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National Chapter 1 & 2 Questions And
Answers
Rights, privileges or improvements that belong to and pass with land. - correct answer ✅Appurtenance Man made additions to the land such as buildings and landscaping. Also known as free standing - correct answer ✅Improvements Right or interest in something that is temporary or movable by nature. Also known as chattel or personality. - correct answer ✅Personal Property Ownership is transferred by... - correct answer ✅Bill of Sale When personal property is included in a sale, an ___________________________ is attached to describe the details of the transaction. It must be very specific. - correct answer ✅Non Realty Item Addendum
National Chapter 1 & 2 Questions And
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Was Personal property but it has been attached in such a way that it becomes real property. - correct answer ✅Fixture Process of Attaching - correct answer ✅Annexation The Process of real property becoming personal property - correct answer ✅severance Fixtures installed by a tenant in order to carry out a business. A dentist needs a dentist chair in order to operate and it is removed when the lease ends. - correct answer ✅Trade Fixtures Crops cultivated annually - correct answer ✅Emblements Land has three physical Characteristics. - correct answer ✅1. Non Homogeneity
National Chapter 1 & 2 Questions And
Answers
Short Supply when demand is great. When there is a shortage, the price goes up. "Naturally Desirable" - correct answer ✅Scarcity Land use and value are influenced by improvements made by man. "Change or Improve" - correct answer ✅Modification Fixed or permanent investments. Not liquid assets - correct answer ✅Fixity Location preference. "Prestigious Location" - correct answer ✅Situs A legal Description is created and determined by a surveyor - correct answer ✅Surveyor Use of terminal points and angles and always have a point of beginning. Monuments and markers are often starting points. This
National Chapter 1 & 2 Questions And
Answers
method uses compass, directions, degrees, and minutes. - correct answer ✅Metes and Bounds Derived from a record map called a plat. Most common description used in residential listing agreements - correct answer ✅Lot and block Also known as Government survey system that uses base lines, meridians, townships, and sections. - correct answer ✅Rectangular Survey System One township contains _____________ sections - correct answer ✅ 36 Each Section contains ___________ acres - correct answer ✅ 640 One Acre contains ___________ square feet - correct answer ✅43,
National Chapter 1 & 2 Questions And
Answers
An area of land separating one land use from another, such as residential from commercial. - correct answer ✅Buffer Zone Eminent Domain - correct answer ✅Right Condemnation - correct answer ✅Action Individual forces the government to buy his or her property - correct answer ✅Inverse Condemnation Which of the following can file a lawsuit on inverse condemnation?
correct answer ✅Citizen Highest priority lien on real property. Ad Valorem = According to value - correct answer ✅Property Taxes
National Chapter 1 & 2 Questions And
Answers
Property reverts back to the state when someone dies leaving no will and no heirs or kindred. Also used is property is abandoned. - correct answer ✅Escheat A single woman dies without will, is this Escheat? - correct answer ✅False Deed Covenants, conditions and restrictions. Private controls of land use are contractual obligations that a buyer agrees to when purchasing the property - correct answer ✅CC&R imposed to control land use, development and methods and materials for construction. - correct answer ✅Deed Restrictions The court will issue an ____________ to enforce the restrictions imposed by the grantor. - correct answer ✅Injunction
National Chapter 1 & 2 Questions And
Answers
limited use or enjoyment of another's land. It is a right in land and should be created in writing and recorded. It is use without possession. - correct answer ✅Easement Assert your knowledge of encroachment as soon as you know - correct answer ✅Doctrine of Laches Easements can be created by __________ (written or verbal) or __________ (actions or evidence) - correct answer ✅Express, implied Access - correct answer ✅Grant Entry and Exit - correct answer ✅Reservation
National Chapter 1 & 2 Questions And
Answers
Constant use without permission - correct answer ✅Prescription Government - correct answer ✅Condemnation Land Locked - correct answer ✅Dominant Land Serves the road - correct answer ✅Servient Permission to do a particular act upon the land or property of another. A theater ticket or sports event ticket is a ___________ that grants use of one seat for one performance. - correct answer ✅License (squatter's rights) occurs when property is acquired from the rightful owner through the Statute Of Limitations. 10 years in Texas.
National Chapter 1 & 2 Questions And
Answers
To prevent any accidental cases of joint tenancy, there are four unities required for Joint Tenancy - correct answer ✅time, title, interest and possession A Procedure to divide the co-tenant's interests in real property. It can be a court or voluntary action. ___________ would divide the property into pieces and end the joint tenancy - correct answer ✅Partition Specific type of joint tenancy where the co-owners are married to one another: husband/wife, spouse/spouse. One advantage of this type of ownership is that it avoids probate. - correct answer ✅Tenancy by the entirety When two or more parties join together to create and operate a real estate investment - correct answer ✅syndicate give an individual part ownership of a property coupled with the right to exclusive use of it for a specified number of days per year,
National Chapter 1 & 2 Questions And
Answers
without the responsibility of full ownership. - correct answer ✅Time Shares Are an investments for residents. The land and buildings are owned by a corporation. Residents must buy shares in the corporation in exchange for a "proprietary lease" on their unit. - correct answer ✅Cooperative or "Co-ops" Which of the following most likely hire a property manager? - correct answer ✅HOA Ownership - correct answer ✅Freehold Estate the right to sell, lease, encumber, use, enjoy, exclude, will to heirs, etc. - correct answer ✅Bundle of Rights
National Chapter 1 & 2 Questions And
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ownership for the duration of someone's life. The owner is called the life tenant. The life tenant has all the rights and duties of an owner, except the right to choose who will get the property upon his or her death. - correct answer ✅Life Estate The person who gets the property after the life estate is ended is the __________ He gets fee simple. - correct answer ✅Remainderman If the life estate is based on the life of someone other than the life tenant, this is called _______ - correct answer ✅life estate pur autre vie If a life estate is set up so that at the end of the life estate the property goes back to the original owner, this is called a - correct answer ✅life estate with reversion Possession with no ownership - correct answer ✅leasehold estate
National Chapter 1 & 2 Questions And
Answers
lease with a specific starting and ending date. This lease survives death and/or the sale of the property. No notice is required to terminate. - correct answer ✅estate for years a lease with a fixed period that is automatically renewed unless the tenant or landlord acts to terminate it. A month-to-month lease is this type. Notice to Terminate is usually required, typically 30 days' notice - correct answer ✅Periodic Tenancy a lease that can be terminated by either party at will without notice. - correct answer ✅Estate at Will occurs when a lease expires and the tenant refuses to move out. The landlord is not receiving rent. - correct answer ✅Tenancy at Sufferance
National Chapter 1 & 2 Questions And
Answers
the tenant is usually making a long-term commitment, up to 99 years. This lease is more often for industrial or commercial land use. The tenant will build on the leased property. - correct answer ✅Ground Lease this lease gives the tenant the right to extract oil and gas from a specific property. - correct answer ✅Oil and Gas Lease transfer of all rights and liabilities to a new tenant under an existing lease - correct answer ✅Assignment Eviction - correct answer ✅Forcible Entry and Detainer When a lease is terminated by agreement of the parties - correct answer ✅Mutual rescission
National Chapter 1 & 2 Questions And
Answers
Occurs when a landlord is aware of a property condition and allows deterioration to the point that the building is uninhabitable and the tenants are forced to leave. (Slum Lords) - correct answer ✅Constructive eviction Charge against property as a security for debt Limit on your rights Encumbrance Cloud on the title - correct answer ✅Lien created by the lienee's or borrower's actions, like taking out a mortgage or home improvement loan. - correct answer ✅Voluntary Lien created by law and can be statutory or equitable - correct answer ✅Involuntary Lien
