Ch. 2

A trust involves a trustor, trustee, and a:

Beneficiary

Land and everything permanently attached to land is known as:

Real Estate

Real estate plus the bundle of rights is known as:

Real property

What is the primary distinction between a tenancy in common and a joint tenancy?

A joint tenancy includes the right of survivorship

The rights in real property to the reasonable use of the air space above the surface of the land are known as:

Air rights

A written instrument given to pass title of personal property from a vendor to a vendee is referred to as a:

Bill of Sale

The rights of an owner of a freehold estate to possession, enjoyment, control, and disposition of real property is known as:

Bundle of Rights

Personal property is also known as:

Chattels

A form of ownership in which stockholders in a corporation occupy property owned by the corporation under a lease is known as a:

Cooperative

An entity established and treated by law as an individual or unit with rights and liabilities, or both, distinct and apart from those of the persons composing it is known as a:

Corporation

Which of the following business entities can own real property? A. Corporations B. Limited Liability Companies C. Partnerships D. All of the above

D. All of the above

A written document by which ownership of land is transferred from one party to another is known as a:

Deed

The crops and other annual plantings considered to be personal property of the cultivator are known as:

Emblements

Personal property that has become real property by having been permanently attached or adapted to real property is known as a:

Fixture

The landowner's ability to take minerals from the earth or to sell or lease this right to others is known as:

Mineral rights

A structure transportable in one or more sections, designed and equipped to contain not more than two dwelling units to be used with or without a foundation system is referred to as a:

Mobile home

All property that is not considered to be real property is known as:

Personal property

The right of a surviving tenant or tenants to succeed to the entire interest of the deceased tenant is referred to as the:

Right of survivorship

Real property that is owned by only one person is referred to as:

Severalty Ownership

An estate or interest in land held by two or more persons, each having equal rights of possession and enjoyment, but without any right of succession by survivorship between the owners is considered:

Tenancy in Common

The evidence of right which a person has to the ownership and possession of land, commonly considered as a history of rights is known as:

Title

True or False: A condominium is considered real property.

True