.png){kind=logo}
Real Estate Section1 Flashcards When someone holds a possessory interest in real property, it is said that they have an estate.What is a possessory interest in real property?The reversionary interest is the interest in an estate wherein, upon the death of the life estate owner, full ownership reverts back to the original owner (grantor).Rashid grants a life estate to Lily. Upon Lily's death, Rashid regains ownership of the estate. What type of interest did Rashid hold in this estate?Close association is a conceptual linkage to real property, such as a garage door opener.What is a conceptual linkage to real property, such as a garage door opener?Littoral rights govern lakefront or oceanfront property and usually allow the property owner to use the water bordering their property.
These rights govern lakefront or oceanfront property:
An improvement is any non-natural structure built on or affixed to land. Buildings, fences, decks, and roads are all examples of improvements, but a tree is not.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?The method of attachment refers to how the potential fixture is installed. Anything that would damage the home to remove? That's probably a fixture.A license holder is determining whether or not the kitchen cabinets in a property are considered fixtures. They decide that the cabinets would cause a lot of damage to the real property if removed due to the way they were installed.Which aspect of MARIA does this address?An improvement is any non-natural structure built on or affixed to land. Buildings, fences, decks, and roads are all examples of improvements.Any non-natural structure built on or affixed to land can be
defined as:
A life estate is so named because it is limited to the duration of a measuring life (this may be the life of the tenant or the recipient of the life estate).Hallie owns an estate for the full length of Thuy's life. When Thuy eventually passes, Hallie will lose ownership. What kind of an estate is this?Without improvements, land would just be land. For example, an empty field with no buildings on it is just "land." Which of the following regarding improvements is TRUE?Erosion is the gradual loss of land over time. This most often happens when bodies of water wash away bordering land.What is erosion?The term "real property" refers to the land and improvements on it.
Real property refers to:
Tangible property includes possessions that physically exist.Which of the following is NOT an example of tangible property?Because fixtures can be detached from the land, thereby reverting back to personal property, a best practice with respect to the creation of a sales contract is to list everything that is to be included in the contract.Because fixtures can be detached from the land, thereby reverting back to personal property, what is a best practice with respect to the creation of a sales contract?Percolating water rights refer to the use and ownership of underground water. Real property owners have a right to access that water by installing wells for their own use.Pryscilla digs a well on her property. What rights govern the use of Pryscilla's well?
Intangible property includes stocks, patents, and other incorporeal things. There is some intangible property in the real estate world, such as co-op buyers buying ownership in a company.Which of the following is NOT an example of intangible property?A non-possessory interest or estate is a future interest. For example, someone who will inherit and own a property in ten years has a non-possessory interest.A non-possessory interest in real estate implies which of
the following:
Georgia does NOT recognize elective share laws Which of the following is TRUE regarding Georgia and elective share laws?Life estates depend on a measuring life, fee simple estates do NOT.Which of the following is NOT true of fee simple estates?It is perfectly acceptable to use the terms real estate and real property interchangeably (and most real estate professionals do).Though they are technically different, the terms "real estate" and "real property" can be used interchangeably.Real estate is the land plus all improvements made by man or nature. Examples of improvements include buildings, sheds, sewers, and fences.
Real estate can be defined as:
The "I" in MARIA stands for intent and refers to the intent the homeowner had when they installed the item in question.
The "I" in MARIA stands for:
The right of possession is the right to occupy, live, breathe, and do whatever on your property because you own it. This is also known as the right to use.Regarding the bundle of rights all property owners enjoy, what is the right to occupy, live, breath, and use a property known as?Annually-cultivated crops are called fructus industriales, or emblements, and are generally considered to be personal property, even prior to harvesting.
Fructus industriales are:
Rights that govern lakefront or oceanfront property and usually allow the property owner to use the water bordering their property are known as littoral rights.What are rights that govern lakefront or oceanfront property and usually allow the property owner to use the water bordering their property?Property is any item which may be owned, including the rights associated with ownership.What is property?Supporting rights is the legal concept of responsibility adjacent landowners share. Supporting rights addresses lateral and subjacent support.What rights hold owners liable for damages caused by activities such as land collapsion from the excavation of a neighboring property? These rights address the legal concept of the responsibility adjacent landowners share.The two kinds of defeasible estates are referred to as determinable and condition subsequent.What are the two kinds of defeasible estates?Annexation, or physical attachment, tends to be what we think of when talking about how fixtures convert from personal property to real property. But there are other ways
this can happen: close association, adoption, and
agreement.Which of the following is NOT a way personal property converts to real property?A fee simple determinable is a type of fee simple defeasible estate which causes the title to automatically revert to the original owner if the deed requirements regarding property
use are violated.What type of estate does NOT require legal action for the estate to revert to the original owner if property conditions are violated?
Avulsion is the sudden loss of land by flood or when a stream or river changes course. Because it's a sudden change, no title is lost. Avulsion is caused by water.Condoleezza loses a large portion of her property due to a sudden flood. Though she loses a portion of her land area, she does not lose title to her land. What term describes this sudden loss of land?Chattel is an acceptable term for any unattached, movable asset on the property not considered real estate.An acceptable term for any unattached, movable asset on
the property not considered real estate is:
Improvements are non-natural items permanently attached to the land.What is an improvement?A fee simple estate grants the most unlimited, most absolute interest in real property. This means that there are NO conditions on the title.What is a fee simple estate?Georgia has no right of survivorship for spouses. Lola loses her husband in a traffic accident after being married for one year. Regarding estates in Georgia, which of the following is TRUE about Lola's right of survivorship?Air rights are the right to use the airspace above the surface of land.What set of rights would dictate how high a building is allowed to be built?Non-homogeneity is a lack of uniformity between real estate properties and land.Even tracts of land that appear to be identical are unique merely because they occupy different spots on the Earth.
.png)