Quiz #1 review

Question 1

The term Real Estate Includes

Answer 1

The land and the improvements and the right to use them

Question 2

What are the physical characteristics of land?

Answer 2

Starts at the center of the earth and passes through earth’s surface and continues into space. Indestructible, Immoveable, Nonhomogeneous

Question 3

What are the Economic characteristics of land?

Answer 3

Scarcity, Situs, Improvability, Fixity

Question 4

The rights that a property owner enjoys on a body of flowing water is known as?

Answer 4

Riparian Rights

Question 5

The rights which a property owner enjoys on a lake or sea is known as?

Answer 5

Littoral Rights

Question 6

What is a fixture

Answer 6

An object that has been attached to the land physically to become real estate

Question 7

What are the tests to determine if an object is a fixture or personal property?

Answer 7

M A R I A
~MODIFICATION
~ATTACHMENT
~RELATIONSHIP OF THE PARTIES
~INTENTIONS OF THE ANNEXING PARTY
~AGREEMENT

Question 8

A method of describing property using points, angles, and distances is called

Answer 8

Metes and Bounds

Question 9

What property rights are retained by the government under the allodial system of property ownership?

Answer 9

P E T E

~Police Power
~eminent domain
~taxation
~escheat

Question 10

The most common and inclusive form of ownership is

Answer 10

Fee Simple

Question 11

What are the five methods of creating an easement?

Answer 11

1. Grant
2. Reservation
3. Condemnation
4. Necessity
5. Prescription

Question 12

What is the difference between an easement appurtenant and a personal easement in gross?

Answer 12

An Easement appurtenant cannot be changed

Question 13

Ted has a right to use John’s property to fish in the lake whenever Ted chooses. If Ted’s right will terminate with the death of John and with the transfer of the property, it is MOST likely a:

Answer 13

Personal Easement

Question 14

A _______ lien is a lien on all the property of a person in a given jurisdiction.

Answer 14

Tax

Question 15

What type of lien is both voluntary and specific?

Answer 15

Mortgage

Question 16

Sally conveys a property to Ralph with the wording “so long as the property is never used for the sale of consumption of demon liquor.” If three years later Ralph opens a liquor store on the property, the estate will automatically terminate and revert back to Sally. True or False

Answer 16

True

Question 17

Upon his death, farmer John willed property to his wife Sue for the remainder of her life, upon her death, the property is to go to their son Elmo.
What estate does Sue have in the property?

Answer 17

Life Estate

Question 18

Upon his death, farmer John willed property to his wife Sue for the remainder of her life, upon her death, the property is to go to their son Elmo.
What estate does Elmo have in the property?

Answer 18

Elmo is the remainder person

Question 19

What is the difference between a commercial easement in gross and a personal easement in gross?

Answer 19

Easement in Gross:
is servient, but there is no dominant estate. Gas company lines, phone lines, electric lines. Personal easement:
An easement to hunt for deer and fish. Can’t assign it.

Question 20

How many acres are in the NE1/4 of the SE1/4 of the SW1/2 of Section 25? Show your work.

Answer 20

640 Acres in a section

1/4 x 1/4 x 1/16 = 1/32

640/ 32 = 20 ACRES

Question 21

How many acres are in the E1/4 of the S1/2 of the W1/4 and W1/4 of the S1/2 fo the NE1/4 of Section 25? Show your work.

Answer 21

1/4 X 1/2 X 1/4 = 32
32/640 = 20
+
1/4 X 1/2 X 1/4 = 32
32/640 = 20

= 40 ACRES

Question 22

What does the acronym PITT stand for:

Answer 22

PITT
~Possession
~Interest
~Title
~Time

Question 23

What are the four types of statutory estates created by law?

Answer 23

~DOWER - FOR WIFE
~CURTESY - FOR HUSBAND
~COMMUNITY PROPERTY
~HOMESTED PROTECTION

Question 24

Name and describe the five deed covenants.

Answer 24

~COMENANT OF:
SEIZEN - owner guarantees to be the owner and has the right to convey
~QUITE ENJOYMENT - guarantees that no one can come and take the property
~AGAINT ENCUMBERANCES - there are no liens
~OF FURTHER ASSUARNCE - provides any documents providing clear title
~WARRANTY FOREVER - if someone claims to own the land in the future, the grantee has the right to sue the grantor. (money back guarantee)

Question 25

What is the fifth unity of title for tenants by the entirety?

Answer 25

Unity of person - By the entirety, couples are one unit

Question 26

What does the acronym MARIA stand for and how is it applied?

Answer 26

M A R I A

~MOFICICATION
~ ATTACHMENT
~RELATIONSHIP OF THE PARTIES
~INTENTIONS OF THE ANNEXING PARTY
~AGREEMENT
To determine if a person’s property is real property

Question 27

A ______________ is a written supplement or amendment made to a previously existing will.

Answer 27

Codicil (change)

Question 28

A _________________ deed carries no warranties other than the grantors authority to convey the property.
a ______________ deed only warrants the property’s title during the grantor’s ownership.
a _____________ deed is used to clear title.
a _______________ deed contains all five covenants and warranties.

Answer 28

Bargain and sale deed

Special Warranty

Quitclaim Deed

General Warranty

Question 29

What are the eight essential elements of a deed?

Answer 29

1 NAME/S OF THE GRANTOR
2 NAME/S OF THE GRANTEE
3 LEGAL DESCRIPTION RESTRICTION
4 GRANTING CLAUSE
5 CONSIDERATION
6 RESTRICTIONS AND EXCEPTIONS
7 SIGNATURE/S OF THE GRANTOR
8 DELIVERY AND ACCEPTANCE