Property Ownership Review

Real Estate Lesson 1

How many sections are in a township?

36

How many acres and feet are in one square mile?

640 acres and 43,560 sqft

What are the three methods of legally describing real estate?

1. Metes & bounds

2. Rectangular/governmantal survey

3. Lot & block

What can you not leave out of a purchase agreement?

A detailed legal description of the property.

What type of co-ownership recognized a married couple to be just one person?

Tenancy by the entirety

A person who manages property for a third party does so through what device?

a Trust

What are the four forms of co-ownership?

1. Tenancy in common

2. joint tenancy

3. Tenancy by the entirety

4. Community property

What is a unique feature of joint tenancy?

Right of survivorship

The process of possession, interest, time, and title, is used to create what form of co-ownership?

Joint tenancy.

Severalty

Ownership by one person

Encroachment

when the boundaries of land have been illegally extended upon.

What is a common solution to encroachment?

Easement by perscription

How many parties must be involved to create an easement?

2 seperate parties

What are the resons for terminating an easement?

1. No need for it

2. sole ownership of parcels

3. release

4. abandon

5. non-use

What is the reason for an easement of necesity?

So that a parcel of land is not landlocked.

An individual or company interest to the use of a person’s land, such as utility or railroad, is what?

Easement in Gross

What are the 4 types of easements?

1. Gross

2. Appurtenant

3. Necessity

4. Prescription

What is an easement appurtanant?

Two parcels of land adjacent to each other, that allows the owner to use the neighbors land.

What is an encumbrance?

An interest in real estate that does not rise to actual ownership.

What are the 4 types of encumbrances?

1. Easement

2. CC&R/Deed restriction

3. Lien

4. Encroachment

What is a Lien?

A charge against property to secure a debt

What are the 4 types of liens?

1. voluntary

2. involuntary

3. statute

4. equitable

A general lien affect both the personal and real property, specifi only focuses on the particular property.

What is the difference between a general and a specific lien?

What is an estate the lasts a lifetime or longer?

Freehold estate

What is severance?

the act of seperating real property from the land. Including

What are the 6 types of real property?

1. Residential

2. Commercial

3. Mixed-Use

4. Industrial

5. Agricultural

6. Special purpose

What is included in the “bundle of rights”

1. possession

2. Control

3. Enjoyment

4. Exclusion

5. Disposition

What are the physical characteristics of land?

1. immobility

2. Indestructability

3. Uniqueness

Water rights for land along a river or stream is known as___

Riparian rights

Where land that borders commercial lakes and oceans is known as___

Littoral rights

Parking spaces, easements, and water rights in combination with real property becomes an___

Appurtenance

Economic characteristics of land are?

1. Scarcity

2. Improvements

3. permanence

What is a fixture?

Personal property that by law has been permanently attached to the land

Permanence, adaptability, relationship, intention, and agreement has to do whit what element of property ownership?

Determining a fixture

What is annexation?

The process of taking personal property and turning it to real property

What are trade fixtures?

equipment a tenant has installed that are personal property for doing BUSINESS. NOT FOR RESIDENTIAL!

What is the process for a property owner obtaining trade fixtures at the expiration of the lease?

Accession

What is Tenancy in Common

You can sell your percentage of ownership without consent, but cannot sel the entire property without consent. Can will it to whoever you want.