Real Property, Transfer And Ownership

Question 1

Equity is defined as

Answer 1

The market value less the debt owed

Question 2

What are the owner’s rights in f their farm zoning is changed by the county to single family residential?

Answer 2

Their old use continues through non-conforming use

Question 3

Which police power allows a city to forcibly purchase a vacant lot to build a parking lot?

Answer 3

Eminent domain

Question 4

How do you transfer personal property in a sale?

Answer 4

Bill of sale

Question 5

What is area between businesses and federal wetlands?

Answer 5

Buffer zone

Question 6

The term used to denote not only the land and improvements to real estate but also the intangible rights included is

Answer 6

Real property

Question 7

A wife buys home with an inheritance. How does she own it?

Answer 7

In severalty

Question 8

An easement through your neighbor’s land for you to use to get to the lake is

Answer 8

An appurtenance

Question 9

When a grantor attests they are signing the deed of their own free will in a called

Answer 9

Acknowledgment

Question 10

Bookshelves screwed into the wall in the family room is an example of a

Answer 10

Fixture

Question 11

A corn crop growing out in a field is an example of a

Answer 11

Emblement

Question 12

Condo ownership includes

Answer 12

An undivided interest in common areas

Question 13

An Icecream making machine bolted to the wall in a restaurant is an example of

Answer 13

Trade fixture

Question 14

May the tenant restaurateur remove a trade fixture when the lease is up?

Answer 14

Yes, but any damage needs to be repaired

Question 15

How does a corporation own real estate

Answer 15

In severalty

Question 16

The “bundle of legal rights” is part of the definition of

Answer 16

Real property

Question 17

If you cut down a tree in your yard and stack them t up into cords of wood what has happened?

Answer 17

Severance

Question 18

The reversion of property to the state or county when a person dies intestate and there are no heirs capable of inheriting or the property is abandoned is called

Answer 18

Escheat

Question 19

This is used as a transition area between 2 incompatible zones

Answer 19

Buffer zone

Question 20

A permitted use of real property that was lawfully established at the time of original construction but no longer conforms to existing zoning is called

Answer 20

Non-conforming use

Question 21

This refers to the number one of lots a parcel of ground can be subdivided into

Answer 21

Gross density

Question 22

The party that uses an appurtenant easement is called

Answer 22

Dominant estate

Question 23

The parcel that provides the land for the easement is the

Answer 23

Servient estate

Question 24

Which type of easement attaches to the owner’s land and transfers to the new owner?

Answer 24

Appurtenance easement

Question 25

These agreements are personal in nature, does not “attach” to a dominate estate, rather a person or entity

Answer 25

Easement in gross

Question 26

Access created by the courts to grand a landlocked owner access is

Answer 26

Easement by necessity

Question 27

Initially the neighbors believe and agree to a property line but later find out it’s in the wrong spot. What legal concept would leave the fence where it was originally placed

Answer 27

Boundary by agreement

Question 28

An unauthorized invasion or intrusion of an improvement or other real property onto another’s property is

Answer 28

Encroachment

Question 29

A possible encroachment is best determined by

Answer 29

A survey

Question 30

What is the legal description style which uses a map that reference streets, easements and points of beginning

Answer 30

Recorded plat

Question 31

The N2, SE4, NW4, NE4 of section 32 contains how many acres?

Answer 31

5 acres

Question 32

The style of legal descriptions that uses monuments and compass directions is

Answer 32

Metes and bounds

Question 33

Is street address an approved method to legally describe real estate in Idaho?

Answer 33

No

Question 34

An estate refers to

Answer 34

Certain rights and the extent of ownership in land

Question 35

How may a life estate be established

Answer 35

By the provision of the deceased estate

Question 36

When does an ordinary life estate terminate?

Answer 36

Upon the death of the life tenant

Question 37

Legal life estates are

Answer 37

For husbands and wives only

Question 38

When a personal residence is foreclosed on, this law would protect some of the equity against unsecured creditors

Answer 38

Homestead laws

Question 39

If one dies with a will they die

Answer 39

Testate

Question 40

If one dies without a will and no heirs can be located their property goes to the state through

Answer 40

Escheat

Question 41

Having your riverfront lot grow in size because the current deposits sediment on your lot is called

Answer 41

Accretion

Question 42

What are 6 requirements to establish an adverse possession claim?

Answer 42

Payment of taxes, open and notorious use, actual possession, continuous and uninterrupted for 20 years, hostile to the owner, exclusive to the possessing party (POACHER)

Question 43

If you take a short cut through your neighbor’s land to get to the lake for a long enough time you may be able to gain legal access forever though this concept

Answer 43

Prescriptive easement

Question 44

Which occurs by operation of law? Private grant, gift deed, involuntary alienation or voluntary alienation

Answer 44

Involuntary alienation

Question 45

The police power that allows a government to force a party to sell them some or all their land is called

Answer 45

Eminent domain

Question 46

By what process does the government exercise eminent domain?

Answer 46

Condemnation

Question 47

What is the same as sole ownership?

Answer 47

Severalty ownership

Question 48

What happens to the interest of a “tenants in common” owner upon their death?

Answer 48

Their will would stipulate

Question 49

If a couple marries and she retains 100% free and clear ownership of her old house as a rental, what happens to the monthly rent received?

Answer 49

The rent is community property shared by both

Question 50

A married man receives an inheritance and buys office building as a rental with the money. What is the status of the rent paid by the building tenants?

Answer 50

He and his wife must share the rent

Question 51

One of the 4 owners of an apartment building wants to sell but the others do not. Can the one owner force the partners to sell?

Answer 51

Yes, a partition suit in court may do that

Question 52

What is the type of property where the owner owns a block of air but no ground?

Answer 52

A condominium

Question 53

The priority of loans against a property is set by

Answer 53

Recording date

Question 54

What does not appear on a property’s chain of title report

Answer 54

The property’s zoning

Question 55

A condensed history of the chain of title is called

Answer 55

Abstract

Question 56

Marketable title means

Answer 56

The buyer could sell or mortgage the property

Question 57

Which title policy would insure again encroachment?

Answer 57

Owner’s extended policy

Question 58

A client of yours wants you to draft up paperwork to allow their son a life estate in their home. What should you do?

Answer 58

Refer them to a lawyer

Question 59

The “bundle of legal rights” is part of the definition of

Answer 59

Real property

Question 60

An estate refers to

Answer 60

Certain rights and the extent of ownership in land

Question 61

An example of special purpose real estate is

Answer 61

A public school

Question 62

What type of business structure allows all owners to participate in running the concern and save unlimited liability?

Answer 62

General partnership

Question 63

Which is not a requirement to establish a prescription easement? Open and notorious use Exclusive to a particular party Payment of the property taxes Continuous for a period of least 20 years

Answer 63

Payment of the property taxes

Question 64

An owner of a home died. The owner was not married. The probate court disposed the f the home per state statues. How did this owner die?

Answer 64

Intestate

Question 65

Condemnation and escheat are examples of

Answer 65

Involuntary alienation