Chapter 8: Real Property Rights

Question 1

_____ is physical, tangible, and immobile. It includes the earth’s surface, subsurface, and air above the surface.

Answer 1

Real estate

Question 2

_____ includes anything growing on the land, anything permanently attached, and all improvements.

Answer 2

Real estate

Question 3

_____ includes real estate, plus legal rights to own or use the property.

Answer 3

Real property

Question 4

Riparian rights are rights of an owner whose property borders on _____ water.

Answer 4

flowing: riparian = river

Question 5

Littoral rights are rights of an owner whose property borders on _____ water.

Answer 5

non-flowing: littoral = lake

Question 6

_____ is the loss of soil that is carried away by moving water.

Answer 6

Erosion

Question 7

_____ is an increase in land area caused by the erosion of other areas.

Answer 7

Accretion

Question 8

_____ soil is soil resulting from accretion.

Answer 8

Alluvion

Question 9

_____ is a sudden loss of or addition to land, usually caused by violent flooding or changes in rivers.

Answer 9

Avulsion

Question 10

Personal property can also be called _____ or _____.

Answer 10

personalty

chattels

Question 11

A _____ is an item that was once personal property, but has since been installed and become part of the real estate.

Answer 11

fixture

Question 12

The process of attaching fixtures to real estate is called _____, removing it would be _____.

Answer 12

attachment

severance

Question 13

Courts use 4 tests to determine whether something is real or personal property (IRMA):

1. _____
2. _____
3. _____
4. _____

Answer 13

Intent of the parties
Relationship of the parties
Method of annexation (attachment)
Adaptation (necessary to the property?)

Question 14

The bundle of rights to a property is referred to as _____.

Answer 14

title

Question 15

_____ are items of personal property that have been attached to the property to perform a certain trade.

Answer 15

Trade fixtures

Question 16

The “sticks” in the full bundle of rights to a property are:

1. _____
2. _____
3. _____
4. _____

Answer 16

Disposition
Use
Possession
Exclusion

Question 17

A(n) _____ is an individual’s rights in a property; an interest in a property that identifies the quality and quantity of rights held.

Answer 17

estate

Question 18

A party entitled to rights in a property is a(n) _____. This includes property owners.

Answer 18

tenant

Question 19

A _____ is an estate involving ownership. Anyone who owns real property has this.

Answer 19

freehold estate

Question 20

In a(n) _____, the owner has the complete bundle of rights. Most desirable and most common.

Answer 20

fee simple estate

Question 21

In which type of fee simple estate is there a sole owner?

Answer 21

Estate/tenancy in severalty

sever all ties = by yourself

Question 22

In which type of fee simple estate do multiple people share an estate, and the estate is inheritable or may be left in a will?

Answer 22

estate/tenancy in common

Question 23

In which type of fee simple estate do multiple people share an estate, and a right of survivorship applies (upon the death of a tenant, interest passes to the surviving tenants)?

Answer 23

Joint estate/tenancy

Question 24

In a joint tenancy, if a tenant sells his/her interest, it is converted to a _____.

Answer 24

tenancy in common

Question 25

In which type of fee simple estate does a marriage hold estate?

Answer 25

Tenancy/estate by the entireties

Question 26

In an tenancy by the entireties, divorce converts the ownership to a _____.

Answer 26

tenancy in common

Question 27

In a(n) _____, one person conveys ownership to another for the remainder of their lifetime.

Answer 27

life estate

Question 28

In a life estate, the right to regain ownership to yourself or your heirs is called a _____.

Answer 28

reversion estate

Question 29

In a life estate, if someone other than the original owner is to receive rights upon death the current owner, it's called a _____.

Answer 29

remainder estate

Question 30

A remainderman who is certain to receive rights is called a _____.

Answer 30

vested remainderman

Question 31

A remainderman who is uncertain to receive rights is called a _____.

Answer 31

contingent remainderman

Question 32

A life tenant would have an estate in _____ whereas a remainderman would have an estate in _____.

Answer 32

possession | expectancy

Question 33

An estate in which the tenant does NOT have ownership of the property is called a _____.

Answer 33

nonfreehold estate/tenancy

Question 34

A tenancy _____ has no definite time limit and can be terminated at any time by the landlord or the tenant.

Answer 34

at will

Question 35

A _____ or lease hold estate is a lease for a specific period of time.

Answer 35

tenancy/estate for years

Question 36

A tenancy for years must be _____ by all parties and _____ by 2 people.

Answer 36

signed | witnessed

Question 37

tenancy = _____

Answer 37

estate

Question 38

In a ______, a tenant occupies real estate in the absence of any agreement, such as when a tenant "holds over" after lease expiration.

Answer 38

tenancy at suffrance

Question 39

_____ provides that a surviving spouse receive 30% of the decedent's real and personal property owed at the time of death.

Answer 39

Elective share

Question 40

Elective share is not automatic and must be filed within _____ months of the date of first public notice.

Answer 40

4

Question 41

If someone dies without a will, they've died _____.

Answer 41

intestate

Question 42

Without a will, a surviving spouse receives approximately _____ of the property after their spouse's death, with the remaining divided among all lineal descendants.

Answer 42

one half

Question 43

A _____ is any property owned by the head of a household who resides therein.

Answer 43

homestead

Question 44

Superior liens _____ cause forced foreclosure of a homestead property.

Answer 44

can

Question 45

Homestead property can be sold at foreclosure for nonpayment of any lien except a _____ against the head of the household.

Answer 45

judgement lien

Question 46

Homestead protection is limited to _____ acre(s) within municipalities, and _____ acre(s) outside of municipalities.

Answer 46

1/2 | 160

Question 47

Upon the death of a married owner of a homestead property with children, the surviving spouse is entitled to a _____ and lineal descendants would become _____.

Answer 47

life estate | vested remaindermen

Question 48

By law, a developers of condos must file a ______ to create a condo association and execute a _____ conveying title to the association.

Answer 48

declaration | master deed

Question 49

Ownership of a condo includes _____ ownership of the common areas.

Answer 49

fractional

Question 50

true/false: Ownership of a condo can be in any estate type in real property recognized by law.

Answer 50

true

Question 51

New condo buyers are allowed a _____ rescission period. Resale condo buyers are allowed a _____ rescission period.

Answer 51

15 day | 3 business day

Question 52

Co-op owners buy shares of stock which in turn gives them a _____to the real property.

Answer 52

proprietary lease

Question 53

A timeshare is a condo further subdivided into ______.

Answer 53

time periods

Question 54

Timeshare owners who own in fee simple have a ______ with the other owners.

Answer 54

tenancy in common

Question 55

Timeshare ownership is also known as _____ ownership.

Answer 55

interval

Question 56

Timeshares can also be conveyed as _____, converting into a tenancy in common after X years.

Answer 56

tenancy for years

Question 57

A _____ day cooling off period must be provided for the purchase of new timeshares during which the contract can be cancelled by giving written notice to the seller.

Answer 57

10

Question 58

Salaried managers of condos, timeshares, and co-ops are required to have _____ licenses.

Answer 58

Community Association Manager (CAM)