VA Real Estate Moseley Test Flashcards

VA Real Estate Moseley Test Flashcards What is the method of attachment?How permanent and attached object is to the property.What is a community property?The theory that a husband and wife have the same shares in property.What is an economic indicator?A measurable ecinomic factor (such as real estate) that shows how the economy is or will do.What is the economic characteristic of scarcity? There is a limited supply of land.What is a government survey?Principal meridians running north and south and base lines running east and west breaking up land into square sections.What is the economic characteristic of investment permanence?How long something will hold the value.What are the classes of Property?Personal Property and Real Property What is a remainder estate?Estate that automatically arises after an existing estate terminates.What is the bundle of rights?possess, control, enjoy, exclude, encumber, and dispose.What can limit the use of real property? Zoning and deed restrictions What is the only voluntary lien?A mortgage.How do governmental policies influence supply and demand.The more allowances the government makes the easier and more affordable the housing becomes and so the prices go down but more people are capable of buying.What is an agreement?Something created by written consent.What is concurrent ownership?When there is co-ownership falling into joint tenancy, tenancy in common, and tenancy in the entireties.What is assemblage?Combining two pieces of land that are next to each other and assembling them into one more profitable piece.What is a non-legal property descriptions? Describes a property for convenience and not for use on deeds and titles.What is an easement by implication?If someone has been doing something on someone else's land openly for a long time then it could be that there is implied permission.What is an encroachment?When a physical intrusion encumbers someone else's land.What does it mean that the land is indestructible?You can move land but there is always more land beneath.What is an easement by necessity?When it becomes necessary for a person to use anther person's land. Often these easements are used by the government.What are demographics?A way of putting people into groups such as population size, population growth, family size, age, and income.What is geodetic survey?Includes vertical and horizontal lines and uses a series of permanent ground markers.What is an express grant?An express easement that is conveyed in writing.

What is sole ownership?Individual ownership of real property.What is personal property?Generally movable and unattached items.What is a special assessment lien?A lien that is placed to fund a public improvement.How is an easement terminated?Termination happens when the need for the easement no longer exists.What is included in the bundle of rights? Possess property, control property, enjoy property, exclude others, encumber property, and disposal of property by sale.What is tenancy by the entirety?When a husband and wife are a single entity and both have entire ownership of a property.What is joint tenancy?When the title is held by multiple people. When one person dies the other automatically gets the other person's interest in the property.How is a lien default enforced?When a lien needs to be enforced then a court order must be secured then the house is seized and the property is sold. When the property is sold the proceeds pay off the debts.What are the two types of liens?General liens which are attached to the debtor and specific liens which apply only to the property.What does it mean that land is unique?No two plots will ever be the same.What is Fructus Industriales?Crops also known as chattle.What fall into fructus naturales?Flowers, bushes, trees, and general landscaping.What is a fee estate?Highest and most unrestricted ownership interest in land.What does it mean that land is immobile? It can not be moved What general categories does personal property fall under?Intellectual, reputation, leases, partnership interests.What is the term used when a lien has been paid/removed?Satisfaction What is a fixture?Things like fences and lights that were once movable personal property that were affixed to a property making them fixtures.What is pur autre vie?Means for another's life. Measures the life estate by a third person's life.What is an estate at sufferance?When a tenet is still on property after he is lawfully allowed to.Real PropertyEverything within a specified block including mining rights, air rights, and general land usage rights.What are the physical characteristics of land? Immobility, indestructibility, and uniqueness.What is marketable title?The title is free from defects.What is a relationship of parties?When a renter makes improvements but takes the improvements with him replacing them with the originals when he leaves. Like upgrading a fan and then putting back the original when you leave.What are metes and bounds?Has a point of beginning (POB) and are marked by monuments. Metes are measured in inches, feet, yards, and miles. Bounds use monuments.

In what order do liens get paid off in?Government liens get paid off first and then after that it is a first come first serve basis.What is a tax lien?A lien placed when taxes are not paid off. (PROPERTY tax liens are only when the property tax is what hasn't been paid.) What is a property tax lien?A lien filed against real property when property taxes haven't fully been paid and it remains until it is paid off.What is an estate from year to year?When a lease automatically renews until one or the other of the parties involved decides to terminate.How does cost and availability of labor factor into supply and demand?The more available the materials and labor for home building, the more homes built, and the value of the house lowers.What is a life tenant?When a tenant holds the property for the duration of his life.What is a lease?Transfers the right of exclusive use and possession for a specified period of time.What is an easement by prescription?When use of land is harmful to the owner but the person has been using the land in access of twenty years.What is a judgement lien?When leans are enforced by a writ of execution and usually only cover things in the county in which they were issued.What is the lot, block, and subdivision? A subdivision plat os a map which notes the layout of lots and their numbers which can be further divided into blocks and lots.What is an easement?It is limited right to use someone else's land.What is a township?6 x 6 box of land What is an adaptation?When something is specifically made to work with a building and is now a fixture even if it isn't "attached" to a property What are water rights?The right to use the water that is on your property.What is the economic characteristic of improvements?Additions made to real estate that are meant to make the land more desirable.What are the legal property descriptions used for?Deeds and titles.What is a revision estate?An estate that returns to the grantor when the grantee no longer uses the property.What is a statutory estate?An estate created by law including a dower or a curtesy.What is the impact of supply and demand on the housing market?The less that are available the more they are worth as long as there is a demand.What are the different types of legal descriptions?Metes and bounds, government survey, and lot, block, and subdivision.What is a mortgage?A voluntary lien when you take out a loan and use your house as collateral.What is an attachment lien?When judicial action causes a defendant's personal and real property are seized.What is the difference between an easement and a license?A license is when one person gives another person a personal privilege.

What is an easement in gross?When the easement is attached to a particular person.What is an easement by condemnation?This happens when the government uses eminent domain.What are some common land improvements?Houses, fences, fire pit What is a mechanic's lien?When a merchant or laborer isn't paid and they place a lien on a property until they get paid.What is an easement on appurtenant?When an easement is enjoyed by the owner of the land too.What are legal property descriptions used for? Titles and deeds and legal documents that are turned into the court house.Can a house be sold when it has a lien on it? Yes. A lien does not transfer the title to the lien holder. If someone buys a house with a lien on it they take on the debt.What is an estate in land?Describes the extent of ownership interest in real property.What is a dower or curtesy?Legal right of limited inheritance by a wife or husband.What is a non-freehold estate?Conveys the right of possession without the right of ownership for a pre-defined period of time.What is are rights in real property?ownership rights in surface, air, and the dirt of a person's land.What does lis pendens mean?Action pending meaning that a lien is pending.What is a life estate?An estate conveyed to a person for the duration of someone's life.What is a lien?An encumbrance in which you took out money and your house is used as collateral.What is the estate at will?No defined end date of lease and can be terminated by either the land lord or tenant.What is a freehold estate?When someone has pure ownership.What is an encumbrance?When interest in the land has been given to another party in a way which may diminish the value of the property.What is the social impact of home ownership? The more people who own there homes the more valuable the area is because the homes are better maintained.Whereas an area with a lot of renters is not as nice because they don't feel the need to take care of the property.What are checks?24 x 24 boxes of land What is a homestead?Laws protecting spouses of homeowners from property debts.What is a trade fixture?Personal property used for a person's business. (even if it attached to the real estate) What are the economic land characteristics? Scarcity, preference, improvements, investment permanence, and assemblage.What is the economic characteristic of preference?People will pay more for where they want to be.What are future estates?When it is certain that in the future the estate will be given.What does heterogeneous real estate mean? Every piece of real estate is different.What categories fall under real property? Land, improvements, or real estate (the land plus the improvements.)