Ch 2 Property Ownership and Interests

Question 1

Building Code Standards

Answer 1

Residential codes apply to all one and two family dwellings

Question 2

Are FHA and VA loans required to meet HUD standards

Answer 2

YES

Question 3

Can unpermitted additions be included in listed square footage

Answer 3

NO

Question 4

What is Bundle Of Rights

Answer 4

Legal relationship between the owner and the property

Question 5

Give examples of Bundle of Rights

Answer 5

Right to control property, right of exclusion, right of disposition, right of enjoyment

Question 6

What are Tenements

Answer 6

Corporeal and incorporeal rights

Question 7

What are Hereditaments

Answer 7

Everything that can be inherited

Question 8

What is Fructus Naturales

Answer 8

Plants, Trees, Bushes “transfers with deed”

Question 9

What is Emblements

Answer 9

Crops on a property “does not transfer without bill of sale”

Question 10

How long is Septic system valid for?

Answer 10

5 Years

Question 11

What rights of ownerships are appurtenances?

Answer 11

A right or privilege that passes with ownership or runs with the land…..They can be transferred separately from the ownership of the land.

Question 12

What is Surface Rights

Answer 12

Rights of own and use the surface of the earth

Question 13

What is Subsurface rights

Answer 13

Rights of ownership below your land EX Mineral rights, Oil rights, Gas rights

Question 14

What is Air rights

Answer 14

Rights of ownership of the air above your land BUT you don’t have the right to restrict aircraft

Question 15

What is Riparian Rights

Answer 15

Ownership of land that borders waters EX non navigable own to the center….non navigable own to the edge.