Chapter 3

Question 1

Property

Answer 1

Legal rights to use and enjoy any thing (divided into real or personal)

Question 2

Realty (real property)

Answer 2

Property rights to real estate

Question 3

Personalty (personal property)

Answer 3

Property rights to everything else (not real estate)

Question 4

Corporeal property

Answer 4

Right to use, own, and enjoy real estate directly

Question 5

Incorporeal

Answer 5

Concerns the right to use property that actually belongs to another (easements, right-of-way, or permission to use someone else’s property)

Question 6

Real estate

Answer 6

Land and everything permanently attached to it

Question 7

Permanent attachment

Answer 7

(A) Anything that grows on the land
(B) Anything that is built on the land (road, fences, buildings, etc)
(C) Fixtures

Question 10

Fixtures

Answer 10

Items that appear to be personal property but are considered to be part of the land also (window a/c units, major appliances, etc)

Question 11

Estate

Answer 11

If it is large enough, the collection of rights that someone has in real estate (freehold or nonfreehold)

Question 12

Freehold estate

Answer 12

Estate of uncertain duration because it extends until the owner chooses to dispose of it or, if he doesn’t, until he dies (inheritable or noninheritable)

Question 13

Nonfreehold estate

Answer 13

Estate that involves various kinds of leases, so it is known exactly when these estates will cease to exist because they are contracted for specific periods of time

Question 14

Fee simple estates

Answer 14

Inheritable estates, giving their owners absolute rights to do whatever they want with the land involved

Question 15

Life estates

Answer 15

Nonheritable estates, the life tenant has the right to the property as long as he lives, but upon death the property goes to a predetermined person (remainderman)

Question 16

Life tenant

Answer 16

The owner of a life estate

Question 17

Remainderman

Answer 17

Who the life estate goes to after the life tenant’s death

Question 18

Estate in remainder

Answer 18

With a life estate, when the life tenant dies if the remainderman is not the original grantor, it is called..

Question 19

Pur autre vie

Answer 19

For another life. Special form of life estate in which the duration is not the tenant’s life but for that of another person

Question 20

Interest in land

Answer 20

Has some rights to use land, but not all possessory rights (lease or license to use)

Question 21

Voluntary alienation

Answer 21

Giving up the property willingly

Question 22

Involuntary alienation

Answer 22

Owner of an estate is forced, in a legal manner, to give up some or all of the rights by the action of law

Question 23

Adverse possession

Answer 23

The right of a person who has used another’s land actually to receive a legal claim to that land, in fee simple (requires 7 years)

Question 24

Tenancy in severalty

Answer 24

Ownership by one person (freehold)

Question 25

Tenancy in common

Answer 25

Form of ownership by two or more persons, each owns an undivided interest (a fraction of each part of the realty) (freehold)

Question 26

Joint tenancy

Answer 26

Form of ownership by two or more persons, but they have the right of survivorship (if one dies his share is divided proportionately among surviving tenants)

Question 28

Tenancy by the entireties

Answer 28

Joint ownership allowed only to married couples. (freehold)

Question 29

Tenancy at will

Answer 29

Tenancy where there is a lease arrangement but no specific time period is agreed upon (either party can terminate the arrangement whenever) (nonfreehold)

Question 30

Tenancy at sufferance

Answer 30

Occurs when a tenant remains on the property after the expiration of a lease (nonfreehold)

Question 31

Easement

Answer 31

Right of one landowner to land use belonging to another for a specific purpose (access, utility, drainage etc)

Question 32

Deed restrictions (AKA restrictive covenants)

Answer 32

Agreements whereby a group of neighboring landowners agree to do (or not to do) a certain thing so as to mutually benefit all (architectural style etc)

Question 33

Liens

Answer 33

Claims against the owner of a property, with that property being usable as security for the claim

Question 34

Foreclosure

Answer 34

Legal process whereby a a person holding a legal claim against a property may have the court order the property to be sold so as to provide funds to pay the claim

Question 35

Right of rescission

Answer 35

Right to back out of a contract

Question 36

Cooperative ownership

Answer 36

Instead of owning a unit outright, the cooperative owner owns a proportion of the shares of stock of the cooperative corporation. For a neighborhood a bills, taxes, mortgage get paid. Not common outside Miami

Question 37

Title (to the land)

Answer 37

Refers to the validity of the available evidence that backs up one’s claim to land.

Question 38

Color of title

Answer 38

Title that appears to be good but is not

Question 39

Eminent domain

Answer 39

Right of the government to acquire privately owned property to be put to a public use, even if the private owner is unwilling to dispose it (must pay owner)

Question 40

Escheat

Answer 40

Process whereby land for which no legal owner exists reverts to government