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Real Estate Pre-Liscensing > Chapter 1: Property Law, Public & Private Rights & Limitations > Flashcards

Chapter 1: Property Law, Public & Private Rights & Limitations Flashcards

1
Q

.3 legal actions and processes that can be taken against a property.

A

Lis Pindens, Attachment, Judgment

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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

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3
Q

A simple money judgement does or does not automatically create a lien?

A

Does Not.

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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)

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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

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6
Q

largest single source of income for local governments.

A

Property Taxes

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7
Q

According to the Value

A

Ad Valorem

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8
Q

tax rate expressed as a cents or dollars per $100 or $1000 of property value

A

Mill rate

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9
Q

Tax reform act of 1986 ________ most tax rates.

A

Reduced

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10
Q

The Tax Reform Act of 1986 _______ the 60% deduction for long term capital gain.

A

Repealed

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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%

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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

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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.

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14
Q

MACRS

A

Modified Acceleration Cost Recovery System

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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)

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16
Q

Tax payers generally cannot offset non-passive or portfolio income with losses from passive activities.

A

PAL (Passive Activity Loss) Rules

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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

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18
Q

generally any activity involving the conduct of any trade or business in which you do not materially participate

A

passive activity

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19
Q

rental activity is a ________ activity regardless of whether you materially participate.

A

passive

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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

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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

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22
Q

One of the 6 bundle of rights: The right to occupy the premises.

A

Possession

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23
Q

One of 6 bundle of rights: The right to determine certain interests for others

A

Control

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24
Q

One of 6 bundle of rights: Possession without harassment or interference.

A

Enjoyment

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25
Q

One of 6 bundle of rights: legally refusing to create interests for others.

A

Exclusion

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26
Q

One of 6 bundle of rights: determining how the property will be disposed of.

A

Disposition

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27
Q

One of 6 bundle of rights: the right to use property as security for loan

A

Encumberance

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28
Q

_________ 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

A

Real Property

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29
Q

soil, rock and other substances that compose the earth. Includes space on, beneath and above the surface of the earth.

A

Land

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30
Q

Buildings, bridges, trees, and anything affixed to them (ie doors, cabinets, built-in appliances)

A

Things affixed to the land.

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31
Q

anything which is by right used with the land for its benefit. (ie watercourses, easements, air/light/heat passage across the land)

A

Incidental or appurtenent to the land

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32
Q

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.

A

may not; unless

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33
Q

rights to minerals and other substances in the ground

A

subsurface rights

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34
Q

subsurface rights may be sold or leased _________ of surface ownership.

A

independently

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35
Q

Air rights may be sold or leased __________ of surface ownership (ie sun rights)

A

independently

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36
Q

Riparian rights, littoral rights, accretion, erosion, and avulsion are all examples of ________

A

water rights

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37
Q

generally pertain to non-navigable waters small streams going thru property

A

riparian rights (think rippling)

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38
Q

rights generally pertaining to navigable waters

A

littoral rights (think lake)

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39
Q

increases in land resulting from deposit of soil

A

accretion

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40
Q

Loss of soil by gradually wearing away

A

erosion

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41
Q

sudden removal of soil due to act of nature

A

Avulsion

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42
Q

crops with a growing season of less than a year, and are personal property

A

emblements

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43
Q

any property that is not real property

A

personal property

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44
Q

includes money, moveable goods or chattels

A

Personal property

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45
Q

evidences of debt and choses in action

A

Chattels

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46
Q

a legal phrase used to describe the right to recover money or other personal property through a judicial proceeding

A

Choses in Action

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47
Q

the right to recover something under a contract and the right to recover damages for a tort or private wrong.

A

choses in action

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48
Q

Trees, perennials, shrubbery, and grasses not requiring annual cultivation are considered _________

A

real property

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49
Q

to be enforceable, an agreement for the sale of _________ must be in writing

A

Real Property

50
Q

for the most part, the laws of the state(situs)govern the transfer of ___________

A

real property

51
Q

The state has provided a system for recording documents or instruments effecting the ________ or interest in ________ property.

A

title; real

52
Q

An article of personal property that has become so annexed to the realty that it is regarded a part of it.

A

fixtures

53
Q
  1. Intention
  2. method on annexation
  3. adaptability
  4. agreement
  5. relationship
A

5 tests of a fixture

54
Q

_______ of the person incorporating the personal property into the property

A

intention

55
Q

__________ by which the property is incorporated into the property. the degree of permanence is significant.

A

method on annexation

56
Q

________ of the personal property so attached for ordinary use in connection with the property

A

Adaptability

57
Q

__________ between the parties involved as to the nature of the property affixed to the land.

A

agreement

58
Q

____________ 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)

A

Relationship

59
Q

an article owned by a tenant and attached to rented space in the operation of a business

A

Trade Fixture

60
Q

Economic Characteristics of real property that effect it’s nature and use

A

SIPA

61
Q

S.I.P.A.

A

Scarcity, Improvements, Permanence of Investment, Area Preference

62
Q

Acronym for Physical Characteristics of real property that effect it’s nature and use

A

IIU

63
Q

I.I.U

A

Immobile, Indestructible, Unique

64
Q

Physical characteristic of land by which The geographic location of any given parcel of land can never be changed

A

immobile

65
Q

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.

A

Indestructible

66
Q

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.

A

Unique

67
Q 
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.
A

Areas of important to licensees

68
Q

Limitations on ownership imposed by the government for the general welfare of the community; superesed rights or interestes of the individual owner

A

Government Powers (PETE)

69
Q

P.E.T.E. stands for.

A

Police Power. Eminent Domain. Taxation. Escheat.

70
Q

governments protect the public health and safety and general welfare, including condemnation of unsafe structures

A

Police Power

71
Q

Oversee zoning ordinances, building codes, environmental protection laws and other regulations.

A

Police Power

72
Q

a legal use in existence prior to current zoning that can not be expanded and aften referred to as “Grandfather clause”

A

Legal non conforming use

73
Q

a permanent exception to the zoning laws put in place by police power.

A

Zoning variance

74
Q

Of the two types of condemnation, police and eminent, compensation is due in which case.

A

Eminent domain

75
Q

Right of government to take privately ownded real estate for public use.

A

Eminent Domain

76
Q

funding to cover the costs of government operations

A

Taxation

77
Q

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.

A

Escheat

78
Q

The oldest method of providing legal description for a parcel

A

Metes and Bounds

79
Q

US government Rectangular Survey is also known as …

A

Section & Township

80
Q

Method of property description that is designed for more urban areas in closer proximity to others

A

Recorded Plat or Lot Block & Tract

81
Q

Measures of length: feet, yards, etc.

A

Metes

82
Q

Measure of boundaries; both natural & manmade ie. rivers, roads, landmarks also known as monuments

A

Bounds

83
Q

Metes and bounds description starts at a fixed point known as __________

A

Point of Beginning

84
Q

In the township and section systems we begin with base lines, which are __________, and meridians which are ____________

A

horizontal; vertical

85
Q

township and section: made up of a grid of vertical lines known as ___________ and horizontal lines, known as __________ lines.

A

ranges; township

86
Q

township and range lines are ____ miles apart making up _______ square miles.

A

6; 36

87
Q

Each square made up by township and range lines is known as a __________

A

township

88
Q

Townships are further broken down in to 1 mile x 1 mile squares, known as __________

A

Sections

89
Q

a 1 x 1 mile square is how many acres

A

640

90
Q

1 Acre = ______ sqft.

A

43,560 (think 3456 ; reverse the 3 ; 4)

91
Q

1 mile = _______ ft.

A

5,280 ft.

92
Q

a 1/4 of a section = _________ Acres

A

160

93
Q

Alaska’s 5 meridians - fucks

A

Fairbanks, Umiat, Copper River, Kateel River, Seward

94
Q

A section of a township is _______ Acres

A

640

95
Q

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

A

government lots

96
Q

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.

A

Encumbrances

97
Q

a defined charge imposed on property and made security for the performance of an act

A

Lien

98
Q

Any outstanding claim or encumbrance which would, if valid, affect or impair the owner’s title to a particular estate

A

Cloud on the title

99
Q

Easements, building restrictions, and zoning requirements, and encroachments are all examples of ___________ that affect the physical condition or use of a property

A

encumbrances

100
Q

a common encumbrance that in some way restricts the free use of the land by the owner.

A

CC&R’s / Restrictions

101
Q

a promise to do or not do a certain thing

A

convenant

102
Q

_____ is an example of a public use restriction on the use of land.

A

zoning.

103
Q

A _________ is a qualification of an estate granted. Presented as precedent or subsequent requiring certain action before the estate granted can take effect.

A

condition

104
Q

Upon the breach of a _________, the grantor has power to terminate the estate; also known as forfeiture.

A

condition

105
Q

A ___________ does not normally bind successors of the promisor who may become owners of the affected land.

A

covenant

106
Q

___________ always run with the restricted land and into the indefinite future

A

conditions

107
Q

a right or privilege or interest limited to a specific purpose which one party has in the land of another.

A

Easement

108
Q

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.

A

dominant; servient

109
Q

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)

A

Appurtenant

110
Q

Public utilities frequently enjoy _______to erect poles and string wires yet own no __________ tenement.

A

Easements; dominant

111
Q

when one person may have a right-of-way over another’s land, but owning no land. ie utilities

A

easements in gross

112
Q

According to law, a fixture is a ______

A

Personalty (personal property)

113
Q

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.

A

Scarcity

114
Q

S.I.P.A whereas can affect both the improved parcel and surrounding parcels, either favorable or unfavorably.

A

Improvements

115
Q

S.I.P.A whereas improvements considered to create fixed investments.

A

Permanence of Investment

116
Q

S.I.P.A. whereas peoples’ choices of one area or site over another (situs), the most important economic characteristic, location, location, location.

A

Area Preference

117
Q

Changing an item of the real estate to personal property
by detaching it from the land, for example, cutting
down a tree

A

Severence

118
Q

(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.)

A

Improvement

119
Q

An article installed by a tenant under the terms of a
lease and removable by the tenant before the lease
expires.

A

Trade Fixture

120
Q

Where do you need to go to study math, boundaries, and such.

A

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Real Estate Pre-Liscensing (3 decks)

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