Unit 3: Other Real Property in WI

Question 1

What is personal property defined as?

Answer 1

portable property that can be moved from place to place

Question 2

What is intangible property?

Answer 2

things a person owns and cannot be touched (funds, stocks, and bank accounts)

Question 3

What in tangible property?

Answer 3

things a person owns and can be touched (clothes, cars, and electronics)

Question 4

What is real property defined as?

Answer 4

property that is affixed to one place, such as a house or building

Question 5

What are the bundle of rights?

Answer 5

Owner’s rights

Question 6

What is the right of disposition?

Answer 6

Sell, lease, or leave property in a will

Question 7

What is the right of encumbrance?

Answer 7

Take a mortgage on property or grant an interest in property to another party

Question 8

What is the right of exclusion?

Answer 8

Have exclusive use of a property

Question 9

What is the right of possession?

Answer 9

Occupy a property

Question 10

What is the right of enjoyment?

Answer 10

Have exclusive use of a property.

Question 11

What is the right of control?

Answer 11

Use a property in any lawful manner

Question 12

What is ownership in severalty?

Answer 12

Property owned is free of anyone else owning interest in it

Question 13

What is co-ownership?

Answer 13

more than one person has interest in a property

Question 14

What are the 2 types of co ownership?

Answer 14

Tenancy and joint tenancy

Question 15

What is tenancy?

Answer 15

multiple entities own a fractional interest in a property and can sell whenever they want

Question 16

What is joint tenancy?

Answer 16

more than one party purchased the property together at same time. Each joint owner can sell interest separately, but new owner doesn’t become a joint owner - didn’t purchase at same time.

Question 17

What is a marital property?

Answer 17

property brought into marriage after date of wedding. Spouses each own half of marital property, no matter how much they contributed to it.

Question 18

What is a mixed property?

Answer 18

combination of both marital and individual property. always treated as marital property

Question 19

What is individual property?

Answer 19

property one spouse got as a gift or inheritance (purchased/received prior to marriage, income from property, appreciation in value of property/ property agreed to be one spouse’s in a agreement)

Question 20

What is a predetermination date property?

Answer 20

property the couple acquired before marriage. After the wedding, this becomes marital property.

Question 21

What is survivorship marital property?

Answer 21

property that passes to a surviving spouse without going through probate

Question 22

How are manufactured homes considered real property?

Answer 22

if the wheels are removed and the unit is affixed to a foundation on land that the unit owner owns

Question 23

How are manufactured homes considered personal property?

Answer 23

if it’s not situated on a foundation or is on land the unit owner doesn’t own

Question 24

What are manufactured homes?

Answer 24

units built entirely in a factory and generally don’t have wheels or towing hitches

Question 25

What are timeshares?

Answer 25

condominium with a divided form of ownership. Owners are allotted a specific time that they may occupy the property.

Question 26

Timeshare ownership is which of the following types of estates?

Answer 26

Fee simple absolute interest and interest for years

Question 27

What is fee simple absolute interest?

Answer 27

owners have right to use, possess, or dispose of timeshare unit during their allotted period of time. May be passed to an heir.

Question 28

What is an interest for years?

Answer 28

Ends at death of owner, and estate reverts to original owner/another person

Question 29

What is a timeshare instrument?

Answer 29

documents that create timeshare

Question 30

What is a buyers protection?

Answer 30

Buyers may cancel timeshare purchases with 5 business days of signing contract/receiving final documents

Question 31

What are condominiums?

Answer 31

buildings with multiple living units built to be sold

Question 32

How is a condo created?

Answer 32

A building/apartment is converted by filling a declaration with register of deeds of county where property is located.

Question 33

How do you notify renters of condo conversions?

Answer 33

notify current renters and give them the first right of refusal to purchase the unit

Question 34

How do you disclose a condo?

Answer 34

When condo is purchased, seller must provide disclosures no later than 15 days before closing

Question 35

What is an exempt homestead?

Answer 35

The dwelling and land (at least a quarter acre, no more than 40) where a person/married couple live

Question 36

What is exemption?

Answer 36

the amount of that homestead that is protected against debtors in bankruptcy proceeding.

Question 37

What is the exemption amount?

Answer 37

$75,000 for single, $150,000 for couple

Question 38

What is WI homestead credit?

Answer 38

Program that homesteaders can take advantage to reduce impact of tax/rent payments. It can owned/rented property as long it’s where a person/family live

Question 39

What are mobile homes?

Answer 39

Considered vehicles if manufactured before June 15, 1976. Issued a vehicle identification number