Real Property Vs Personal Property

Question 1

What is Real Property?

Answer 1

Real property consists of land, improvements attached to the land, benefits, rights, and ownership interests that go with the land.

Question 2

What term is used to describe rights, privileges, or improvements that belong to and pass with the land?

Answer 2

Appurtenance

Question 3

What are improvements?

Answer 3

man’s additions to the land, such as buildings and landscaping

Question 4

True or False: Accessories are also considered part of real property.

Answer 4

True

Question 5

What are some examples of Accessories?

Answer 5

stoves, pool equipment, window a/c units, remote control devices, keys and etc.

Question 6

If an item is attached in such a way that it has become real property it is considered a

Answer 6

Fixture

Question 7

Fixtures are also described as

Answer 7

an Improvement

Question 8

The process of attaching a fixture is called ?

Answer 8

Annexation

Question 9

What is the process of real property becoming personal property?

Answer 9

Severance

Question 10

What are the 3 tests to determine if something is a fixture?

Answer 10

1. Method of attachment
2. Adaptation to the property
3. Intention of the Parties attaching the fixture

Question 11

If a property is being leased what happens to the fixtures that are installed by tenants?

Answer 11

They are usually considered to have become part of the real property, and Severance only occurs with the agreement of the parties at the end of the lease.

Question 12

What is personal property?

Answer 12

a right or interest in something temporary, or of a movable nature

Question 13

Personal property is also known as ?

Answer 13

Chattel or Personalty

Question 14

How is ownership of personal property going to be transferred?

Answer 14

By bill of Sale

Question 15

When personal property is included in a real estate sale what will be included with the contract?

Answer 15

addendum and/ or a bill of sale will be used

Question 16

What are Trade Fixtures ?

Answer 16

fixtures installed by a tenant in order to carry out a business, and MAY be removed from leased property before the termination of the lease.

Question 17

What happens if a tenant does not remove their trade fixtures before the termination of a lease?

Answer 17

they become real property and pass to the landlord

Question 18

In the sale of Commercial or Investment properties and there are trade fixtures present what should happen to ensure it is included in the sale?

Answer 18

They should be verified to protect the interests of both buyers and sellers

Question 19

Crops that are cultivated annually are called ?

Answer 19

Emblements

Question 20

Who owns the emblements in the process of selling real property?

Answer 20

The farmer who cultivated them

Question 21

True or false: Ownership of emblements Can be transferred with a bill of sale

Answer 21

True

Question 22

What are the 3 physical characteristics of Land?

Answer 22

1. Nonhomogenity
2. Immobility
3. Indestructibility

Question 23

What are the 4 Economic Characteristics of Land?

Answer 23

1. Scarcity
2. Modification
3. Fixity
4. Situs

Question 24

How are Legal Descriptions of land created?

Answer 24

It is created and determined by a surveyor

Question 25

What is a necessary part of a contract in order for that document to be enforceable when conveying land?

Answer 25

Legal Description

Question 26

What is the definition of Legal Description?

Answer 26

a description of such certainty and accuracy that one can go to the ground and identify the land

Question 27

What type of survey uses Terminal Points and Angles and always has a point of beginning?

Answer 27

Metes & Bounds

Question 28

What is the oldest method of land description?

Answer 28

Metes & Bounds

Question 29

What are some examples of monuments that a surveyor might use in metes and bounds?

Answer 29

man-made - like an iron pipe, or natural - like a stand of timber, an old oak tree, etc.

Question 30

What legal description uses subdivision descriptions, and are derived from a recorded map called a Plat

Answer 30

Lot and Block

Question 31

What is the most common description used in residential listing agreements?

Answer 31

lot & block

Question 32

The Government Survey System is also known as?

Answer 32

Rectangular Survey System

Question 33

What type of legal description takes into consideration baselines, meridians, townships, and sections?

Answer 33

Government Survey Sytem

Question 34

How many sections are in 1 township

Answer 34

36 sections

Question 35

1 section equals

Answer 35

640 acres or 1 square mile

Question 36

How many square feet are in 1 acre ?

Answer 36

43560 square feet

Question 37

How many linear feet is in 1 mile?

Answer 37

5280 feet

Question 38

What are the 4 rights the government have to control the use of land?

Answer 38

1. Police Power 2. Eminent Domain 3. Taxation 4. Escheat

Question 39

What is Police Power?

Answer 39

the power to regulate and control the use of property for the health, safety, and general welfare of the public.

Question 40

What is the most common example of Police Power?

Answer 40

Zoning

Question 41

If someones property violates zoning they may request a

Answer 41

Variance

Question 42

The space between the lot line and building line is called ?

Answer 42

Setback

Question 43

What is an area of land separating one land use from another? For example residential from commercial.

Answer 43

Buffer Zone

Question 44

The right of the government to take private property for public use through the action of condemnation is called ?

Answer 44

Eminent Domain

Question 45

When an individual forces the government to buy his or her property it is called?

Answer 45

inverse condemnation

Question 46

What is the Highest priority lien on real property ?

Answer 46

Property Taxes

Question 47

Property taxes are also known as?

Answer 47

Ad Valorem Taxes

Question 48

When are property taxes paid At foreclosure ?

Answer 48

Paid First

Question 49

What is the purpose of Escheat?

Answer 49

to ensure that no land remains unowned

Question 50

What is the Legal term of Abandonment?

Answer 50

an act of surrendering or forfeiting rights or property

Question 51

What are the most common private controls of land use?

Answer 51

CC&Rs or commonly referred to as Deed Restrictions or Deed Covenants.

Question 52

HOAs and POAs apply to what property types?

Answer 52

condominium complexes and subdivisions

Question 53

Why are deed restrictions created ?

Answer 53

to control land use, development, and methods, and materials for construction

Question 54

Where are Deed Restrictions found and who are they enforced by?

Answer 54

Declaration of Restrictions and are imposed by the grantor

Question 55

In Civil court What can be issued in the event of a deed restriction violation?

Answer 55

An Injunction to enforce the restrictions

Question 56

True or false: Deed restrictions are permanent and do NOT expire

Answer 56

True

Question 57

What is a limit on a property or a limit on a property's owner's rights?

Answer 57

An Encumbrance

Question 58

What are 3 forms of an encumbrance?

Answer 58

Reservations, Encroachments, and Easements

Question 59

When a grantor witholds title to a part of the land and it is described in the deed it is called?

Answer 59

Reservation

Question 60

Two common examples of a reservation

Answer 60

an Easement or Mineral Rights

Question 61

When a structure or improvement overlaps or trespasses onto another's property it is called?

Answer 61

Encroachments

Question 62

True or False: Encroachments Dont have to be disclosed

Answer 62

False; Encroachements MUST be disclosed

Question 63

How do we determine an encroachment?

Answer 63

During a Survey

Question 64

What allows for limited use or enjoyment of another’s land?

Answer 64

Easement

Question 65

"use without possession" is also considered

Answer 65

an Easement

Question 66

What are the six ways in which easements can be created?

Answer 66

1. Express or Implied Grants- part of a sale 2. Agreements- separate from a sale 3. Limitation or Prescription- constant use without permission 4. Reservation- seller keeps an easement 5. Necessity- Granted by the courts 6. Condemnation- Eminent Domain

Question 67

What are the three ways through which easements can be terminated?

Answer 67

1.Merger- Acquiring the adjacent property 2.Release- document used to terminate 3.Abandonment- action that terminates

Question 68

If a property has a road across one parcel, of land the owner who crosses over the other’s land is what type of estate?

Answer 68

Dominant Estate

Question 69

The dominant estate __________ from the easement, while the servient estate is ________.

Answer 69

Benefits, Encumbered

Question 70

An easment in gross is also known as an

Answer 70

Utility Easement

Question 71

When referring to an Easement in Gross it belongs to ?

Answer 71

A person or corporation

Question 72

True or False: In an Utility Easement No matter who owns the land, the easement still belongs to the utility company

Answer 72

True

Question 73

What is a license?

Answer 73

Permission to do a particular act upon the land or property of another

Question 74

Adverse Possession is also known as

Answer 74

Squatter’s Rights

Question 75

In order for adverse posession to be considered occupancy must be ...

Answer 75

hostile, visible or open