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Real Estate > Session 6: The Interests in Real Estate > Flashcards

Session 6: The Interests in Real Estate Flashcards

1
Q

Feudal System

A

Kings or governments own the land and allow individuals to use it

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2
Q

Example of a feudal system

A

China or other communist countries

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3
Q

Allodial System

A

People can hold absolute ownership in the land

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4
Q

Example of a feudal system

A

United States

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5
Q

Estates in land

A

Degree, quantity, nature & extent of ownership in any real property

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6
Q

Freehold estate

A

interest in land that has an indefinite duration

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7
Q

How long can a freehold estate last?

A

Forever

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8
Q

Can a freehold estate be passed on in a will?

A

Yes

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9
Q

Life estate

A

interest in land that has a limited duration of someone’s lifetime

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10
Q

Are life estates inheritable?

A

No

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11
Q

Conventional life estate

A

voluntarily set up by the grantor

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12
Q

Legal life estate

A

created by operation of the law

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13
Q

Is a homestead an example of a conventional or legal life estate?

A

Legal

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14
Q

Life tenant

A

Entitled to all the rights of ownership including selling, encumbering, or leasing the property

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15
Q

Leasehold estate

A

Less than freehold. Has definite duration. No ownership privileges

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16
Q

Fee simple (absolute)

A

The highest interest in real estate recognized by law.

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17
Q

Can a fee simple estate be inherited?

A

Yes

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18
Q

Is there a time limit on a fee absolute?

A

No, they are indefinite

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19
Q

Fee simple defeasible (condition subsequent)

A

The owner of the property says that certain activities/acts can NOT be performed on the property

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20
Q

In a condition subsequent the owner of the property states not tobacco or alcohol sales can happen. The lessee is selling alcohol. What happens to the property

A

The owner has to go to court to get the property back

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21
Q

Fee simple determinable (special limitation)

A

The owner of a property says you can ONLY use the property for a specific purpose

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22
Q

In special limitation, a landholder lets a school use their land for a soccer field. The school builds a daycare on it instead. What happens to the land?

A

It’s reverted back to the owner automatically

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23
Q

Fee tail estate

A

Property moves through a bloodline (Not recognized in US)

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24
Q

What are the four different freehold estates?

A

Fee Simple (absolute)
Fee Simple Defeasible (condition subsequent)
Fee Simple Determinable (special limitation)
Fee Tail

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25
Q

Conventional life estate in reversion

A

the owner gives a life estate to a life tenant and when the tenant dies the property reverts back to the grantor

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26
Q

Conventional life estate in remainder

A

the owner fives a life estate to a life tenant and when the tenant dies the property foes to a remainderman who now owns the property

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27
Q

Conventional life estate pur autre vie

A

For the life of another. Measured by the lifetime of someone other than the tenant. When the other person dies the property reverts back to the original owner or a remainderman

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28
Q

Waste

A

improper use of a property that devalues the property

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29
Q

Homestead

A

a portion of the value of a primary residence is protected from a certain creditor (bankruptcy) during that persons lifetime

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30
Q

Does a homestead apply to consensual leans?

A

No

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31
Q

How much is protected in a homestead?

A

$150,000

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32
Q

Can a person or married couple claim multiple homesteads?

A

No only one

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33
Q

Does the homestead need to be a primary residence?

A

Yes

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34
Q

Can you live away from the homestead?

A

Yes up to two consecutive years

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35
Q

What if you owe less than $150,000 on your homestead? Will a creditor still take it?

A

No

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36
Q

Can a person claim homestead if they are late on child support or spousal maintenance?

A

No

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37
Q

Do you have to file paperwork to claim homestead?

A

No, it’s automatic

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38
Q

Estate for years

A

Has a specified beginning and end date

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39
Q

What type of estate are most residential leases?

A

Estate for years

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40
Q

Do you have to give notice on an estate for years?

A

No

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41
Q

Estate for period to period

A

Estate lats for an uncertain period of time until proper notice is given

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42
Q

In a period to period lease what happens when rent is paid

A

The lease automatically renews

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43
Q

Estate at will

A

Person occupies the property with permission of owner

Informal, usually verbal agreement

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44
Q

Estate at sufferance

A

The tenant had permission from the owner to occupy at one point in time but no longer has permission and refuses to move out (holdover tenant)

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45
Q

Which estate cancels at death

A

Estate at will

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46
Q

How do you resolve an estate at sufferance?

A

Go through eviction court

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47
Q

What are the government powers?

A

Police powers
Eminent Domain
Taxation
Escheat

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48
Q

Police powers

A

power of state to adopt and enforce laws to promote public health

49
Q

What do police powers include?

A

Zoning ordinances, building codes, environmental protection laws

50
Q

Enabling acts

A

State’s authority is passed on to municipalities and counties

51
Q

Eminent domain

A

right of the government to take private property for the betterment of the public

52
Q

Condemnation

A

The process where the government exercises its right to eminent domain

53
Q

Can the owner of the property do anything about eminent domain?

A

Yes, they can fight in court if they feel their property is being taken for purposes other than the public good or there is not just compensation

54
Q

Taxation

A

the right of a government to charge the property owner a fee to raise money for public needs

55
Q

Escheat

A

a property owner dies without a will and has no heirs. The state considers the property abandoned and will sell

56
Q

How long does a person have to claim escheat?

A

7 years

57
Q

Encumbrance

A

Claim, charge, or liability that attaches to real estate and may lessen its value but does not prevent the transfer of property

58
Q

Lien

A

Charge against property that provides security for a debt owed by the property owner

59
Q

Easement

A

the right to use another’s land for a particular reason

60
Q

Appurtenant easement

A

two parcels of land, owned by two separate people, with one being dominant and the other servient

61
Q

Easement in gross

A

there is only one parcel that is always servient. Commonly used by utility and internet companies

62
Q

Easement by necessity

A

One parcel is landlocked and needs the right in ingress and egress

63
Q

Easement by prescription

A

Hostile use: Never given permission
Continuous use: constant use
Notorious use: unknown party
Exclusive use: used for at least 10 years

64
Q

Party wall easement

A

the wall that shares the property line of two separate properties

65
Q

View easement

A

One property promises to never block the view of another property

66
Q

Conservation easement

A

Property has to stay in natural habitat state

67
Q

What happens when the owner of the dominant estate becomes the owner of the servient estate

A

The easement is terminated

68
Q

How long can an easement be abandoned to terminate the easement?

A

5 years

69
Q

What happens to the easement when the intended purpose no longer exists?

A

Terminates the easement

70
Q

Will eminent domain terminate an easement?

A

Yes

71
Q

Does death cancel an easement?

A

No, it stays with the property. Unless the easement was for a person.

72
Q

License encumbrance

A

A personal, revocable, and non-assignable right that is not considered an interest in the land itself
temporary use

73
Q

Deed restriction

A

private restriction placed in a deed by the owner when the property is transferred to another party

74
Q

CC&R’s or HOA docs are what type of encumbrance?

A

Deed restriction

75
Q

Encroachment

A

Something physically illegally extending from one property line to another without the permission of the person whose property it’s on

76
Q

How can you find an encroachment?

A

Survey

77
Q

Can an HOA prohibit for sale/rent signs?

A

No, as long as they meet industry standards

78
Q

Can an HOA prohibit solar energy?

A

No, but they can write rules on placement

79
Q

Prior appropriation

A

First in time, first in right. The person who has the permit first gets to use the water first

80
Q

Riparian rights

A

Non-navigable waterways such as rivers and streams where a person owns the land under the water up to the middle of the waterway

81
Q

Littoral rights

A

Navigable waterways such as lakes, seas, and oceans where a person owns the land up to the high watermark

82
Q

In littoral rights does the person own the land under the water?

A

No just up to the waterline

83
Q

Accretion

A

The gradual addition of land through natural causes such as shoreline movement

84
Q

Erosion

A

Gradual wearing away of the land by natural forces

85
Q

Avulsion

A

The sudden removal of soil by an act of nature

86
Q

An easement is most commonly terminated by

A

Abandonment

87
Q

Which of the following statements is true?

a. all liens are encumbrances
b. all encumbrances are liens
c. specific liens affect all property of the debtor
d. judgements are specific liens

A

All liens are encumbrances

88
Q

A homeowner may be allowed certain protection from judgements of creditors by which of the following

a. dower rights
b. curtsey rights
c. homestead rights
d. statute of rights

A

Homestead

89
Q

The rights of property owners of land next to large bodies of water, such as oceans are called

A

Littoral rights

90
Q

Which of the following must be present for an appurtenant easement to exist

a. two adjacent parcels, own owner
b. two adjacent parcels, two owners
c. long time unauthorized use
d. landlocked property to allow ingress and egress

A

two adjacent parcels, two owners

91
Q

a 100 year old woman died in a nursing home. She had outlived all of her relatives and had no written will. What happens to her $300,000 estate?

A

It escheats to the state

92
Q

Mr. Grazio built a fence that extends beyond the boundary of his property onto his neighbor’s property. This is an example of

A

An encroachment

93
Q

Josephine has permission from Ryan to hike on his property during the summer months, Josephine has

A

a license

94
Q

A property was deeded to a buyer with the stipulation that it only be used for residential purposes, conveys a

a. fee simple absolute
b. leasehold interest
c. defeasible fee estate
d. determinable fee estate

A

Determinable

95
Q

All of the following are government powers except

a. covenant
b. police powers
c. escheat
d. eminent domain

A

Covenant

96
Q

Betty has a lease that begins on July 1, 2019, and ends on July 31, 2019. What type of leasehold estate does Betty have?

A

Estate for years

97
Q

When land is to be condemned under the power of eminent domain, which of the following must apply?

a. constructive notice must be given
b. the taking must be for public use
c. an adverse possession claim must be filed
d. a suit to quiet title must be filed

A

The taking must be for public use

98
Q

Which of the following does police powers include?

a. foreclosure
b. acceleration
c. zoning ordinances
d. the right to procesute

A

Zoning ordinances0

99
Q

Which of the following is an example of a freehold estate?

a. estate for years
b. dower estate
c. estate at sufferance
d. fee simple estate

A

Fee simple estate

100
Q

Bob conveyed the property to Judy for the rest of her life. Once Judy dies the property will automatically go to Brenda. This is an example of

A

Life estate in remainder

101
Q

A license is an example of

a. appurtenant easement
b. temporary use right
c. restriction
d. encroachment

A

Temporary use right

102
Q

Jake has been crossing over Benny’s land to get to the lake for over ten years without Benny’s possession. Jake can acquire the legal right to use by which of the following

a. easement in gross
b. easement by necessity
c. easement by appurtenance
d. easement by prescription

A

easement by prescription

103
Q

Donna lives in a subdivision and has hired Rhonda to list her house. Can Donna’s HOA restrict the placement of a for-sale sign in front of the home?

A

No

104
Q

Can an Association prohibit the installation of solar devices?

A

An association can adopt reasonable rules regarding the placement of solar devices

105
Q

Arizona’s surface water doctrine is called

A

Prior appropriation

106
Q

Arizona’s homestead protection laws protect up to _______ of a persons equity in their primary residence from forced sale

A

$150,000

107
Q

What is the meaning of a fee tail estate?

A

An estate in land that is limited to a fixed-line of succession or blood relatives and is NOT allowed in AZ

108
Q

The only navigable river in AZ is

A

Colorado

109
Q

Which one is not a leasehold estate?

a. Life estate
b. Estate at sufferance
c. Estate at will
d. Estate for years

A

Life estate

110
Q

What would be the best example of an encumbrance?

a. a property owner has their roof extended onto a neighbor’s property line
b. the erection of a fence on the border of a disputed/controversial boundary
c. a home that is walking distance to a shopping center
d. all of the above

A

A property owner has their roof extended onto a neighbor’s property line

111
Q

Encroachment can be best found by?

A

Survey

112
Q

Which easements benefit corporations and individuals as apposed to the land

A

Easements in gross

113
Q

To be extinguished by a court action brought by the servient property owner, a prescriptive easement must have been abandoned for at least

A

5 years

114
Q

A father conveyed the family home to his daughter by will as pur autre vie estate for the life of her mother. If the daughter should die before the mother, who gains possession of the property?

A

The daughter’s hers

115
Q

The Brentwoood’s apartment lease has expired but their landlord has indicated to them that they may remain on the premises until a sale of the building is closed. They will be charged their normal monthly rental rate during this period. The right held by the Brentwoods is called an

A

Estate at will

116
Q

Two acres of land are owned by Steve. He sells one acre to Marisa and reserved an appurtenant easement for himself over Marisa’s land for ingress and egress. Steves land is

a. the servient tenement
b. the dominant tenement
c. can be cleared of the easement when Steve sells the withheld acre to a third party
d. subject to an easement in gross

A

The dominant tenement

117
Q

Who would not have the state’s authority to carry out and enforce police powers?

a. AZ lottery commissioner
b. City of Mesa’s Fire Chief
c. AZ Real Estate Commissioner
d. City of Tempe’s Police Chief

A

AZ lottery commissioner

118
Q

A married couple filed for bankruptcy and must sell their primary residence. The home is worth $200,000 but they still owe $75,000 on the mortgage, to there is $125,000 in equity. What will the couple receive from the sale of their home?

A

$125,000

Real Estate (20 decks)

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