1.property ownership questions Flashcards

1.property ownership questions Flashcards A commercial tenant offers a bank his showcase, furniture, paintings, and other items that he has placed in the rental property. In favor of the bank, the tenant would execute a(n) chattel mortgageWhile a mortgage encumbers real property, a chattel mortgage creates a lien on personal property. An easement is a right to use another's land for a particular purpose. A leasehold estate does not convey title--just possession.How many acres are in a government rectangular survey that consists of the SW 1/4, NE 1/4, and NW 1/4 of section 13, Blendon Township?10EXA section has 640 acres in it. A quarter of a section has 160 acres, a quarter of a quarter has 40 acres, and a quarter of a quarter of a quarter would have 10 acres. The

formula could be worked out two ways: 640 / 4 / 4 / 4 = 10;

or 4 x 4 x 4 = 64, and 640 / 64 = 10.A grantor conveyed a vacant one-acre tract of land to a grantee. The grantee receives 43,560 sq ftOne acre contains 43,560 square feet. There are 640 acres in a section of land. There are 5,280 linear feet in a mile.A garage door opener is often considered a fixture. As such, it would be an example of constructive annexationEX; Actual annexation is physically attaching something to the land. Adverse possession is when one acquires title to land by occupying the property for a specified period of time. A prescriptive easement is acquiring the right to use someone's property by using it without the owner's permission for a specified period of time. Constructive annexation is when something is so closely related to the property it is a fixture even though it is not physically attached.The addition of soil to property by the gradual operation of natural causes is termed accretionEX Accretion is the opposite of erosion. Erosion is the gradual wearing away by natural causes. Alluvium is another name for the silt that is suspended in the water and carried downstream. Ad valorem is Latin meaning, "according to valuation," and refers to estimating real property taxes.All property is classified as either real or personalEX: Fixtures are attachments to real property.Emblements are crops growing on leased land. Easements are encumbrances on real property. Personal property is moveable and not permanently attached to real property.Fixtures and showcases attached to property in a store that occupies rented space are considered

all of the answers listedEX: Trade fixtures are fixtures that

can be removed at any time; they are considered personal property, or chattels, of the tenant. Chattels are personal property. Property that is not real can be described as chattels, and personal property.A buyer executes a chattel mortgage in favor of a lender.Which type of property would be covered by a chattel mortgage?office furniture and equipmentA chattel mortgage creates a lien on personal property. While an automobile is personal property, it is in no way connected with real property or the use of real property, so it would not be deemed chattel.

Wayne grants Brent the permission to use Wayne's property to fish on one hot summer day. This is referred to as a(n)

licenseEX: An encumbrance is a burden on property that

usually runs with the land. It is an irrevocable right to use the land of another. Permission to use the land of another is a license, which is revocable by the grantor at any time.A license is not an encumbrance. An easement is the right to use the land of another. An encroachment is a trespass by an object, such as a building being built over a property line.Real property rights are defined in terms of a "bundle of rights" that includes the right to all of the answers listedThe figurative "bundle of rights" allows a fee simple owner of real property to use, enjoy, and dispose of the property as he wishes, so long as his use and enjoyment of the property is legal and does not adversely affect or interfere with the rights of others.For a buyer to be certain that the property has no encroachments, she should obtain a(n) surveyAn encroachment is a physical trespass on the property by a building or structure. This would be shown by a survey, not by a title search, title insurance policy, or abstract. A certificate of no defense is a document used by a mortgagee to state the outstanding balance due on a mortgage which, if the mortgagor does not object, will stand as the correct amount. Title insurance is an indemnity contract that insures the title is marketable.Which is both a lien and an encumbrance on property?mortgageWhile all liens are encumbrances, encumbrances are not always liens. A deed restriction, easement, and license are all encumbrances or burdens on the property, while a mortgage is the only burden that is also a financial claim.Which of the following best describes the term "appurtenance"?it means "runs with the land"Something is appurtenant to the property if it "runs with the land" and stays forever.Tenants' rights in a landlord's property are called leasehold estates; they are not appurtenant as they do not "run with the land." A special assessment is a tax or levy imposed against a specific parcel of real estate that will benefit from a public improvement. A right that lasts only for a certain period of time is most likely a license, which does not run with the land.A deed used to transfer title states the conveyance will remain in effect "so long as the property is NOT used for the sale of alcoholic beverages." The buyer would receive which kind of estate?

fee simple defeasibleEX: A defeasible estate could be

defeated if the deed restrictions are not followed.Which would be considered an encumbrance but NOT a lien?

easementEX: A lien, one form of encumbrance, is a

financial charge against property. An easement is the right to use the land of another, thus burdening the use of the land, but not financially; although it is an encumbrance, it is not a lien. Liens are financial claims on title (e.g., a mechanic's lien, mortgage, or IRS taxes).

Which is necessary to create an easement by prescription?all of the answers listedEach of the elements listed is required to obtain an easement by prescription. Absent any of these, the claim for an easement by prescription will fail.One of the appurtenances to a parcel of land would be a(n)bundle of rightsEX: The bundle of rights are legal rights conferred to owners of real property, including the right to mortgage, sell, lease, improve, enjoy, and use the property.They "run with the land," and thus are appurtenant to it. A bill of sale is a written instrument that transfers ownership of tangible personal property, not real property. A deed is a written instrument that conveys title to real estate. An assignment is when one party transfers obligations to another party.A system of ownership and fee simple title to designated areas of air space with a percentage of ownership of common elements in the property is termed a

condominiumEX: Cooperative ownership is the ownership

of stock in a company with occupancy rights prescribed under a lease. The correct answer, condominium ownership, is actual fee simple title to designated areas of air, plus a percentage of ownership of "common elements" in the common area. Condemnation is the act of the government to take private property. A chattel is personal property.Which is NOT appurtenant to real property? chattelsEX: Chattel is personal property that does not stay with the land. A deed of trust is a mortgage in some states, and is appurtenant to ownership unless steps are taken to remove it from the title. Easements and mineral rights run with the land.Which is considered real property?light fixturesEX: Light fixtures are considered part of the home, making them part of the real property. Tenant's fixtures are allowed to be removed by the tenant prior to the expiration of the lease. Emblements are tenants' crops, which they are allowed to remove, and an area rug over hardwood is not a fixture.When a woman has an interest in land that will only continue as long as she lives, she has a(n)

life estateEX: Don't confuse a life estate with dower, which

is a form of a life estate that grants a percentage of a deceased spouse's property. Fee simple estate is outright ownership. An easement is the right to use another person's real property for a particular purpose. An estate for years describes a lease hold estate with a specific termination date.When a firm is NOT paid after furnishing material for the construction of an apartment building, the firm may file a(n) mechanic's lienA creditor may obtain a deficiency judgment if a foreclosure action fails to raise enough proceeds to cover the original lien. An estoppel certificate is a document used by a mortgagee to stop the mortgagor from inserting a defense of an "amount claimed due and owing" under a mortgage. A mechanic's lien is filed by a contractor, laborer, or materials supplier whose work or materials

enhanced the value of real property. A writ of liability would be a judgment.Which would be considered a chattel?goods or other items of personal property not annexed to

real propertyEX: Chattels are personal property, goods, or

other items of property (moveable or immovable) that are not real property.