an easement

A

apprutenant

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5
Q

the most complete form of ownership rights that allow an owner to occupy a parcel of real estate forever is

A

fee simple absolute

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6
Q

the type of lien that take priotity over all others is the

A

property tax lein

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7
Q

a freehold estate is an estate of ownership with an

A

indefinate duration

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8
Q

leasehold estates are estates of possession with an

A

definite duration

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9
Q

deed restrictions are created as a form of ________ of land use

A

private control

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10
Q

The process by whic the govvernment exercises its power to take private land for public use is

A

condemnation

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11
Q

all of the following are government powers except:

deed restrictions, taxation, zoning, escheat

A

deed restrictions

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12
Q

an estate refers to

A

the rights held by someone who has a prossessory interest in real estate

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13
Q

when an individual or entity holds a claim against anothers property it is

A

a lien

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14
Q

what is considered real property rights?

A

land rights, governemnt rights, ownership rights

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15
Q

what would be used to reveal encroachments?

A

survery

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16
Q

which of the following liens has first priority

A

property tax lien

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17
Q

the grantor of a life estate retains

A

a reversionary interest

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18
Q

if ann grants a life estate to ben and specifies that title will be transferred to carl upon the death of ben what would be true of ben?

A

ben is the life tenant
ben owns the property
carl is the remainderman

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19
Q

Life tenants in most life estates have all of the following

A

they can sell the property
they can lease the property
they may improve the property

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20
Q

All of the following could be encumbrances on real estate:

A

a lien, an easement, a deed restriction

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21
Q

an estate that lasts only as long as a specified condition is met is known as

A

a qualifed fee

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22
Q

The right of the government to establish zoning and land-use laws is an exercise of which of the following

A

police power

23
Q

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 deed condition

24
Q

A leasehold estate with a definite expiration date that does NOT require notice of termination by either party is

A

an estate for years

25
Q

Which government right is exercised when the state acquires private property through condemnation and pays just compensation

A

eminent domain

26
Q

what is the difference between a freehold estate and leaseholdestate?

A

freeholds have an indefinite duration

lease holds can be terminate

27
Q

A holder of a life estate has all fo the following interests except:
title, ownership, possession,remainder

A

remainder

28
Q

an irrevocable right to use the lands of another is called

A

an easement

29
Q

a holder of a freehold estate has rights of

A

ownership

30
Q

which is not an estate of ownership? estate for years, life tenancy, fee simple, qualified fee

A

estate for years

31
Q

All of the following would be considered to have an inters in land

A

a farmer who is leasing 20 acres, the holder of an easement, a lender holding a mortgage lien

32
Q

Which estate usually does not terminate upon the death of the holder of the estate

A

estate for years

33
Q

The property sam bought 30 years ago had an appurtenant easement for access then 20 years ago the county built a. new road and sam ahs not used the easment since that time. When sam sells the property the easment

A

remains in place and will transfer with the property

34
Q

protection on a primary home agianst certian creditors in known as

A

homestead rights

35
Q

a property owner passed away, having no heirs and leaving no will. Ownership of the property may rever tot he the state through the governments right of

A

escheat

36
Q

a month to month lease is an example of

A

a periodic estate

37
Q

public restrictions on private land use is an example of

A

police power

38
Q

private restricions on pricate land use are best described as

A

deed restrictions

39
Q

police power- public control of land

A

right to enact and enforce laws governing land use

40
Q

eminent domain

A

right to take private land for public use

41
Q

taxation-real property taxes and special assesments

A

property taxes: paid to the county where the property is sold (most powerful lein)

special assessments: carges against specific properties that benefit from a public improvement

42
Q

escheat

A

government’s reversionary right to take property that has been abandoned

43
Q

What does PETE stand for?

A

police power, eminent domain, taxation, escheat

44
Q

estates

A

an interest or right in real property that allows or will allow possession
freehold estate and leasehold

45
Q

free hold estate

A

ownership for an indefinite duration

46
Q

leasehold

A

possession for a fixed term

47
Q

fee simple absolute

A

most complete bundle of rights
-max ownership estate in real property
lasts indefinitely
transferable and inheritable

48
Q

fee simple defeasible or qualified fee

A

created by a deed condition, often a gift

transferable and inheritable

49
Q

life estate

A

upon death of the life tenant the estate returns to fee simple absolute and revers to either the
grantor -reverter
a third party: remainderman

50
Q

key points of leasehold estates

A

the tenant lessee holds a leasehold estate
the landlord lessor holds a leased fee estate witha. reversionary interst
the purcahse of leased property obtains ownership subject to lease

51
Q

estate for years

A

specific termination date- no notice required
death of landlord or tenant does not terminate
sale of property does not terminate

52
Q

periodic estate

A

month-month

53
Q

encumbrances

A

an encumbrance is any claim right or interest held by a party who is not the legal owner of the property
buyers should contact an attorney

54
Q

easement

A

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

attaches and runs with the land

Real Estate (22 decks)

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