Property Ownership

Question 1

Any item that may be owned by a business or artificial person,such as a business entity or trust

The two types of property
• real property: A parcel (piece) of land
•Personal property an item that may be owned by a person, ab artificial person,and is not a real property

Answer 1

Property

Question 2

A real property owner owns everything above and below of their land

Answer 2

The doctrine of adcoelum

Question 3

Attached natural property:This includes things such as trees or minerals embedded in the ground of the property

Attached artificial property: This includes things such as buildings or sewer piping embedded in the ground of the property

Answer 3

Attached natural property vs
Attached artificial property

Question 4

Property that possessed by a larger entity and cannot be removed from the real property

Some examples be a driveway garage, large trees or shrubs,etc

Answer 4

Appurtenances

Question 5

Surface rights: the rights of the landowner to occupy and use the surface of the land as desired

Air rights: the rights of the landowner to of the land as desired

Mineral rights: the rights of the owner to use the minerals embedded within the land desired

Answer 5

Surface, air, and mineral rights

Question 6

Items that been affixed on the land with the intent that the improvement shall remain on the land indefinitely such as buildings,sheds, garages,fences,and other similar items

Real property includes such improvement that have been added to the land

Answer 6

Improvements

Question 7

A bare piece of land that has no Improvements upon it
Improvements on the property are significant factors in determining the value of the land therefore,bare land is cheaper that similar land that has improvements

Answer 7

Lot or parcel of land

Question 8

Personal Property that has been attached to real property with the intent to leave the fixture attached indefinitely

Answer 8

Fixture

Question 9

Cultivated crops that are generally owned by the seed

Answer 9

Emblements

Question 10

Fixtures installed by a commercial property tenant for the use of the commercial business (e.g, a business sign commercial grade kitchen supplies etc)

Trade fixtures are not installed with the intent to remain indefinitely; these items are installed with the intent to remain until the business will no longer use the premises.When the commercial tenant leaves, So do the trade fixtures

Answer 10

Trade fixtures

Question 11

Tangible personal property: A movable and existent item that can be used or consumed

Intangible personal property: An item of value that cannot be physically felt or touched

Answer 11

Tangible personal property vs
Intangible personal property

Question 12

A document that identify the personal property to be sold and is signed by both the buyer and seller of the property

Answer 12

Bill of sale

Question 13

Freehold estates: An indefinite duration of ownership of a property

leasehold estate: definite duration of the use of a property and is not a form of ownership

Answer 13

Freehold estates vs.leasehold estates

Question 14

Property that is owned and controlled by the purchaser with the rights to do whatever they please on their property, provided local and federal laws are upheld

Answer 14

Fee simple absolute

Question 15

Ownership interests that terminate present ownership if a specified event (stated in a conveyance) occurs

Answer 15

Freehold estates Defeasible fees

Question 16

The property interest termination is contingent on death

Answer 16

life estate

Question 17

The property interest termination is contingent on life of the grantor or that of a third person, rather than the grantees life

Answer 17

Life estate
Pur Autre vie

Question 18

The right of the original owner who sells their property but will regain ownership of that property after specific conditions have been met

Answer 18

Future interest reversion

Question 19

The right of someone designated by the original property owner,after having sold the property to receive said property after specific conditions have been met

Answer 19

Future interest remainders

Question 20

A lease that has determine expiration date

Answer 20

Tenancy for years

Question 21

A lease that renews on a periodic basis- such as week to week month to month

Answer 21

periodic tenancy

Question 22

A lease that indefinite in duration that either party may choose to terminate at will

Answer 22

Tenancy at will

Question 23

The tenant has stayed on the premises past the lease’s expiration without the landlord’s consent

This is known as being a holdover tenant however if the landlord accepts a lease payments from the tenant this creates a periodic tenancy

Answer 23

Tenancy at sufferance

Question 24

A legal or equitable claim against a property by non-owner
This is commonly referred to as clouds on title when a non possessory has interest in the property

Answer 24

Encumbrance

Question 25

The right to use someones else's land for a stated purpose Generally, this interest must be I. Writing between the grantor and grantee. The land is subject to the easement until it is terminated by merger release or abandonment (by the easement holder)

Answer 25

Encumbrance Easement

Question 26

When two properties are joining together under same title

Answer 26

Merger

Question 27

An easement of (servient estate) that allows another's land (dominant estate) to use and benefit off the servient estate

Answer 27

Easement Appurtenant easement

Question 28

An easement held by a particular person to use the land for that's person's benefit The land is a servient estate but no dominate estate

Answer 28

Easement in gross

Question 29

An implied easement that is held by a private person who owns landlocked land and does not have a way to access the land This allows the landowner to use a reasonable route across other land so they may access their land looked parcel

Answer 29

Easement by necessity

Question 30

A claim that is attached to the land to secure payment on an underlying obligated

Answer 30

Encumbrance lien

Question 31

An unpermitted intrusion onto a neighboring property a physical structure that is extended above or below the surface (including plants)

Answer 31

Encumbrance: Encroachment

Question 32

Permission given by a landowner to enter and use land ( maybe oral written, require payment, or be revocable by the landowner)

Answer 32

Encumbrance License

Question 33

A legal notice (recorded) that there is a pending lawsuit regarding the real property's title

Answer 33

Encumbrance

Question 34

Ownership that is held by one person, or artificial person This is also called estate in severalty

Answer 34

Sole proprietor

Question 35

Ownership that is held by more than one person or artificial person, at the same time

Answer 35

Concurrent ownership

Question 36

Creates joint tenants and the right of survivorship This means that when one of the joint tenants dies, the interest of that owner will immediately be acquired by the remaining joint tenants The interest will not be able to be passed by the estate or will of the decedent because there is no interest to be conveyed

Answer 36

joint tenancy

Question 37

Property may not be transferred without the consent of both spouses

Answer 37

Tenancy by entirely

Question 38

Property owned by many persons

Answer 38

common interest ownership properties

Question 39

Property that have individual unit's within the property that are owned by individual owners but share ownership (and use) of the common areas

Answer 39

Condominiums and townhomes

Question 40

Buildings owned by a corporation, which them leases units to the corporations shareholders Shareholders purchase the corporations stock and receive bylaws and proprietary lease for their unit

Answer 40

cooperatives

Question 41

Properties that have multiple owners but can only used during certain times within a year

Answer 41

Time-Share

Question 42

A description of parcel of land's features that is sufficient for legal purposes It contains the land location, measurements and boundaries for the purposes of ownership it will also show how much land in the area the owner legally owns and where the adjacent landowner property begins

Answer 42

Legal description

Question 43

Legal description that use directions and compass degrees to measure a parcel of land The measurements describes the land in a clockwise motion from a referenced monument Example: Commercing at the street sign of walker avenue and 34th street, go 200 feet south then go 250 feet west

Answer 43

metes and bounds

Question 44

A legal description that uses meridians townships, ranges, tiers and sections to describe parcels This is also called the government Survey system

Answer 44

rectangular description

Question 45

Township: a division of parcel of land that has been subject to land survey; It contains 36; sections ( 36 square miles) Section: A piece of land one square mile area that forms one of the 36 subdivision of township ( 1 mile x 1 mile =640 acres) Acre: a measurement of land that is equal to 43,560 square feet

Answer 45

Township, Section and acre

Question 46

The physical measurements of the property boundaries (may show improvements encouragements, and zoning violations This creates or verifies a legal description monuments or makers, are used in this process to assist in determining property boundaries

Answer 46

Land survey

Question 47

A legal description that uses a plat map recorded by the property owner to describe a parcel of land Generally, plat maps are recorded in residential areas and each parcel within is referred to as a lot within these maps, the description will designate a plat name and lot number. This is completed prior to obtaining building permits for the properties within the plat

Answer 47

Recorded plat

Question 48

What the two main classes of property?

Answer 48

A. Choice B shows from of real property and Personal Property. Choices C and D are types of real property

Question 49

Owning land does NOT include which rights? A. Surface rights B. Air rights C.Past Ownership Rights D.Mineral Rights

Answer 49

C. Choices A, B, and D are present and future rights included in land ownership

Question 50

Which of the following is real property? A. Emblements B.Appuretenances C.Cars D. Trade Fixtures

Answer 50

B: Appurtenances are a part of the real property that cannot be removed withOut causing significant damage. Emblements are cultivated crops that are generaily owned by the planter of the seed. Cars are movabie objects that are not connected to real property. Trade fixtures are personal property installed on real property by commercial tenants, but they are not instailed with the intent to remnain indefiitely.

Question 51

Gabriel has a freestanding refrigerator in his house. What is the classification of this fridge? A. Fixture B. Trade fixture C. Personal property D. Improvement

Answer 51

C: The fridge is not attached to his real property making it his personal property. A fixture and an improvement must be installed upon the real property. A trade fixture, although considered personal property, is attached to commercial properties. Here, Gabriel has the fridge in his residential property.

Question 52

Helena has entered a purchase agreement for the sale ofa home and farmnland. Which of che following i NOT covered under the purchase agreement? A lnstaled shelf B. Planted crops C inecalied idge D Panted trees

Answer 52

B: Planted crops are emblements, and emblements are personal property that are not subject to a purchase agreement (uniess there was a bill of sale or the crops were part of the listing). Choices A and C are fixtures Planted trees are natural improvements and are Considered appurtenances.