Property, Estates, and ownership Flashcards Preview

2018 California Brokers Exam-All > Property, Estates, and ownership > Flashcards

Flashcards in Property, Estates, and ownership Deck (22)
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1
Q

Bundle of rights

A
Use-for any legal use
Possess 
Transfer-sell or encumber
Encumber-mortgage or put lean against
Enjoyment
2
Q

What does Real property include?

A

Land and anything permanently attached to the land

3
Q

Riparian rights?

A

the right to use the water flowing in a river

4
Q

Littoral rights?

A

the rights of a landowner of land bordering the shore of a lake or ocean; the land is owned to the mean vegetation line

5
Q

test of What is a fixture

A

Adaptation and agreement of the parties
Intent of the parties
Method of attachment
(AIM)

6
Q

Fructus Naturales

A

Trees shrubs and flowers; landscaping is real property

7
Q

Fructus Industriales

A

Crops (Personal property)

8
Q

Personal property

A

(Chattel) is movable and transferred /sold using a bill of sale

9
Q

what is An estate

A

the ownership interest or claim a person has in real property

10
Q

Freehold estates:

A

estates in fee

life estates

11
Q

Less-than-Freehold estates:

A

Leasehold estates

12
Q

Estates in fee:

A

Fee simple absolute

Fee simple qualified aka defeasible fee aka conditional

13
Q

Life estates:

A

Ordinary life estates

14
Q

Examples of Ordinary life estate:

A

I give mom an estate (life tenant) when she dies goes to my son (the remainder person)

I give life estate to mom, when she passes it goes back to me (I am now have a reversionary interest)

15
Q

example of Pur autre Vie Estates (for the life of another)

A

I give a life estate to my sister until mom passes then when she does, it goes to my son.

16
Q

what is a legal life estate

A

Curtsey (husband) Dower (Wife)

17
Q

Leasehold estates

A

an estate for years (a specific period of time ex: renting a room for a night or signing a 6 month lease)

Periodic estate (period to period ex: month to month, week to week)

Tenancy at will: you can leave at anytime, I can kick you out at any time

Tenancy at sufferance: when someone stays longer than they’re lease

18
Q

right of possession

A

possession is a personal right owned by the tenant to use and occupy the property under the terms of the lease (personal property)

19
Q

Four unites necessary for a joint tenancy

A
unity of title
unity of time
unity of interest
Possission
*hint (TTIP)
20
Q

acknowledgement

A

a formal declaration before a notary republic

21
Q

terminating easements

A
failure of purpose 
abandonment
merger
expression of release
*hint (FAME)
22
Q

elements of valid deeds

A
legally competent (grantor)
legal description of the property
consideration
words of conveyance 
named grantee 
signature of the grantor and delivery