Module 1 - Property rights & Onwership

Question 1

What is the difference between Real property and Personal Property?

Answer 1

Real Property is anything that is subject to owner ship. Its attached and not easily removable. Personal property is the opposite anything that is not attached or perminate.

Question 2

Tangible vs Intangible

Answer 2

Tangible would be things that can be touched and intangible is the opposite.

Question 3

Define: Title

Answer 3

(1) The right to ownership or the ownership of land. (2) The evidence of ownership of land. 102

Question 4

Define Deed:

Answer 4

deed A written instrument that, when executed and delivered, conveys title to or an interest in real estate. 102

Question 5

Define Assemblage:

Answer 5

The combining of two or more adjoining lots into one larger tract to increase their total value. 302 (Kyle 520)

Question 6

Define Surface Rights:

Answer 6

Ownership rights in a parcel of real estate that are limited to the surface of the property and do not include the space above it (air rights) or the substances below the surface (subsurface rights). 18

Question 7

What is the Doctrine of Prior Appropriation:

Answer 7

The right to use water for an appropriate use.

Question 8

Define Cooperative:

Answer 8

A residential multiunit building whose title is held by a trust or corporation that is owned by and operated for the benefit of people living within the building who are the beneficial owners of the trust or shareholders of the corporation, each possessing a proprietary lease to a property unit. 78

Question 9

Define eminent domain:

Answer 9

The right of a government or municipal quasi-public body to acquire property for public use through a court action called condemnation, in which the court decides that the use is a public use and determines the compensation to be paid to the owner. 60

Question 10

Define escheat:

Answer 10

The reversion of property to the state or county, as provided by state law, in cases in which a decedent dies intestate without heirs capable of inheriting, or when the property is abandoned. 62

Question 11

Define police power:

Answer 11

The government’s right to impose laws, statutes, and ordinances, including zoning ordinances and building codes, to protect the public health, safety, and welfare. 60

Question 12

Define taxation:

Answer 12

The process by which a government body raises monies to fund its operation. 62

Question 13

Define fee simple:

Answer 13

The highest interest in real estate recognized by the law; the holder is entitled to all rights to the property. 53

Question 14

Define fee simple determinable:

Answer 14

A fee simple estate qualified by a special limitation. Language used to describe the limitation includes the words so long as, while, or during. 53

Question 15

Define life estate:

Answer 15

An interest in real or personal property that is limited in duration to the lifetime of its owner or some other designated person or persons. 54

Question 16

Define Tenancy by the entirety:

Answer 16

The joint ownership, recognized in some states, of property acquired by husband and wife during marriage. Upon the death of one spouse, the survivor becomes the owner of the property. 72

Question 17

Define tenancy in common (TIC):

Answer 17

A form of co-ownership by which each owner holds an undivided interest in real property as if each were sole owner. Each individual owner has the right to partition. Unlike joint tenants, tenants in common have the right of inheritance. 68

Question 18

Define joint tenancy:

Answer 18

Ownership of real estate between two or more parties who have been named in one conveyance as joint tenants. Upon the death of a joint tenant, the decedent’s interest usually passes to the surviving joint tenant or tenants by the right of survivorship. 69

Question 19

Define easement:

Answer 19

A right to use the land of another for a specific purpose, such as for a right-of-way or utilities; an incorporeal interest in land because it does not include a right of possession. 56

Question 20

Define foreclosure:

Answer 20

A legal procedure whereby property used as security for a debt is sold to satisfy the debt in the event of default in payment of the mortgage note or default of other terms in the mortgage document. The foreclosure procedure brings the rights of the parties to a conclusion and passes the title in the mortgaged property to either the holder of the mortgage or a third party who may purchase the realty at the foreclosure sale. Depending on the priority of the foreclosed mortgage, the property may be sold free of all other encumbrances incurred prior to the sale. 252

Question 21

Define license

Answer 21

(1) In real estate practice, the privilege or right granted to a person by a state to operate as a real estate broker or salesperson. (2) The revocable permission for a temporary use of land—a personal right that cannot be sold. 26, 59

Question 22

Define dower:

Answer 22

The legal right or interest, recognized in some states, that a wife acquires in the property her husband held or acquired during their marriage. During the husband’s lifetime, the right is only a possibility of an interest; upon his death, it can become an interest in land. 112

Question 23

Define curtesy:

Answer 23

A life estate, usually a fractional interest, given by some states to the surviving husband in real estate owned by his deceased wife. Most states have recognized other marital property rights and abolished curtesy. 54

Question 24

Define nonconforming use:

Answer 24

A use of property that is permitted to continue after a zoning ordinance prohibiting it has been established for the area. 393