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National Ownership > Uniunit 2 > Flashcards

Uniunit 2 Flashcards

1
Q

Name some of the primary uses of legal descriptions.

A

Public recording, creating deeds and leases, mortgage documents, other legal documents

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2
Q

Give a simple description of the metes and bounds method of description.

A

Starting at a point of beginning, it traces an enclosed space by following measured lines around an area and returning to the point of beginning.

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3
Q

What are the main elements of the rectangular survey system?

A

Longitudes, latitudes, township grids, ranges, tiers, sections, fractions of sections

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4
Q

In the rectangular survey method, why is it necessary to have guide meridians, standard parallels, and quadrangles?

A

Because of the curvature of the earth, a rectangle drawn on the earth’s surface using longitudinal lines as sides will be narrower on the side farther from the equator than on the side nearer the equator; thus, townships would become smaller and smaller as one moved farther north of the equator. The guide meridians, standard parallels, and quadrangles limit this variance caused by the earth being round.

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5
Q

Why is it necessary for a complete legal description to include the county and state?

A

Principal meridians and base parallels extend through more than one county and state; naming the county and state in the description provides extra protection against misreading a description as applying to two different properties.

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6
Q

Name the components of a description using the recorded plat method.

A

Lot number, block identifier, subdivision name, section location, township, county, state.

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7
Q

Explain how a datum or benchmark is used to describe the elevation of a property in a legal description.

A

A datum or benchmark has an established elevation. A property description will state that the property is a number of feet above or below the datum or benchmark.

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8
Q

What method of legal description was the first one used in America?

A

Metes and Bounds System

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9
Q

The legal description of a recorded plat is incomplete if it lacks
a) a point of beginning and ending.
b) the subdivision’s location in a section and township.
c) a calculation of each lot’s acreage.
d) a description of landmarks.

A

the subdivision’s location in a section and township.

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10
Q

The essential criterion for an acceptable legal description is that it
a)accurately locates and identifies the parcel.
b)always starts at the POB and ends at the POB.
c)contains the current post office address of the parcel.
d)is written by a surveyor.

A

a)accurately locates and identifies the parcel.

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11
Q

What is a datum in a legal description?
a)A code indicating the date and time that a survey is recorded
b)An area measurement included in a plat survey
c)A standard form for recording a plat survey
d)A standard elevation reference point

A

d)A standard elevation reference point

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12
Q

Which of the following areas in the Rectangular Survey System run north and south?

A

range

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13
Q

A check or quadrangle is defined by the intersection of pairs of
a)common meridians and standard parallels.
b)guide meridians and base parallels.
c)principal meridians and base parallels.
d)guide meridians and standard parallels.

A

d)guide meridians and standard parallels.

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14
Q

The critical characteristic of a metes and bounds description is that
a)it conforms to the standards set for the plat of survey.
b)it quantifies linear and area measurements.
c)it describes the complete, closed perimeter of the parcel’s boundaries.
d)it describes an incomplete area of land.

A

c)it describes the complete, closed perimeter of the parcel’s boundaries.

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15
Q

A full legal description in a recorded plat must include

A

the subdivision’s location within a section, a township, a county, and a state.

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16
Q

All of the following are accepted methods of legal description EXCEPT

A

block and tackle.

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17
Q

Which of the following is a simple definition of real estate?
a)Real estate is property traded between owners and buyers for money.
b)Real estate is that it is air, water, land, and everything affixed to the land.
c)Real estate is any building affixed to land owned by an individual.
d)Real estate is residential property, but not commercial property.

A

b)Real estate is that it is air, water, land, and everything affixed to the land.

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18
Q

Which of the following is NOT an economic characteristic of land?
a)Transferability
b)Immobility
c)Demand for the area
d)Utility of the land

A

b)Immobility

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19
Q

A commercial tenant installed some ice cream coolers to sell ice cream. Which of the following statements best describes what happens to the coolers upon the expiration of the lease?
a)The tenant would be able to take the coolers only if the tenant paid the owner the fair market value of the cases.
b)The tenant would be able to take the coolers prior to the expiration of the lease since they were trade fixtures that were installed by the tenant.
c)The landlord would be able to keep the coolers because once the coolers were installed, they become real property.
d)The owner would be able to keep the coolers as they would be considered emblements.

A

b)The tenant would be able to take the coolers prior to the expiration of the lease since they were trade fixtures that were installed by the tenant.

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20
Q

Which of the following is NOT part of the bundle of rights?
a)To encumber property.
b)To steal property.
c)To use property.
d)To transfer property.

A

b)To steal property.

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21
Q

Littoral rights concern which of the following bodies of water?

A

Navigable lakes, seas, and oceans.

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22
Q

The right to encumber a property means that the owner can

A

use the property as collateral for debt.

23
Q

A lease is an example of a(n)

A

transfer of a portion of the bundle of rights.

24
Q

The “bundle of rights” refers to a set of rights

A

enjoyed by the owner of a property.

25
Q

Which of the following is included in surface rights?

A

Surface water rights

26
Q

How does the judicial system influence real estate ownership?

A

By making decisions based on case law and common law.

27
Q

Even though it is attached to a structure, an item may be considered personal property rather than real property if

A

the owner originally intended to remove it after a period of time.

28
Q

What is the primary criterion for determining whether an item is real or personal property?

A

Permanent (or otherwise) attachment to the land.

29
Q

An interest in real estate is ownership of any combination of the bundle of rights to real property, including the rights to:

A

possess
use
transfer
encumber
exclude

30
Q

Define “undivided interest” in real estate.

A

When two or more owners share ownership, the interest of an individual owner is undivided and indivisible in the sense that it pertains to a fractional part of the entire estate, not to a physical portion of the real property.

31
Q

Discuss how the right of possession determines what kind of estate or interest a party has in real estate.

A

If the interest-holder enjoys the right of possession, the estate is an estate in land. If the interest-holder does not have the right of possession, the interest is an encumbrance in the case of a private interest-holder, or some form of public interest in the case of a non-private (i.e., governmental) interest-holder.

32
Q

What primarily distinguishes freehold estates from leasehold estates?

A

Whether an estate in land is a freehold or leasehold estate depends on the length of time the holder may enjoy the right to possess the estate, the relationship of parties owning the estate, and specific interests held in the estate. The duration of the owner’s rights in a freehold cannot be determined: they may last for a lifetime, for less than a lifetime, or for generations beyond the owner’s lifetime. In a leasehold, they have a specific duration, as represented by the lease term.

33
Q

What is the highest form of ownership interest one can acquire in real estate and why?

A

Fee simple estate. It includes the complete bundle of rights and the tenancy is unlimited.

34
Q

What are the essential characteristics of fee simple defeasible estates?

A

The property must be used for a certain purpose or under certain conditions.

If the use changes or if prohibited conditions are present, the estate reverts to the previous grantor of the estate.

35
Q

How is a life estate different from a fee simple estate?

A

A life estate is limited in duration to the life of the owner or other named person. When the life tenant dies, the estate passes to the original owner or another named party. The life tenant does not have the right to pass ownership to their heirs.

36
Q

What is the primary distinction between a freehold estate and a leasehold estate?

A

Duration of the owner’s rights. A leasehold is temporary, even if there is no specific term, while a freehold has an indeterminate duration.

37
Q

The fee simple freehold estate is called the highest form of ownership interest, even though a fee simple defeasible carries some restriction on usage. Why are other estates less desirable?

A

With all other estates in land– life, leasehold– the holder of the estate cannot control what happens to the estate in the future. The life estate reverts or is remaindered; the leasehold terminates when the lease expires.

38
Q

Which type of leasehold estate is commonly referred to as a periodic tenancy?

A

Estate from period to period.

39
Q

What are a tenant’s primary obligations when leasing a property?

A

Pay the rent on time.
Maintain the property’s condition.
Comply with the rules and regulations of the building.

40
Q

An estate from period-to-period will continue as long as
a)the tenant makes, and landlord accepts, regular rent payments.
b)the term specified in the lease.
c)the period is less than a year.
d)the landlord has not given notice of termination.

A

a)the tenant makes, and landlord accepts, regular rent payments.

41
Q

Once the life tenant dies, the life estate portion reverts back to whom?

A

Grantor

42
Q

Which of the following actions is an expression of the public interest known as police power?
a)Enforcing of parking regulations on residential streets
b)Passage of zoning ordinances to control land use
c)Leasing of office space for government use
d)Collection of sales tax on purchases of consumer goods

A

b)Passage of zoning ordinances to control land use

43
Q

Bill and Bob share ownership of a real property, but neither owns a physical portion of the property. The kind of interest they each own is an

A

undivided interest.

44
Q

A lease agreement was signed for 8 months by the lessor and the lessee. What kind of lease is this?

A

Estate for years

45
Q

Which best describes a tenancy at sufferance?
a)When the tenant has received oral permission to stay.
b)When the tenant stays beyond her lease without consent.
c)When the tenant has received notice to terminate a lease.
d)When the tenant’s lease has a definite termination date.

A

b)When the tenant stays beyond her lease without consent.

46
Q

The grantor of a life estate names a third party to receive the title when the life tenant dies. What will the third party hold?

A

A remainder estate.

47
Q

To own an interest in real estate, a person must own

A

any combination of the bundle of rights.

48
Q

The distinguishing feature of a condition subsequent estate is

A

the grantor must retake possession within a certain time frame if the grantee violates a restriction.

49
Q

Bob grants his sister Mary an estate for as long as she lives, but her heirs cannot inherit the estate. What kind of estate is it?

A

An ordinary life estate

50
Q

If a tenant occupies a leased property without the consent of the landlord after a lease expires, the type of estate that results is called

A

an estate at sufferance.

51
Q

An interest in real estate that does not include the right to possess is considered

A

an encumbrance.

52
Q

The right to zone land and the right to acquire ownership of land by eminent domain are both examples of

A

a public interest.

53
Q

If the duration of an owner’s rights in an estate cannot be determined, the owner possesses

A

a freehold estate.

54
Q
A

National Ownership (11 decks)

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