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Kentucky Real Estate Exam > Property Ownership > Flashcards

Property Ownership Flashcards

1
Q

Define real estate

A

Land, plus all things permanently attached to it naturally or artifically

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2
Q

Define real property

A

Real estate, plus the interests, benefits, and rights included with real estate ownership

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3
Q

Define personal property

A

everything owned that is not real property

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4
Q

What are the five basic tests to determine whether something is real property or personal property?

A

Method of annexation, adaptability for use, relationship of the parties, intention in placing, agreement of the parties

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5
Q

Define legal description

A

a legal description permits a specific parcel of property to be located by a trained surveyor

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6
Q

What are the 3 types of legal descriptions?

A

metes and bounds, lots and block, and RGSS

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7
Q

What are metes?

A

the direction and distance of a line forming the property’s bounds

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8
Q

What are bounds?

A

bounds are physical features that define the boundaries of the property

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9
Q

How are metes-and-bounds descriptions characterized?

A

a point of beginning, which is where the description both begins and ends. It also uses monuments to mark boundaries

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10
Q

What is the RGSS and how is it defined?

A

a rectangular government survey system, it divides land into townships and further into sections

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11
Q

An RGSS is read from left to right, or right to left?

A

left to right

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12
Q

What is lot and block?

A

a system that begins with either a reference to metes and bounds or RGSS and then further divides the land into lots with numerical descriptions to each parcel

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13
Q

How many sq ft are in an acre?

A

43,560 sq ft

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14
Q

How many linear ft are in a mile?

A

5,280

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15
Q

How many acres are in a hectare?

A

2.47

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16
Q

How many acres are in a sq mile?

A

640 acres

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17
Q

What are mineral rights and subsurface rights?

A

the rights to drill or dig for minerals on the property

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18
Q

What are air rights?

A

The right to use the area in the sky above the property

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19
Q

What are riparian rights?

A

rights that address water that MOVES through a property such as a river or stream

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20
Q

What are littoral rights?

A

Rights that address the use of static water, such as lakes, ponds, or oceans, but not divert or contain it

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21
Q

What is prior appropriation?

A

a statute that says the first party to physically take water from a source and put it to beneficial household, agricultural, or industrial use will continue to have a claim to the water

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22
Q

Define Accretion

A

process by which water moves earth and causes a build up

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23
Q

Define alluvion

A

new deposits of land that are a result of accretion

24
Q

Define erosion

A

gradual loss of land due to natural force

25
Q

Define avulsion

A

A sudden loss of land by a swift, large scale change in water flow

26
Q

Define reliction

A

when water gradually recedes and uncovers new land

27
Q

Define easement

A

a non-posessory right acquired by one party to use another party’s land for a special use

28
Q

a ____ is the estate on which an easement is placed

A

servient estate

29
Q

a ____ is the estate that holds the easement

A

dominant estate

30
Q

Easement appurtenant

A

attached to a parcel of land, transfers with the land, and gives the easement holder rights to use adjoining property

31
Q

Easement in gross

A

granted to a specific individual or business, rather than attached to the property itself

32
Q

Right of way easement

A

provides a pass-through to other property but doesn’t allow usage of the land

33
Q

Easement license

A

a temporary permission for one person to something on another’s land without ownership

34
Q

What are encroachments?

A

Structures built on another’s land without permission

35
Q

Deed restrictions and covenants, conditions, and restrictions (CC&R’s) are ____ affecting land use

A

encumbrances

36
Q

Define freehold estate

A

an interest in real property where the owner’s possession of the property isn’t of fixed duration

37
Q

What are the 3 types of freehold estate?

A

fee simple estate (or fee simple absolute), fee simple determinable, and fee simple subject to condition subsequent

38
Q

Define fee simple estate

A

a type of free hold estate that conveys the most rights possible, can be sold and inherited through probate court

39
Q

Define fee simple determinable estate and give an example

A

property is conveyed to a new owner as long as some event does or does not occur

i.e. Morris gives a plot of land to a local district park as long as the district only uses it for youth soccer.

40
Q

Define fee simple subject to condition subsequent estate and give an example

A

property ownership is conveyed to new ownership on a specific condition

i.e. Trinity conveys property to her son, on the condition it remains residential

41
Q

Define leasehold estate

A

an estate in which the holder has a possessory interest in a property but no ownership

42
Q

Define ownership in severalty

A

one person owns the property with no joint interest by any other person

43
Q

Define tenants in common

A

a form of co-ownership in which each co-owner is entitles to possession of the whole. An owner’s ownership is inheritable and, upon the owner’s death, does not necessarily pass to the other owners.

44
Q

If co-ownership of a tenants in common space is terminated by partition, ______

A

then the property is divided into portions, called partitions, and each tenant owns a specific partition.

45
Q

Define joint tenancy

A

a form of co-ownership in which equal ownership requires unity of time, title, interest, and possession.

46
Q

Joint tenancy, unlike tenants in common includes survivorship, which means ____

A

the surviving co-owners will own the property of a joint tenant who dies

47
Q

In joint tenancy, if there are more than 3 owners and one of the owners dies, the deceased owner’s portion _____

A

is divided equally among the surviving owners

48
Q

Define a townhome

A

a single-family home that shares walls with neighbors, an owner owns both the structure and the land

49
Q

Define planned unit development, or PUD

A

a mixed-use development that has both residential and commercial units, consists of a parcel of land, any improvements, and shared common areas. Developers who are building PUD’s must submit plat maps for their development

50
Q

Define ordinary life estate

A

an estate based on the life of the estate holder/life tenant.

i.e. Christine givers her son an ordinary life estate in a property, and the estate lasts until her son’s death

51
Q

Define Pur Autre Vie

A

an estate based on the life of someone other than the holder of the life estate/life tenant.

i.e. Jarrod grants his ex-wife, Margo, a life estate pur autre vie in a house where Jarrod’s mother, Rose lives. So long as Margo continues to care for Rose, she will have an estate in the home until the mother passes.

52
Q

Should a life tenant of a life estate do anything to decrease the property value of the estate, the estate holder or heirs to the estate holder, may file a lawsuit to stop the waste or seek damages. That property de-valuaing by the life tenant is known as ____

A

an act of waste

53
Q

When a life estate ends, ownership and interest is determined in one of two ways, those two are:

A

Remainderman: ownership will pass to a remainderman instead of the party who established the life estate.

Reversion: Ownership will revert to the life estate originator, or their heirs.

54
Q

Define bundle of rights

A

the rights extended to the porperty owner to the use the physical components of land, such as the surface, sub-surface, and air rights

55
Q

What are the 5 rights included in the bundle of rights

A

possession, control, exclusion, enjoyment, disposition

56
Q

Define the 5 bundle of rights

A

Possession - the title holder may be on the property

Control - The owner controls the use of the property

Exclusion - The owner may decide who may or may not access the property

Enjoyment - The owner may use the property in any legal manner

Disposition - The owner has the right to sell or convey the property

Kentucky Real Estate Exam (8 decks)

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