Property 1

Question 1

In a legal sense, property is often referred to as a ___ of rights

Answer 1

Bundle

Question 2

The right to make decisions about and altercations to the property (often limited by local regulations, HOA agreements, historical status.)

Answer 2

Control

Question 3

The right to sell, give away, destroy property.

Answer 3

Disposition

Question 4

the right to use the property as you see fit, without onerous outside interference.

Answer 4

Enjoyment/Use

Question 5

the right to keep other from using or entering your property or to remove them.

Answer 5

Exclusion

Question 6

What are the Four Types of Properties?

Answer 6

Real Property, Personal Property, Intellectual Property, & Fixtures

Question 7

Land and things that are attached to land and immovable (primarily buildings)

Answer 7

Real Property

Question 8

encompasses any tangible or intangible item of value that a person can own, excluding real property (land and things permanently attached to it).

Answer 8

Personal Property

Question 9

physical, movable objects; books, boats, care, computers.

Answer 9

Tangible

Question 10

Property with no physical form - money in a bank account, stocks and bounds (etc)

Answer 10

Intangible

Question 11

a form of intangible personal property that represents ownership of an idea: copyrights, patents, and trademarks.

Answer 11

Intellectual property

Question 12

often refers to appliances that starts as personal property and then becomes semi permanently attached to real property

Answer 12

Fixtures

Question 13

are rights that have become fully effective

Answer 13

Vested Property rights

Question 14

depend on some future condition to become effective.

Answer 14

Contingent property rights

Question 15

means sole ownership by one person

Answer 15

Severalty Ownership

Question 16

is property held simultaneously by 2+ people, and comes in 3 forms

Answer 16

Concurrent ownership

Question 17

Types of Joint Ownership

Answer 17

Tenancy by the entirety (married couples, 100% right of survivorship)
Joint Tenancy- 50/50, right of survivorship)
Tenancy in Common- 50/50, no R.O.S)

Question 18

A person’s ownership of real property is often reffered to as an ___ or an ____ in land and comes in a variety of forms

Answer 18

Estate/Interest

Question 19

often referred as the “true owner of the land’’ - can pass that interest in the land onto heirs.

Answer 19

Fee simple

Question 20

gives a person an interest in land for their life, which cannot be passed onto heirs

Answer 20

Life estate

Question 21

the person who owns the land and gives a life estate to another is called

Answer 21

The Grantor

Question 22

The grantor may choose to pass the property on (fully or in the form of a life estate) to another person after a life estate expires. such recipient is called

Answer 22

Remainderman

Question 23

allows a tenant a possessory interest in land for a period of time.

Answer 23

Leasehold

Question 24

convey not an interest in real property, but a limited right to access and use.

Answer 24

Easements and Licenses

Question 25

are legally enforceable rights to use or access the lands of others for a particular purpose - that the owner may not be able to forbid

Answer 25

Easements

Question 26

is a temporary permission to use land, such as the owner of a forest granting permission to hunters or fisherman.

Answer 26

License

Question 27

Is a process by which someone without title can acquire title in another persons land.

Answer 27

Adverse Possession

Question 28

Adverse Possession Requirements

Answer 28

Hostile, Adverse (against the owners interest), open and notorious (not hidden), & Continuous for 10/20 years

Question 29

the adverse possessor can bring an action to ___ and claim the land for themselves

Answer 29

Quiet title

Question 30

is a legal proceeding to establish or confirm ownership of real property against anyone and everyone.

Answer 30

Quiet title