Chapter 2. Real Property Ownership/ Interest

Question 0

Estate for Years

Answer 0

A lease with a definite duration

Question 1

Estate in Land

Answer 1

The degree, quality, nature, and extent of a person’s interest in land or other property.

Question 2

Tenancy at Will

Answer 2

A leasehold estate for an uncertain duration

Question 3

Appurtenances

Answer 3

Rights, benefits, or attachments that transfer with real property

Question 4

Tangible (touchable)

Answer 4

Property includes physical improvements on the property; includes fixtures, such as lighting, heating, and plumbing equipment.

Question 5

Intangible (cannot touch)

Answer 5

Property that includes rights and privileges that belong to and pass in the deed from the grantor to the grantee.

Question 6

Interest in land

Answer 6

Legal privilege in the property

ex. Easement

Question 7

Three Basic Types of ownership in Real Estate

Answer 7

Severalty
Co-Ownership
Trust

Question 8

Joint Tenancy

Answer 8

Concurrent form of ownership characterized by right of survivorship. Each joint tenant has the right to sell, mortgage, or lease an interest without the consent of the other owners.

Question 9

Tenancy in Common

Answer 9

If one joint tenant sells his or her property, the new owner would be a tenant in common with the other joint tenants.

Question 10

Community Property

Answer 10

The laws are based on the idea that a wife and husband are equal partners in a marriage. Any property acquired during the marriage is deemed to have been obtained by mutual effort.

Question 11

Separate Property

Answer 11

Property owned by either spouse before marriage but also property inherited during marriage or received by gift.

Question 12

Time-share (Interval Ownership)

Answer 12

The buyer receives a deed for the property that allows the possession for an allotted time each year.

Question 13

Planned Unit Development

Answer 13

Designed for a high density of dwellings and a maximum use of open space.

Question 14

Lease

Answer 14

An agreement that transfers exclusive possession and use of real estate from the landlord/owner/lessor to the tenant/lessee

Question 15

Covenant of quiet enjoyment

Answer 15

Requires that the lessor will not enter the property without notice, unless it is an emergancy.

Question 16

Warranty of habitability

Answer 16

Requires the landlord to keep the property in good condition by maintaining the common areas, equipment, etc.

Question 17

Reversionary Right

Answer 17

The owners right to retake the property on the expiration of the terms of the lease.

Question 18

Nondisturbance clause

Answer 18

States that the mortgagee agrees not to terminate the lease in the event of foreclosure. However the tenant must be in compliance with the lease terms.

Question 19

Lease Option

Answer 19

The tenant has the option to purchase the property at a specified price within a certain time.

Question 20

Lease Purchase

Answer 20

The tenant agrees to purchase the property at a specified price within a certain period, which is usually at the end of the lease.

Question 21

Gross (straight) lease

Answer 21

The tenant pays a fixed rental amount, and the owner pays all the ownership expenses for the property.

Question 22

Net Lease

Answer 22

The tenant agrees to pay ownership expenses, such as utilities, property taxes, and special assignements.
Double-net Lease= Tenant pays for insurance as well
Triple-net Lease= Tenant pays for some repair and maintance.

Question 23

Percentage Lease

Answer 23

Tenant agrees to pay a fixed base rental fee plus a percentage of the gross income in excess of a predetermined minimum amount of sales.

Question 24

Sale- Leaseback

Answer 24

The grantor sells the property to the grantee, and then leases it back.

Question 25

Graduated Lease

Answer 25

A periodic step-up of rent payments.

Question 26

Index Lease

Answer 26

The rent is tied to an index outside the control of both the landlord and the tenant.

Question 27

Lien

Answer 27

A Claim against real estate to satisfy the payment of money.

Question 28

Torrens System

Answer 28

A method of legal restriction of land where title does not transfer and encumbrances are not effective against the property until the proper documents are registered at the torrens office.

Question 29

Easement

Answer 29

The right to use the land of another, but it does not include the right of possession.

Question 30

Appurtenant Easement

Answer 30

Benefits a parcel of real estate
Involves two tracts of land
Dominant estate= benefts
Servant estate = burdened

Question 31

Easement in Gross

Answer 31

Benefits a person or legal entitiy
Involves one tract of land
ex.) billboard

Question 32

Easement by Necessity

Answer 32

Created when the buyer purchases a property that has been landlocked by the seller.

Question 33

Easement by Prescription

Answer 33

Created when a claimant uses a property for a statutory period of time.

Question 34

License

Answer 34

Is the personal privilege to enter the land of another and use it for a specific reason.

Question 35

Profit a prendre

Answer 35

the right to take crops, soil (silt), or profit from the land of another.

Question 36

Land Use

Answer 36

Regulated by dividing the land into residential, commercial, industrail, and agricultural use districts

Question 37

Buffer Zone

Answer 37

Separates two different use districts.

Question 38

Bulk Zoning

Answer 38

Controls density or the ratio of land area to structure area.

Question 39

Aesthetic Zoning

Answer 39

Requires that owners conform to certain types of architectural styles.

Question 40

Incentive zoning

Answer 40

Provides a reward or incentive for a builder to meet the established objective of development.

Question 41

Nonconforming Property

Answer 41

May regulate air, noise, and water pollution in industrial properties.

Question 42

Variance

Answer 42

May be granted in cases where the zoning creates an unnecessary hardship on the owner, but the variance must not be detrimental to zoning.

Question 43

Conditional Use Permit

Answer 43

When a special-purpose property that benefits the public (hospital, library) is approved a conditional use permit is granted.

Question 44

Spot Zoning

Answer 44

Change of zoning for a particular spot or lot and is generally not permitted.