CH 2 - Property Ownership

Question 1

severance

Answer 1

When real property becomes personal property.

Question 2

chattel is ___________

Answer 2

personal property

Question 3

If a trade fixture is not removed prior to the expiration of the lease, what happens?

Answer 3

It becomes real property and belongs to the landlord.

Question 4

Riparian Rights

Answer 4

rights of a landowner whose land borders on a stream/river

Question 5

Littoral Rights

Answer 5

rights of a landowner whose land borders a pond, lake or ocean

Question 6

increase or addition of land by the deposit of sand or soil washed up naturally from a body of water

Answer 6

Accretion

Question 7

Different forms of Accretion (3):

Answer 7

Alluvion, Reliction, Accession

Question 8

2 forms of reduction/loss of land

Answer 8

Erosion, Avulsion

Question 9

3 physical characteristics of land

Answer 9

Land is immovable, indestructable, and unique.

Question 10

3 economic characteristics of land

Answer 10

Scarcity, Improvements, Location

Question 11

This system determines the precise location of parcels of land and is used in the original 13 colonies:

Answer 11

Metes and Bounds System

Question 12

Metes refers to ________; Bounds refers to _______

Answer 12

Metes = distance
Bounds = direction

Question 13

Metes and Bounds requires the surveyor to first ________________.

Answer 13

locate the monument

Question 14

Metes and Bounds… description must begin and end at the ______________.

Answer 14

Point of Beginning (POB)

Question 15

True of False: The Government Rectangular System is used in South Carolina.

Answer 15

False, The Government Rectangular System is used in all states EXCEPT the original 13 colonies (including SC), the states created from those colonies, and Kentucky, West VA and TX.

Question 16

1 township = ____ square miles

Answer 16

1 township = 36 square miles (6x6)

Question 17

1 township = ____ sections

Answer 17

1 township = 36 sections

Question 18

1 section = ____ square miles

Answer 18

1 section = 1 square mile

Question 19

1 section = ____ acres

Answer 19

1 section = 640 acres

Question 20

__ section(s) = __ square miles = __ acres

Answer 20

1 section = 1 square mile = 640 acres

Question 21

True or False: Township lines go East-West. Range lines go North-South.

Answer 21

True

Question 22

Divide a section (in acres) by taking 1/4th, four times.

Answer 22

640 / 4 = 160 acres
160 / 4 = 40 acres
40 / 4 = 10 acres
10 / 4 = 2.5 acres

Question 23

An encumbrance makes a property _________.

Answer 23

unmarketable - you cannot give it away

Question 24

The most popular example of an encumbrance.

Answer 24

a lien

Question 25

Where does an Ad Valorem Property Tax Lien go in terms of lien position.

Answer 25

first position

Question 26

True or False: Ad Valorem Property Tax Liens must be recorded.

Answer 26

False. Ad Valorem Property Tax liens do not need to be recorded.

Question 27

Mortgage liens are considered to be _______.

Answer 27

voluntary

Question 28

Specific liens apply to ________, while general liens apply to _________.

Answer 28

specific liens = specific piece of property | general liens = all of a debtor's real/personal property

Question 29

Three types of General Liens:

Answer 29

Federal Tax Liens, State Tax Liens, Decedent's Debt Lien

Question 30

What's the difference between dominant and servient tenement?

Answer 30

The dominant benefits from the servient.

Question 31

_________ are created by the following means: Necessity, Prescription, Condemnation, Dedication, Implication, or mutual agreement.

Answer 31

Easements

Question 32

What is prescription?

Answer 32

When one openly trespasses on a property for a continuous period of time and is not stopped. Trespasser obtains an easement by prescription.

Question 33

What is the highest degree of ownership recognized by this country?

Answer 33

Fee Simple Absolute

Question 34

"Fee" indicates ________; and "Simple" indicates _______

Answer 34

``` "fee" = can be inherited "simple" = not complicated ```

Question 35

When you hear "defeasible" you should think ___________

Answer 35

restrictions or limitations

Question 36

Fee Simple with an Executory Interest

Answer 36

after land use violation, rights to the land pass to a third party

Question 37

Tenancy in Severalty means how many owners?

Answer 37

one owner (several-ty is kinda tricky)

Question 38

Tenancy in Common

Answer 38

multiple owners, every owner has their own title and can sell it

Question 39

What type of tenancy requires more than one owner and must specify a right of survivorship?

Answer 39

Joint Tenancy

Question 40

The remainder in life estate does not have a right to _____________.

Answer 40

occupy a residence

Question 41

The remainder in a life estate receives the interest of a life estate upon ___________

Answer 41

the death of the life tenant

Question 42

The life tenant has the right to _________________.

Answer 42

use the property as long as they are alive.

Question 43

Name the bundle of rights (5 items)

Answer 43

use, possession, control, disposition, quiet enjoyment

Question 44

When using a business entity for practicing real estate, what key requirement must be met in order for commissions to be paid to the business entity?

Answer 44

all owners of the business entity must have a real estate license

Question 45

Kim and Tina bought a property as joint tenants. Kim died testate. Tina now owns the property ________.

Answer 45

in severalty; AKA Tenancy in Severalty