Wesk

Question 1

No dominant tenement, just a servient.

Answer 1

Easement in gross

Question 2

Claimants must have been continuous, without the owners approval, visible, open and notorious.

Answer 2

Easement by prescription

Question 3

If the deed or will names a third party to whom title will pass is said to own ______ interest.

Answer 3

Remainder

Question 4

If the fed does not convey remainder interest to a third party, then upon death of the life estate owner, full ownership reverts to the original few simple owner

Answer 4

Reversionary interest

Question 5

Increase inland resulting from soil deposited by the natural force of water

Answer 5

Accretion

Question 6

Estates of ownership for indeterminable length.

Answer 6

Freehold estates

Question 7

Continues for an indefinite period; may be inherited. estate extinguished on the occurrence of a designated event, the time of such occurrence being uncertain

Answer 7

Fee simple defeasible

Question 8

Limited ownership for the duration to life of life tenant, or lives of some other designated person or persons.

Answer 8

Life estate

Question 9

Not an estate of inheritance, because estate terminated at the death of the life tenant or the designated person; may be created for the life of another person and future interests in the property after the death of the life estate owner.

Answer 9

Life estate

Question 10

The continuous, open, hostile, notorious, and ____ of another’s property without his or her permission.

Answer 10

Adverse possession

Question 11

Association of two or more persons to carry on business as co-owners and share in the profits and losses of that business.

Answer 11

Partnerships

Question 12

All partners participate in the operation of the business and may be held personally liable for business losses and obligations.

Answer 12

General partnership

Question 13

Includes general as well as limited, or silent partners.

Answer 13

Limited partnership

Question 14

Corporations by law are considered to be a single entity. Ownership in _____

Answer 14

Severalty.

Question 15

Each stockholders liability is generally limited to ______.

Answer 15

The amount of the investment.

Question 16

Joining together of two or more parties to create and operate a real estate investment.

Answer 16

Syndicate.

Question 17

Ownership of real estate by a group of individual investors who purchase certificates of ownership in the trust.

Answer 17

Real estate investment trust or REIT

Question 18

Lease for a definite period of time terminating automatically without notice by either party.

Answer 18

Tenancy or estate for years.

Question 19

Lease for an indefinite period of time without a specific expiration date; notice must be given to terminate

Answer 19

Tenancy from year to year or periodic estate.

Question 20

Lease that gives the tenant the right to possess with the consent of the landlord for an indefinite period of time; terminated by either party giving notice or by the death of either the landlord or the tenant.

Answer 20

Tenancy at will.

Question 21

Title to the land and the building are held by the corporations whose sole interest is the property; each purchaser becomes a corporate stockholder and receives a proprietary lease.

Answer 21

Cooperatives

Question 22

Taxes and the mortgage are liens against the corporation generally given to the shareholders; owners-occupants may be forced to pay expenses for the shareholders who are unable to pay to prevent foreclosure on the entire building.

Answer 22

Cooperatives.

Question 23

Generally created under a horizontal act, owner holds a fee simple title to one unit and a specified share in the common elements as tenants in common; default in payment of taxes, mortgage payments, or monthly assessments by one unit owner may result in a foreclosure sale of that owners unit. This does not affect title of the remaining owners.

Answer 23

Condominiums

Question 24

Allows multiple owners to buy interests in real estate with each buyer receiving the right to use the facilities for a specified period of time. Owners use and occupancy is limited to the contractual period that was purchased.

Answer 24

Time share

Question 25

Each owner is assessed for common expenses and maintenance based on the ratio of the ownership period to the total number of ownership or a leasehold estate. Is a contractual right under which the developer owns the real estate. This may be a seeded interest.

Answer 25

Time share ownership

Question 26

Legal concept that gives the owner of the land all legal rights to land, such as possession, disposition and exclusion. Ownership rights are not unlimited in that some of the rights may have been taken away or sold.

Answer 26

Bundle of rights

Question 27

Private limitations on rights could result from owner agreeing to a deed restriction. Public limitations would result from a city’s zoning ordinance, which would control the use of the property.

Answer 27

Bundle of rights

Question 28

Acquiring the title to additions or improvements to real property as a result of accretion of alluvium or annexation of fixtures

Answer 28

Accession

Question 29

Actual soil increase deposit resulting from accretion

Answer 29

Alluvion

Question 30

Rights belonging to the land

Answer 30

Appurtenances

Question 31

Transfer of rights and or duties under a contract.

Answer 31

Assignment

Question 32

Procedure by which property of debtor is placed in the custody of the law and is held as security, pending the disposition of a creditors suit.

Answer 32

Attachment

Question 33

Permanent metal marker embedded in cement, which is used as a reference to indicate he elevation above sea level and actual physical location.

Answer 33

Benchmark

Question 34

Any claim that may impair the title to a property.

Answer 34

Cloud on title

Question 35

Gradual washing away of soil caused by flowing water or air.

Answer 35

Erosion

Question 36

Also a transfer of rights and or duties under a contract where the original contract is canceled and the new contract is negotiated with the same parties or a new second party.

Answer 36

Novation

Question 37

Court action to establish the title to a specific property, for example, where there is a cloud on title.

Answer 37

Quiet title action

Question 38

Law that refers to the length of time within which a party may sue.

Answer 38

Statue of limitations

Question 39

Weir filed during a lawsuit that prevents the debtor from transferring title to the property involved in the suit.

Answer 39

Writ of attachment

Question 40

The surviving spouse is frequently allowed to take a specific portion of estate in free, rather than life, estate.

Answer 40

Statute of descent and distribution

Question 41

An item installed by a commercial tenant accounting to the terms of a lease and removable by the tenant before the expiration of the lease

Answer 41

Trade fixture