Property Ownership and Interests

Question 1

Bundle of Rights

Answer 1

Sell any rights to, interests in, and title to real property that affects the value of the real property.

Question 2

Deed

Answer 2

Conveys real property only and cannot convey personal property

Question 3

Bill of sale

Answer 3

Ownership of personal property is transferred and evidenced by a document called

Question 4

Chattel

Answer 4

Personal property

Question 5

Fixture

Answer 5

An improvement both on and to the land

Question 6

Emblements

Answer 6

Crops such as corn, wheat and other garden vegetables that are planted annually by labor and industry

Question 7

Estate in real property

Answer 7

An interest in property sufficient to give the holder of the estate the right to possession of the property,

Question 8

Freehold Estate

Answer 8

Ownership for an undetermined length of time

Question 9

Fee Simple Absolute

Answer 9

The most complete form of ownership and bundle of rights available in real property.

Question 10

Convey

Answer 10

Pass to another, a life estate in reversion or in remainder

Question 11

Defeasible

Answer 11

Destructible or defeatable

Question 12

Life Estate

Answer 12

Ownership, possession, and control for the life of someone

Question 13

Pur Autre Vie

Answer 13

A life estate may also be based on the lifetime of a person other than the life tenant

Question 14

Dower

Answer 14

Automatic life estate owned by a surviving spouse in inheritable real property owned by the deceased spouse alone during the marriage

Question 15

Leasehold Estate or

nonleasehold estate

Answer 15

Limited duration.

Question 16

Estate of years

Answer 16

Exists only for a fixed period of time

Question 17

Estate from Year to Year

Answer 17

Automatically renew itself for another term at the end of each period unless one party gives notice to the other

Question 18

Estate at Will

Answer 18

May be terminated by either party at will by simply giving notice to the other party.

Question 19

Estate at Sufferance

Answer 19

A tenant who originally was in lawful

Question 20

Ownership in Severalty

Answer 20

Title to real property is held in the name of only one person or entity

Question 21

Concurrent Ownership

Answer 21

Simultaneous ownership of real property by two or more people (co-ownership)

Question 22

Right of Survivorship

Answer 22

If one (or more) of the co-owners dies, the surviving co-owners automatically receive the interest of the deceased co-owner.

Question 23

Right of Inheritance

Answer 23

Co-owners share of the real estate will pass at his/her death to his/her heirs or in accordance with his/her last will and testament

Question 24

Unites of Ownership

Answer 24

Time, Title, Interest, and Possession

Question 25

Tenancy in Common

Answer 25

By two or more persons holding title to a property at the same time ex) Business partners

Question 26

Joint Tenancy

Answer 26

Co-ownership requires all four unities of time, title, interest and possessions

Question 27

Tenancy by the Entirety

Answer 27

Limited to husband and wife | must be married

Question 28

MI Condo Act

Answer 28

A prospective purchaser of new construction condo must be provided detailed information concerning construction & proposes operating procedures

Question 29

Cooperative

Answer 29

The buildings, land, all real property rights, and interests are owned by a corporation in severalty. *No Deed*

Question 30

Timesharing

Answer 30

Combines the ownership of a condominium (or other separate unit) in fee with the sharing of use of the unit by many owners - You have your time with the place