Chapter 1: Property Law, Public & Private Rights & Limitations Flashcards
(120 cards)
1
Q
.3 legal actions and processes that can be taken against a property.
A
Lis Pindens, Attachment, Judgment
2
Q
the final determination of the rights of the parties in an action or proceeding by a court of competent jurisdiction.
A
A Final Judgment
3
Q
A simple money judgement does or does not automatically create a lien?
A
Does Not.
4
Q
When does a simple money judgment become a lien upon all property the debtor has and may acquire?
A
When it is recorded in that district. (before it expires)
5
Q
A judgement Lien is ___________ if enforcement of the judgment is stayed on appeal & the defendant executes a sufficient promise or security or deposits in court the requisite money.
A
Discharged
6
Q
largest single source of income for local governments.
A
Property Taxes
7
Q
According to the Value
A
Ad Valorem
8
Q
tax rate expressed as a cents or dollars per $100 or $1000 of property value
A
Mill rate
9
Q
Tax reform act of 1986 ________ most tax rates.
A
Reduced
10
Q
The Tax Reform Act of 1986 _______ the 60% deduction for long term capital gain.
A
Repealed
11
Q
The Tax Reform Act of 1986 treated capital gain as __________ Income and taxed at a rate of no higher than _____ %
A
Ordinary; 28%
12
Q
If a home was refinanced, 2nd mortgage, home equity loan, or line of credit was obtained, The Tax Reform Act of 1986 affected Mortgage Interest ___________.
A
Deductibility
13
Q
The Tax Reform Act of 1986 changed the rules regarding depreciation how?
A
New Property subject to the Modified Acceleration Cost Recovery System.
14
Q
MACRS
A
Modified Acceleration Cost Recovery System
15
Q
In response to concerns that extensive tax shelter activity, such as allowing deductions & credits for one activity to offset tax expenses of another, was unfair congress enacted the _______ rules
A
PAL (Passive Activity Loss)
16
Q
Tax payers generally cannot offset non-passive or portfolio income with losses from passive activities.
A
PAL (Passive Activity Loss) Rules
17
Q
New PAL rules contain exceptions for certain activities such as ________ real estate, and also has so __________ rules for some losses
A
rental; phase-in
18
Q
generally any activity involving the conduct of any trade or business in which you do not materially participate
A
passive activity
19
Q
rental activity is a ________ activity regardless of whether you materially participate.
A
passive
20
Q
a tax payer ___________ participates in an activity if the taxpayer is involved on a regular,, continuous, and substantial basis in the operation of the activity.
A
Materially
21
Q
Historically property referred not to the thing owned but rather to the rights which the owner had; this being know as ________________
A
Bundle of Rights
22
Q
One of the 6 bundle of rights: The right to occupy the premises.
A
Possession
23
Q
One of 6 bundle of rights: The right to determine certain interests for others
A
Control
24
Q
One of 6 bundle of rights: Possession without harassment or interference.
A
Enjoyment
25
One of 6 bundle of rights: legally refusing to create interests for others.
Exclusion
26
One of 6 bundle of rights: determining how the property will be disposed of.
Disposition
27
One of 6 bundle of rights: the right to use property as security for loan
Encumberance
28
_________ consists of 1) Land 2) Anything affixed and regarded as a permanent part of the land 3) That which is incidental or appurtunent to the land 4) That which is immovable by law
Real Property
29
soil, rock and other substances that compose the earth. Includes space on, beneath and above the surface of the earth.
Land
30
Buildings, bridges, trees, and anything affixed to them (ie doors, cabinets, built-in appliances)
Things affixed to the land.
31
anything which is by right used with the land for its benefit. (ie watercourses, easements, air/light/heat passage across the land)
Incidental or appurtenent to the land
32
In the case of stock in a mutual water company; when such stock is appurtenant to the land ownership of the stock _______ be transferred ________ the land is transferred with it.
may not; unless
33
rights to minerals and other substances in the ground
subsurface rights
34
subsurface rights may be sold or leased _________ of surface ownership.
independently
35
Air rights may be sold or leased __________ of surface ownership (ie sun rights)
independently
36
Riparian rights, littoral rights, accretion, erosion, and avulsion are all examples of ________
water rights
37
generally pertain to non-navigable waters small streams going thru property
riparian rights (think rippling)
38
rights generally pertaining to navigable waters
littoral rights (think lake)
39
increases in land resulting from deposit of soil
accretion
40
Loss of soil by gradually wearing away
erosion
41
sudden removal of soil due to act of nature
Avulsion
42
crops with a growing season of less than a year, and are personal property
emblements
43
any property that is not real property
personal property
44
includes money, moveable goods or chattels
Personal property
45
evidences of debt and choses in action
Chattels
46
a legal phrase used to describe the right to recover money or other personal property through a judicial proceeding
Choses in Action
47
the right to recover something under a contract and the right to recover damages for a tort or private wrong.
choses in action
48
Trees, perennials, shrubbery, and grasses not requiring annual cultivation are considered _________
real property
49
to be enforceable, an agreement for the sale of _________ must be in writing
Real Property
50
for the most part, the laws of the state(situs)govern the transfer of ___________
real property
51
The state has provided a system for recording documents or instruments effecting the ________ or interest in ________ property.
title; real
52
An article of personal property that has become so annexed to the realty that it is regarded a part of it.
fixtures
53
1. Intention
2. method on annexation
3. adaptability
4. agreement
5. relationship
5 tests of a fixture
54
_______ of the person incorporating the personal property into the property
intention
55
__________ by which the property is incorporated into the property. the degree of permanence is significant.
method on annexation
56
________ of the personal property so attached for ordinary use in connection with the property
Adaptability
57
__________ between the parties involved as to the nature of the property affixed to the land.
agreement
58
____________ between the person who adds or annexes the article and the person with whom a dispute arises as to its character. (ie buyer/seller or landlord/tenant)
Relationship
59
an article owned by a tenant and attached to rented space in the operation of a business
Trade Fixture
60
Economic Characteristics of real property that effect it's nature and use
SIPA
61
S.I.P.A.
Scarcity, Improvements, Permanence of Investment, Area Preference
62
Acronym for Physical Characteristics of real property that effect it's nature and use
IIU
63
I.I.U
Immobile, Indestructible, Unique
64
Physical characteristic of land by which The geographic location of any given parcel of land can never be changed
immobile
65
Physical characteristic of land by which is durable and indestructible, even though, erosion, flood, volcanic action, and fire may change it's topography and value.
Indestructible
66
Physical characteristic of land by which law holds no two parcels of land are exactly the same, this uniqueness is also known as nonhomogenity or heterogeneity.
Unique
67
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Common law
law of contracts
general property law
federal regulations
state real estate license law
zoning and land use laws
environmental regulations
federal, state& local tax laws.
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Areas of important to licensees
68
Limitations on ownership imposed by the government for the general welfare of the community; superesed rights or interestes of the individual owner
Government Powers (PETE)
69
P.E.T.E. stands for.
Police Power. Eminent Domain. Taxation. Escheat.
70
governments protect the public health and safety and general welfare, including condemnation of unsafe structures
Police Power
71
Oversee zoning ordinances, building codes, environmental protection laws and other regulations.
Police Power
72
a legal use in existence prior to current zoning that can not be expanded and aften referred to as "Grandfather clause"
Legal non conforming use
73
a permanent exception to the zoning laws put in place by police power.
Zoning variance
74
Of the two types of condemnation, police and eminent, compensation is due in which case.
Eminent domain
75
Right of government to take privately ownded real estate for public use.
Eminent Domain
76
funding to cover the costs of government operations
Taxation
77
provides that ownership of real eastae will revert to the state in which it is located when its former owner dies without a will and has no heirs capable of being discovered by the state.
Escheat
78
The oldest method of providing legal description for a parcel
Metes and Bounds
79
US government Rectangular Survey is also known as ...
Section & Township
80
Method of property description that is designed for more urban areas in closer proximity to others
Recorded Plat or Lot Block & Tract
81
Measures of length: feet, yards, etc.
Metes
82
Measure of boundaries; both natural & manmade ie. rivers, roads, landmarks also known as monuments
Bounds
83
Metes and bounds description starts at a fixed point known as __________
Point of Beginning
84
In the township and section systems we begin with base lines, which are __________, and meridians which are ____________
horizontal; vertical
85
township and section: made up of a grid of vertical lines known as ___________ and horizontal lines, known as __________ lines.
ranges; township
86
township and range lines are ____ miles apart making up _______ square miles.
6; 36
87
Each square made up by township and range lines is known as a __________
township
88
Townships are further broken down in to 1 mile x 1 mile squares, known as __________
Sections
89
a 1 x 1 mile square is how many acres
640
90
1 Acre = ______ sqft.
43,560 (think 3456 ; reverse the 3 ; 4)
91
1 mile = _______ ft.
5,280 ft.
92
a 1/4 of a section = _________ Acres
160
93
Alaska's 5 meridians - fucks
Fairbanks, Umiat, Copper River, Kateel River, Seward
94
A section of a township is _______ Acres
640
95
fractional pieces of land where lakes, streams, and the like were encountered; acreage lost due to township correction lines and non ascertainable errors placed in quarter sections as quarter-quarter sections
government lots
96
any right or interest in land, possess by a stranger to the title, which affects the value of the owner's estate but does not prevent the owner from enjoying and transferring the fee.
Encumbrances
97
a defined charge imposed on property and made security for the performance of an act
Lien
98
Any outstanding claim or encumbrance which would, if valid, affect or impair the owner's title to a particular estate
Cloud on the title
99
Easements, building restrictions, and zoning requirements, and encroachments are all examples of ___________ that affect the physical condition or use of a property
encumbrances
100
a common encumbrance that in some way restricts the free use of the land by the owner.
CC&R's / Restrictions
101
a promise to do or not do a certain thing
convenant
102
_____ is an example of a public use restriction on the use of land.
zoning.
103
A _________ is a qualification of an estate granted. Presented as precedent or subsequent requiring certain action before the estate granted can take effect.
condition
104
Upon the breach of a _________, the grantor has power to terminate the estate; also known as forfeiture.
condition
105
A ___________ does not normally bind successors of the promisor who may become owners of the affected land.
covenant
106
___________ always run with the restricted land and into the indefinite future
conditions
107
a right or privilege or interest limited to a specific purpose which one party has in the land of another.
Easement
108
With easements created for the benefit of the owner of adjoining land the benefitted land is called ___________ tenement, and the land subject to the easement is described as the ________ tenement.
dominant; servient
109
an easement providing a right of ingress and egress; right to use a party wall; or the right to receive more than natural support from adjacent land. (meaning belonging to)
Appurtenant
110
Public utilities frequently enjoy _______to erect poles and string wires yet own no __________ tenement.
Easements; dominant
111
when one person may have a right-of-way over another's land, but owning no land. ie utilities
easements in gross
112
According to law, a fixture is a ______
Personalty (personal property)
113
S.I.P.A. where as total supply of land is not in short supply, land of a praticular quality or location may be limited.
Scarcity
114
S.I.P.A whereas can affect both the improved parcel and surrounding parcels, either favorable or unfavorably.
Improvements
115
S.I.P.A whereas improvements considered to create fixed investments.
Permanence of Investment
116
S.I.P.A. whereas peoples' choices of one area or site over another (situs), the most important economic characteristic, location, location, location.
Area Preference
117
Changing an item of the real estate to personal property
by detaching it from the land, for example, cutting
down a tree
Severence
118
(1) Any structure, usually privately owned, erected on a
site to enhance the value of the property-for example,
building a fence or a driveway. (2) A publicly owned
structure added to or benefiting land, such as a curb,
sidewalk, street or sewer. (does not include things like crops, trees, shrubbery, or lawns.)
Improvement
119
An article installed by a tenant under the terms of a
lease and removable by the tenant before the lease
expires.
Trade Fixture
120
Where do you need to go to study math, boundaries, and such.
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