Property Ownership, Land Use Contract

Question 1

appurtenances

Answer 1

a. Anything affixed (attached) to or used with land for its benefit that is transferred with the land. (Real Estate Principlesm, Real Estate Practice). b. Anything used with land for its benefit, either affixed to land or used with it, that will pass with the conveyance of the land. (Fundamentals of Real Estate Appraisal). c. Something that belongs to and goes with property (examples are a structure and easement rights). (Real Estate Law).

Question 2

appurtenant easement

Answer 2

An easement right that is transferred along with title to the land that benefits from the easement.

Question 3

building codes

Answer 3

a. Standards for building, planning, and construction established by state law and local ordinance. (Real Estate Principles). b. Standards for building, planning, and construction established by state law and local ordinance. (Real Estate Practice). c. Rules of local, municipal, or state governments specifying minimum building and construction standards for the protection of public safety and health. (Fundamentals of Real Estate Appraisal). d. An ordinance that specifies minimum standards of construction for buildings to protect public safety and health. (Real Estate Economics).

Question 4

bundle of rights

Answer 4

a. The legal rights of ownership of real property, including the rights of possession, use, disposition, and exclusion of others from the property. (Real Estate Principles, Real Estate Practice). b. All of the ownership rights in real estate. (Real Estate Finance). c. All beneficial rights that go with ownership of real property. (Real Estate Law). d. A term often applied to the rights of ownership of real estate, including the rights of using, renting, selling, or giving away the real estate or not taking any of these actions. (Fundamentals of Real Estate Appraisal).

Question 5

CC&R’s

Answer 5

Covenants, conditions, and restrictions; limitations on land use imposed by deed, usually when land is subdivided, as a means of regulating building construction, density, and use for the benefit of other property owners; may be referred to simply as restrictions.

Question 6

concurrent estate

Answer 6

More than one estate interest in a property at the same time (such as a leasehold estate in a fee simple ownership).

Question 7

down-zoning

Answer 7

A change in zoning to a more restrictive use.

Question 8

easement

Answer 8

a. The right to a specific use of or the right to travel over the land of another. The land being used or traveled over is the servient tenement; the land that is benefited by the use is the dominant tenement. An easement appurtenant is a property interest that belongs to the owner of the dominant tenement and is transferred with the land; an easement in gross is a personal right that usually is not transferable by its owner. (Real Estate Principles, Real Estate Practice). b. Access rights over someone else’s property. (Real Estate Finance). c. A right the owner of one property has to the land of another. (Real Estate Law). d. A right to use the land of another for a specific purpose, such as a right-of-way or for utilities; a nonpossessory interest in land. An easement appurtenant passes with the land when conveyed. (Fundamentals of Real Estate Appraisal). e. A right to use the land of another for a specific purpose, such as for a right-of-way or utilities; an incorporeal interest in land because it does not include a right of possession. (Real Estate Economics).

Question 9

easement by prescription

Answer 9

a. Acquiring a specific use of or the right to travel over the land of another by statutory requirements similar to those for adverse possession. (Real Estate Principles, Real Estate Practice) b. An easement obtained through five years’ continuous, open, notorious, and hostile use of the property of another under a claim of right. (Real Estate Law)

Question 10

encroaching

Answer 10

a. The unlawful intrusion of a property improvement onto adjacent property. (Real Estate Principles, Real Estate Practice). b. Improvements overlapping adjoining property. (Real Estate Finance). c. An intrusion into, over, or under the land of another. (Real Estate Law). d. A building, wall, or fence that extends beyond the land of the owner and illegally intrudes on land of an adjoining owner or a street or an alley. (Fundamentals of Real Estate Appraisal).

Question 11

encumbrances

Answer 11

a. Anything that affects or limits the fee simple title to or affects the condition or use of real estate. (Real Estate Principles, Real Estate Practice). b. Any lien against a property or any restriction in its use, such as an easement; a right or interest in a property held by one who is not the legal owner. (Real Estate Finance). c. Any lien (such as a mortgage, tax lien, or judgment lien), easement, restriction on the use of land, outstanding dower right, or other interest that may diminish the value of property to its owner. (Fundamentals of Real Estate Appraisal). d. Anything—such as a mortgage, tax, or judgment lien; an easement; a restriction on the use of the land; or an outstanding dower right—that may diminish the value or use and enjoyment of a property. (Real Estate Economics).

Question 12

estate at sufferance

Answer 12

The occupancy of a tenant after the lease term expires.

Question 13

estate for years

Answer 13

a. A tenancy for a fixed term. (Real Estate Principles, Real Estate Practice). b. A leasehold estate that continues for a specified period of time. It is not ordinarily terminated by death of either party or by the sale of the property. (Property Management).

Question 14

fee simple defeasible

Answer 14

a. An interest in land, such as a fee simple conditional or fee simple with special limitation, that may result in the estate of ownership being defeated. (Real Estate Principles, Real Estate Practice). b. Any limitation on property use that could result in loss of the right of ownership. (Fundamentals of Real Estate Appraisal)

Question 15

fee simple estate

Answer 15

The greatest interest in real property one can own, including the right to use the property at present and for an indeterminate period of time in the future.

Question 16

fixtures

Answer 16

a. Anything permanently attached to land or improvements so as to become real property. (Real Estate Principles, Real Estate Practice). b. Article of personal property attached permanently to a building or land so that it becomes part of the real property. (Real Estate Finance). c. Items of personal property that have become so attached to realty as to become real property. (Real Estate Law). d. Anything affixed to land, including personal property attached permanently to a building or to land so that it becomes part of the real estate. (Fundamentals of Real Estate Appraisal). e. An item of personal property that has been converted to real property by being permanently affixed to the realty. (Real Estate Economics).

Question 17

freehold estate

Answer 17

a. An estate in land in which ownership is for an indeterminate length of time, as in a fee simple or life estate. (Real Estate Principles, Real Estate Practice). b. See fee simple absolute title (fee simple). (Real Estate Finance). c. Fee simple or life estates. (Real Estate Law).

Question 18

general liens

Answer 18

a. Lien on all property of the debtor.(Real Estate Principles). b. A lien against all of the property of the debtor rather than specific property. (Real Estate Law). c. A lien on all property of a debtor, both real and personal. (Real Estate Finance).

Question 19

“grandfather” clause

Answer 19

A provision that exempts pres- ent users from a requirement, such as zoning, and allows existing nonconforming uses.

Question 20

injunctions

Answer 20

a. A writ or an order issued by a court to restrain one or more parties to a suit or proceeding from doing an act deemed to be inequitable or unjust in regard to the rights of some other party or parties in the suit or proceeding. (Real Estate Principles, Real Estate Practice). b. A court order to desist from some activity. (Real Estate Law)

Question 21

joint tenancy

Answer 21

a. Ownership of property by two or more co-owners, each of whom has an equal share and the right of survivorship. (Real Estate Principles, Real Estate Practice). b. Realty ownership entity with automatic survivorship. (Real Estate Finance). c. Undivided ownership by two or more persons with the right of survivorship. (Real Estate Law). d. Ownership of real estate between two or more parties who have been named in one conveyance as joint tenants. On the death of a joint tenant, the decedent’s interest passes to the surviving joint tenant(s) by the right of survivorship. (Fundamentals of Real Estate Appraisal).

Question 22

liens

Answer 22

a. An encumbrance that makes property security for the payment of a debt or discharge of an obligation; a voluntary lien is one agreed to by the property owner, such as a deed of trust; an involuntary lien exists by operation of law to create a burden on property for certain unpaid debts, such as a tax lien. (Real Estate Principles, Real Estate Practice). b. A legal claim against property as security for a debt. (Real Estate Finance). c. An encumbrance against real property that can be foreclosed. (Real Estate Law). d. A right given by law to certain creditors to have their debts paid out of the property of a defaulting debtor, usually by means of a court sale. (Fundamentals of Real Estate Appraisal, Real Estate Economics).

Question 23

life estate

Answer 23

An interest in real property conveying the right to possession and use for a term measured by the life or lives of one or more persons, most often the holder of the life estate.

Question 24

lis pendens

Answer 24

a. A notice of a pending lawsuit in which an interest in real property is involved. (Real Estate Law). b. Indicates that a lawsuit is in process. (Real Estate Finance).

Question 25

littoral rights

Answer 25

a. Right to use of water from a lake or other body of still water by adjoining property owners. (Real Estate Principles). b. Rights of a landowner to reasonable use of water from lakes, seas, or oceans (nonflowing water) bordering his or her property. (Real Estate Law).

Question 26

master plan

Answer 26

a. The general plan; the comprehensive, long-term land-use plan for a jurisdiction. (Real Estate Principles). b. A comprehensive government plan to guide the long-term physical development of a particular area. (Real Estate Economics).

Question 27

mechanic's liens

Answer 27

a. A statutory lien against real property in favor of persons who have performed work or furnished materials for the improvement of the property. (Real Estate Principles, Real Estate Practice). b. Imposed against property for nonpayment of labor fees. (Real Estate Finance). c. A statutory lien created in favor of contractors, laborers, and materialmen who have performed work or furnished materials in the erection or repair of the building. (Property Management). d. A lien created by statute that exists in favor of contractors, laborers, or materialmen who have performed work or furnished materials in the erection or repair of a building. (Fundamentals of Real Estate Appraisal). Statutory liens by improvers of property for labor, material, and equipment.

Question 28

percentage lease

Answer 28

a. Provides for rent as a percentage of the tenant’s gross income, usually with a minimum base amount; the percentage may decrease as the tenant’s income increases. (Real Estate Principles, Real Estate Practice). b. A common retail lease requiring the tenant to pay a percentage of its gross income as rental consideration. (Property Management). c. A lease commonly used for commercial property that provides for a rental based on the tenant’s gross sales at the premises. It generally stipulates a base monthly rental, plus a percentage of any gross sales exceeding a certain amount. (Fundamentals of Real Estate Appraisal). d. A lease, commonly used for commercial property, whose rental is based on the tenant’s gross sales at the premises; it usually stipulates a base monthly rental plus a percentage of any gross sales above a certain amount. (Real Estate Economics).

Question 29

personal property

Answer 29

a. All property that is not real property. (Real Estate Principles, Real Estate Practice). b. Movable property that does not fit the definition of realty. (Real Estate Finance). c. Chattels. (Real Estate Law). d. Items that are tangible and movable and do not fit the definition of realty; chattels. (Fundamentals of Real Estate Appraisal).

Question 30

police power

Answer 30

a. The right of government to enact laws and enforce them to benefit the public health, safety, and general welfare. (Real Estate Principles, Real Estate Practice). b. The government’s authority to regulate the use of real estate. (Real Estate Finance). c. The power of the government to regulate use for health, safety, morals, and general welfare. (Real Estate Law). d. The right of the government to impose laws, statutes, and ordinances to protect the public health, safety, and welfare; includes zoning ordinances and building codes. (Fundamentals of Real Estate Appraisal). e. The government’s right to impose laws, statutes, and ordinances, including zoning ordinances and building codes, to protect the public health, safety, and welfare. (Real Estate Economics).

Question 31

private restrictions

Answer 31

The covenants, conditions and restrictions (CC&Rs) found in the typical declaration of restrictions filed by a subdivision developer and incorporated by reference in the deed to each subdivision lot.

Question 32

public report

Answer 32

a. Real Estate Commissioner’s report on a subdivision, including plans for improvements. (Real Estate Principles). b. A disclosure statement required under the Subdivided Lands Law. A purchaser is not obligated until he or she has read the report and signed a receipt. ( Real Estate Law).

Question 33

real property

Answer 33

a. See real estate. (Real Estate Principles, Real Estate Practice, Real Estate Finance). b. The earth’s surface extending downward to the center and upward into space, including all things permanently attached thereto, by nature or by human hands. (Property Management). c. Land and those appurtenances that go with the land. (Real Estate Law). d. The rights of ownership of real estate, often called the bundle of rights; for all practical purposes, synonymous with real estate. (Fundamentals of Real Estate Appraisal). e. Land, things fixed to the land (e.g., buildings, roads, walls, natural and planted vegetation), and appurtenances including incidental rights such as easements. The interests, benefits, and rights inherent in the ownership of real estate. (Real Estate Economics).

Question 34

riparian rights

Answer 34

a. The right of a landowner whose property borders a lake, river, or stream to the use and enjoyment of the water adjacent to or flowing over the property, provided the use does not injure other riparian landowners. (Real Estate Principles, Real Estate Practice). b. Right of a landowner to water flowing through, under, or adjacent to his or her property. (Real Estate Law). c. Rights of an owner of land that borders on or includes a stream, river, lake, or sea. These rights include definition of (and limitations on) access to and use of the water, ownership of streambed, navigable water, and uninterrupted flow and drainage. (See also accretion.) ( Fundamentals of Real Estate Appraisal).

Question 35

severalty

Answer 35

Ownership in severalty is ownership by one individual or corporation alone.

Question 36

special assessment liens

Answer 36

a. Appropriation in the form of a tax on property that is enhanced by the addition or renovation of improvements, such as a lightrail line. b. Tax assessments for improvements, such as streets and sewers. Liens for special assessments are priority liens. (Real Estate Law). c. A charge against real estate made by a unit of government to cover the proportional cost of an improvement, such as a street or sewer. (Fundamentals of Real Estate Appraisal). d. A tax or levy customarily imposed against only those specific parcels of real estate that will benefit from a proposed public improvement like a street or sewer. (Real Estate Economics).

Question 37

specific lien

Answer 37

a. Creditor’s right in identified property of the debtor. (Real Estate Principles). b. Lien against a specified property of the debtor. (Real Estate Finance). c. A lien against particular property only, such as a trust deed, mechanic’s lien, or tax lien. (Real Estate Law).

Question 38

Subdivided Lands Act

Answer 38

a. Part of the California Real Estate Law found in the Business and Professions Code that regulates the formation, marketing, and financing of subdivisions under the authority of the Real Estate Commissioner. Information on zoning and planning laws can be found at www.ceres.ca.gov/planning/ planning_guide/plan_index.html. (Real Estate Principles). b. A disclosure law to protect purchasers of subdivided parcels. A public report is required for subdivisions of five or more parcels. (Real Estate Law).

Question 39

Subdivision Map Act

Answer 39

a. Part of the Government Code that sets out the procedure for filing a subdivision plan when property is divided into two or more parcels. Information on subdivisions can be found at www.ceres.ca.gov/ planning/planning_guide/plan_index.html. (Real Estate Principles). b. An act providing local control of the physical aspects of land divisions. (Real Estate Law).

Question 40

tenancy in common

Answer 40

a. Co-ownership of property in equal or unequal shares by two or more persons, each holding an undivided interest without right of survivorship. (Real Estate Principles, Real Estate Practice). b. Undivided interest in property without the right of survivorship. (Real Estate Law). One of the co-owners in a tenancy in common who share the four unities of time, title, interest, and possession

Question 41

title vesting

Answer 41

Time at which title to real estate is transferred to new owner.

Question 42

trade fixtures

Answer 42

a. Articles of personal property that are attached by a business tenant to real property that are necessary to the carrying on of a trade and are removable by the tenant. (Real Estate Principles, Real Estate Practice). b. A fixture installed by a commercial or industrial tenant under the terms of the lease and removable by the tenant before the lease expires. (Property Management). c. Fixtures installed by a tenant for the purpose of conducting a business or trade. The trade fixture remains personal property and can be removed by the tenant. (Real Estate Law). d. Articles of personal property installed by a commercial tenant under the terms of a lease. Trade fixtures are removable by the tenant before the lease expires and are not true fixtures. (Fundamentals of Real Estate Appraisal).

Question 43

writ of execution

Answer 43

Court order directing the sheriff or another officer to satisfy a money judgment out of the debtor’s property, including real estate not exempt from execution.

Question 44

zoning

Answer 44

a. An act of city or county government specifying the possible uses of property in a particular area. (Real Estate Principles, Real Estate Practice). b. The right of a community, under its police power, to dictate the use of property within its boundaries. (Real Estate Finance). c. Public control of land use enacted under police power for the health, safety, morals, and general welfare of the community. (Real Estate Law). d. Municipal or county regulation of land use within designated districts or zones. Zoning is an application of a state’s police power to regulate private activity by enacting laws that benefit the public health, safety, and general welfare. Zoning may affect use of the land, lot sizes, type of structure permitted, building heights, setbacks, and density. (Fundamentals of Real Estate Appraisal). e. A regulatory tool that helps communities regulate and control how land is used. (Real Estate Economics).

Question 45

zoning laws

Answer 45

a. Local laws, regulations, and codes requiring compliance with designated land uses. (Real Estate Principles). b. An exercise of police power by a municipality to regulate and control the character and use of property. (Real Estate Economics). c. Regulation of the character and use of property by a municipality or other government entity through the exercise of its police power. (Fundamentals of Real Estate Appraisal).