Chapter 3 interest in real estate

Question 1

What estate is considered the best type of ownership?

Answer 1

Freehold

Question 2

An estate created by law

Answer 2

Statutory estate

Question 3

An Estate categorized by time

Answer 3

Leasehold

Question 4

Land, privately owned by individuals is considered apart of the

Answer 4

Allodial system

Question 5

The right of the government to regulate and control the way land is used

Answer 5

Police power

Question 6

What are the four rights the government has in land?

Answer 6

1. police power 2. Eminent domain 3. Taxation. 4. Escheat

Question 7

What is the most common example of police power?

Answer 7

Zoning

Question 8

The amount of space required between the lot line in the building line is called

Answer 8

A setback

Question 9

An area of land separating one land-use from another, such as residential from commercial is

Answer 9

A buffer zone

Question 10

The right of the government to take private land for public use

Answer 10

Eminent domain

Question 11

The actual action of the government taking the land is called

Answer 11

Condemnation

Question 12

The right the government retains to tax real property

Answer 12

Taxation

Question 13

“Ad valorem taxes” are also

Answer 13

Property taxes

Question 14

What creates the highest priority lien against real property?

Answer 14

Property taxes

Question 15

Escheat means

Answer 15

If a person dies intestate (without a will) and without airs, the government will take title to his real property under the right of escheat this also applies if a property is abandoned, the government does not want any land to be an unowned

Question 16

The interest for nature of the interest of a person has in real property

Answer 16

An estate

Question 17

What are the four categories of estates?

Answer 17

Freehold estates, leasehold estate, statutory estates, equitable estates 

Question 18

When an individual owns real property, he is said to have a _______ type of estate in that property?

Answer 18

Freehold

Question 19

Fee simple absolute or fee simple is considered

Answer 19

The best type of ownership

Question 20

True or false: fee simple ownership is always in estate of inheritance

Answer 20

True

Question 21

What is the difference between a life Estate and a life tenant?

Answer 21

A life estate is ownership for the duration of someone’s life, and the owner is called the life tenant

Question 22

What are the four categories in leasehold estate?

Answer 22

Estate for years, periodic estate, estate at will, Tenancy at sufferance

Question 23

Any lease with a specific starting, and ending date is called

Answer 23

Estate for years

Question 24

True or false: leasehold, estate, survives death, or the sale of the property

Answer 24

True

Question 25

Leases that automatically renews themselves for example month to month leases, or week to week leases are called

Answer 25

Periodic estates

Question 26

What type of a state is considered a very loose agreement?

Answer 26

Estate at will

Question 27

When a lease expires, and the tenant remains on the premises, what is created?

Answer 27

Tenancy at sufferance

Question 28

True or false: a holdover tenant no longer has any right to remain on the property because they are not paying rent, and the landlord no longer excepts their presents however, at the time the landlord accepts rent from the holdover tenant, then a holdover tenacy is created or periodic estate.

Answer 28

True

Question 29

When the landlord pays all the expenses of the property, it is called what type of lease?

Answer 29

Gross lease meaning tenant pays flat rate

Question 30

Tenants under a net lease pay:

Answer 30

Rent plus a portion of the property expenses, such as taxes, maintenance or utilities

Question 31

Estates that are created by statue or a law

Answer 31

Statutory Estates

Question 32

What are the two most familiar statutory laws in Texas?

Answer 32

Property and Homestead

Question 33

What are the two primary purposes of Homestead laws?

Answer 33

Prevent the forced sale of the home by creditors, and provide a surviving spouse with shelter

Question 34

The homestead law prevents the forces sale of the homestead for all payment of debts with five exceptions:

Answer 34

Nonpayment of property, taxes, a mortgage lien , a mechanics and materialman’s lien, a property owners, association, fees, or dues, and a home equity loan

Question 35

A rule Homestead is limited to how many acres for a family unit and how many acres for an individual?

Answer 35

200 acres for a family unit and 100 acres for individual

Question 36

What are the most common equitable Estates?

Answer 36

Liens and easements

Question 37

What is a lien?

Answer 37

A claim against a property to secure payment for a debt

Question 38

Another word for lien is

Answer 38

Encumbrance

Question 39

What gives a buyer the right to purchase a property within a preset period At a preset price?

Answer 39

Option

Question 40

An easement

Answer 40

Gives one the right to use or pass over another’s property for a specific use

Question 41

What are the two categories of easements?

Answer 41

Easement in gross easement in appurtenant

Question 42

Easements can be created by

Answer 42

Grants, reservations, implied grants, prescription, necessity, condemnation

Question 43

The continuous use of the land over some time without the owners permission, can establish right to use the land

Answer 43

Prescription

Question 44

The unauthorized intrusion of another property into an enjoining property is called

Answer 44

Encroachment

Question 45

Another word for prescription is

Answer 45

Limitation

Question 46

Easements can be terminated by

Answer 46

Mergers, release, abandonment, and death

Question 47

When two properties become one and an easement terminates, it is called

Answer 47

A merger

Question 48

A claim, lien, charge, or a liability attached to an binding real property is called

Answer 48

An encumbrance

Question 49

Legally to remove an encumbrance you need

Answer 49

A release

Question 50

What is a lien?

Answer 50

A right given by law to certain creditors to have debts paid out of the property of a defaulting Debtor , usually there a court sale

Question 51

What is the most common example of a lien?

Answer 51

Mechanics and material men’s (M & M) liens

Question 52

What are the two different types of liens?

Answer 52

Specific and general

Question 53

True or false the lead paint disclosure is required for all properties built before 1978

Answer 53

True

Question 54

What is asbestos used for?

Answer 54

Insulate pipes, chimneys and roofs, problems, arise, and its removal because of the dust can be extremely hazardous

Question 55

What are green fields?

Answer 55

Parcels of land that have never been developed

Question 56

What are grey fields?

Answer 56

Parcels of land, capable of redevelopment

Question 57

What are Brownfields?

Answer 57

Sites known or suspected to be hazardous that are usually occupied by industrial manufacturers or chemical plants

Question 58

What is the most common private controls of land-use ?

Answer 58

(CC&Rs) covenants, conditions, and restrictions

Question 59

The right or privilege or improvement that belongs to and passes with land, but it’s not necessarily a part of the land

Answer 59

Appurtenance

Question 60

What water right gives the owner the right to use water from a river or stream on or next to the property?

Answer 60

Riparian rights

Question 61

Litoral rights given owner of the right to

Answer 61

Use water from a lake ocean or sea next to the property

Question 62

If a land owner sues the government in order to force it to buy his or her land, this is called

Answer 62

Inverse condemnation

Question 63

Releases can terminate

Answer 63

Easements

Question 64

In order to be valid, a lease must have

Answer 64

Competent parties, consideration, and Legal purpose