Real Estate Level 1: Real Estate Foundations Flashcards

Real Estate Level 1: Real Estate Foundations Flashcards

Haseena grants a life estate to John. John owns the estate until he dies. Haseena designated that after John's death, the estate would pass to Hila (a third party). What can Hila be described as?the remainderman What is the main difference between how real and personal property are conveyed?Real property is conveyed by deed. Personal property is conveyed by a bill of sale.The act of converting real property into personal property is

called:

severance What mnemonic device will be helpful to you, as a license holder, when you are determining whether or not something is a fixture?

MARIA Gerry owns a piece of farmland. She builds a barn on the land to house her pigs, sheep, and goats. Which of the following is TRUE?Gerry's barn is an improvement.Which of the following fall under the category of legal life estates?homestead, dower, curtesy, and elective share What is legal title?the complete legal ownership of real property and the bundle of rights associated Fructus industriales are:annually-cultivated crops, also referred to as emblements What is common law?the side of law which arises from judgments and decisions made in courts rather than explicit legislation Diego just purchased a residential home on the lake. He is excited to alter, change, and improve the property as he sees fit. He is going to add a garage and plant a garden. In doing so, what right will Diego be exercising?the right of control

Real property refers to:the land and improvements on it, plus the set of rights

associated with real estate ownership While real estate refers to the land and improvements on it,

real property refers to the land and improvement on it plus:

the set of rights associated with real estate ownership Conga installed her family's candelabras on the wall in her dining room when she first moved in. Ten years later, when she gets ready to move, she removes the candelabras from the walls so she can take them with her. What process did Conga go through when she removed the candelabras?severance(Severance is taking an item that is attached to the land and removing it as personal property. While the items may have been an attachment, when it is removed it becomes personal property, meaning it can be taken when the property is sold.) If a property owner sells their mineral rights and keeps their surface rights, which rights take priority?The mineral rights owner has both priority and the right to enter the property to access the minerals.What is a fixture?an object that was once personal property but is now firmly attached to the land in such a way that it is considered to be real property What is property?any item that may be owned, including the rights associated with ownership

An acceptable term for any unattached, movable asset on

the property not considered real estate is:

chattel Akriti has a non-possessory interest in a ten-acre estate.

This means that:

She will inherit the estate in the future.Though these two types of estates can be broken down even further, what are the two basic types of freehold estates?fee simple estates and life estates What are rights that govern lakefront or oceanfront property and usually allow the property owner to use the water bordering their property?littoral rights A conceptual linkage to real property, such as a garage

door opener, is an example of:

close association Condoleezza loses a large portion of her property due to a sudden flood, but she does not lose title to her land. What term describes this sudden loss of land?avulsion Blackberry bushes are growing in Heidi's backyard. Heidi has the right to pick those blackberries, eat them, make them into jam, or share them with her neighbor. This

concept is known as:

accession Are fructus naturales and fructus industriales considered real property or personal property?Fructus naturales are considered real property. Fructus industriales are considered personal property.

Subsurface rights commonly govern:the ownership of mineral deposits

An estate with an attached condition that a property is used for a certain purpose or under specific conditions is known

as a:

defeasible estate What is erosion?the gradual loss of land over time What does the bundle of rights that comes with property ownership address?all the things owners can do with the land they own The right of disposition is:an owner's right to sell, lease, and/or will a property to anyone they choose What type of estate causes the title to automatically revert to the original owner if the deed requirements regarding property use are violated?fee simple determinable Which two rights refer to waterfront properties? riparian and littoral What are the two types of fee simple estates? absolute and defeasible Regarding the bundle of rights that all property owners enjoy, what is the right to occupy and use a property known as?the right of possession What is the difference between the two types of defeasible estates?The title to a determinable estate reverts automatically, whereas condition subsequent estates require legal action for that to happen.What set of rights would dictate how high a building is allowed to be built?air rights Alfonso owns a freehold estate. Which of the following is TRUE about Alfonso?Alfonso is the freehold tenant.