Section 2 - Land, Property and Real Estate Flashcards

Section 2 - Land, Property and Real Estate Flashcards A _______ is a piece of real estate owned by multiple unrelated individuals who, in addition to their ownership rights, each hold the right to occupy the dwelling unit based on the specific terms of a timeshare agreement, usually in one- to two-week intervals during the year.Timeshare estate Leon and Beth own 1/13 of a timeshare estate. They own weeks 20 and 21, and also weeks 40 and 41. These weeks are inheritable. What type of ownership is this?Fee simple Which one of the following says that real estate acquired by either spouse during a marriage (in most cases) is considered community property?Community property rights A sole proprietor is a familiar business model. If you practice real estate as a sole proprietor, which of the following is a true statement?You're an independent contractor.Ken, Barbie, and Skipper owned a property as a joint tenancy. When Skipper moved out of state, she sold her interest to Midge. Two years later, Ken died. How is the interest in the property divided?Barbie owns two-thirds, and Midge owns one-third.

Which type of legal description is this: "Plat of Block 28,

Woodmen Heights Tract, recorded in Map Book 27, page 68, at the Eldor County Records Office"?Lot and block Darren set up a land trust so that his children could benefit from his real estate investments after he dies. He asked his financial advisor Tom to manage the trust. Darren is the

______.

Trustor Basic property rights include the rights of possession, control, exclusion, enjoyment, and ______.Disposition ______ is the form of ownership used by married couples in certain states. It includes automatic survivorship rights.Tenancy by the entirety Non-lawful possession after the expiration of a lease is called ______.Estate at sufferance What does the metes and bounds system use to develop a property's legal description?Compass headings and directions Jamie owns a lakeside home. Over a period of years, the water has receded quite a bit, doubling the size of the sand beach on his property. What's the name of this process?Reliction Licensee Dionne pointed out to her buyer client the items in the house she was showing that would be considered real property. What is one of the key determinants that show that something is real property (also known as a fixture)?Permanently affixed to the property

In many areas of the country, Marcellus shale has become a hot commodity. This type of rock produces gas, which can be mined, stored, and sold. Abe learned that his family farmstead sat over a rich deposit of Marcellus shale. What type of rights does Abe have relative to this shale?Sub-surface rights Rhonda and Oliver bought an old schoolhouse with the hope of transforming it into a residence. They owned the property as joint tenants. After Oliver died, how did Rhonda own the building?In severalty Shira bought a condominium in a planned unit development. The development has a small playground, tennis and basketball courts, and a putting green. Who owns these recreational facilities?The condo owners

Which ownership type is defined by four unities: time, title,

interest, and possession?Joint tenancy Keira's father leaves her some property in a tiny town.When she goes to see it a year or so later, she's surprised to see that a family lives in one of the property's outbuildings. All of the neighbors know that this family had been there for the past two years. This is an example of

_______.

Open and notorious possession Bart just toured his fourth patio home of the day. To help him remember what he saw in each one, he's making notes about décor, updates, and inclusions that will stay with the property. Which of the following items is NOT considered personal property and would therefore stay with a home?The chandelier in the foyer Lewis and Elliot started a real estate investment business together. After much discussion with their attorney, they decided to incorporate, but in such a way that they are treated like a partnership and don't have to pay corporate taxes. What form of business do they have?Subchapter S corporation Which one of the following types of ownership termination allows each tenant to have a specific, divided portion (partition) of the property exclusively?Termination of co-ownership by partition Which of the following would be a description used for real property and a fixture?In-ground Lucas, Ivan, Chad, and Trace own a property as joint tenants. After a few years, Ivan sells his interest to Tom (with permission from Lucas, Chad, and Trace). Chad dies intestate but is survived by a wife, Amy. Trace also then passes away but wills his property to Monique. Who owns the property after Trace's death?Lucas and Tom Which physical characteristic of land addresses the concept that land isn't interchangeable and one piece of land isn't exactly like another?Uniqueness

Sheldon and Jean retired and bought a townhome in a community about 30 minutes from their children and grandchildren. They're excited about their new living situation because Sheldon's arthritis is getting worse and he'll no longer have to handle ________.Shoveling snow Sam and Bridget are cousins who jointly own property.They are both named on the deed, they received title at the same time, they have the right of survivorship, and they each have equal interest and undivided rights of possession. What type of ownership do they have?Joint tenancy In what way is a townhome similar to a condominium?They both typically have HOA dues.What is a section?A one-square-mile square formed in the use of the rectangular government survey system Sima purchased a cooperative. When the sale goes through, what will she own?Shares in a corporation If an item is permanently attached to a property, a court would most likely consider it a fixture if it passes which of the following tests?Method of annexation Which of these is the best definition of real estate?Land, plus all things permanently attached to it naturally or artificially Which of the following statements is true regarding community property rights and property ownership?Both partners may own other properties purchased before the marriage separately (in severalty), but any properties purchased during their marriage are owned equally.Property with ownership by more than one person is known as ______.Co-ownership Which of these is the best example of an estate from period to period?After Morgan's one-year lease expired, he continued to lease the property with no defined end date.Mark has been openly using a property without the owner's permission for the last 30 years. What else must he do to meet the adverse possession requirements?Have a reasonable belief in his right to possess the property.Terri just bought her first home! She's so excited to be living the American Dream. She owns her home's interior, including the walls, but not the land on which it sits. What type of home does Terri own?Condominium A group of 26 different families have shared ownership of a vacation condominium. Each family spends two weeks annually at the condominium. Legally, the condominium is considered a _______.Timeshare property Sarah owns her own home. As part of her basic property rights, she has the right to decide who may or may not access the property. Which right is this?Exclusion Under a land trust, the owner directs a ______ to hold title to the real estate.Corporate fiduciary ______ is the gradual receding of water, which uncovers new land.Reliction

There are many advantages to holding property within a trust. One of the most important advantages is that some trusts ______.Avoid probate Which of the following describes community property rights?In some states, it's a form of property ownership for married couples with equal ownership and possession of any property acquired during the marriage.If a buyer purchases real property that includes the unit in a building, all of the space in the unit, and shared ownership of the common areas in the building, what type of real estate did the buyer purchase?A condo Siblings Julia and Gene are co-owners of a small retail building in which a tanning salon is currently operating.Gene really wants to leave his ownership interest to his son when he dies, but the way in which they own the property doesn't allow him to do so. What type of ownership do they have?Joint tenancy What basic property right is NOT available to the holder of a life estate?Disposition Which legal description method is regulated by the U.S.Department of the Interior's Bureau of Land Management?Rectangular government survey What's the best definition of personal property? Everything that's not real property How large is a section used in the rectangular government survey system?640 acres Jess has permission to live on his father's property as long as Jess' grandmother is alive. This is an example of which type of life estate?Pur autre vie A _______ gives the purchaser the right to possess the property at given times for a given duration but doesn't convey ownership.Timeshare use Which of the following are included in the transfer of real property unless specifically excluded in writing?Fixtures You have a client who travels a lot and wants to feel extra safe and secure at home. Maintaining a house and yard isn't her idea of fun, and neither is fending off door-to-door solicitation. What type of homeownership would most likely fit her lifestyle?Condo Which physical characteristic of land addresses the concept that while improvements may deteriorate over time, the land itself cannot be destroyed?Indestructibility Which of the following is a life estate in property held by a widow?Dower Tina has fee simple ownership of her timeshare unit. Which of these is NOT an example of the type of ownership she may have?Right-to-use