BL 2413 chapt 49

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Reversionary Interest

A landlords right in property that he has leased to a tenant is called a:

for definite period of time

A tenancy for years will last ?

Life Estate

An interest in real or personal property that is limited in duration to the lifetime of its owner or some other designated person or persons.

fixture

An item of personal property that has been converted to real property by being permanently affixed to the realty.

Tenancy in Common

Co-ownership of property in which each party owns an undivided interest that passes to his or her heirs at death.

Trade Fixtures

Fixtures and equipment that may be attached to a building during a tenant's occupancy, with the intention that they be removed when the tenant leaves

own property in fee simple absolute

If an individual owns a piece of property and has the unlimited authority to use and sell the property

Rights in Real Property

Includes ownership rights in the surface of land, airspace above land, and space below the surface, any easements and use of appurtenant land.

By sale, by gift , through a will, through adverse possession, eminent domain

Methods of transfer of title to real estate include:

Concurrent Ownership

Ownership by two or more persons at the same time

Estates in Land

Ownership rights in real property, bundle of legal rights that the owner has to possess, use and enjoy the property. The type of estate is determined from the deed, will, lease or other document that transferred the ownership rights

fixed-term tenancy

Signing an 18 month lease on a 2 bedroom townhouse with a monthly rent of $900 creates a:

Recording Statutes

Statutes that allow deeds, mortgages, and other real property transactions to be recorded so as to provide notice to future purchasers or creditors of an existing claim on the property.

Fee Simple Absolute

The maximum possible estate or right of ownership of real property, continuing forever.

Defects of Title

The process of examining public records to determine if there are any claims on a piece of real property before it's ownership is transferred is equivalent to an examination for:

Periodic Tenancy

When a tenant is allowed to remain in possession of the residence after the expiration of a fixed term tenancy by continuing to pay monthly rent, the tenancy has become a:

Tenancy at Sufferance

When a tenant wrongfully holds over from the term of their lease, is called?

The grantor (seller) of the property has ownership of the property free from undisclosed encumbrances and free from defects.

Which is the correct definition of marketable title

Possession must be hostile, against the true owners wishes Possession must be open, visible, not secret Possession must be actual and not exclusive

Which of the following are common law requirements for transfer of title by adverse possession? 3 of them

residential, commercial , industrial

Which of the following are typical designations used in zoning ordinances?

They run with the land

Which of the following is true about easements appurtenant

Tenancy by the Entirety

form of joint tenancy ownership for husband and wife

Real Property

land and anything attached to it

Servient Estate

land burdened by the easement

Community Property

property obtained during the course of the marriage

conveyance

the action or process of transporting someone or something from one place to another.

Warranty of Habitability

the obligation of a landlord to make repairs necessary to keep the premises fit to live in. Housing codes may prescribe in detail the required conditions of property

Leasehold Interest

the right held by the lessee to use and occupy real estate for a stated term and under the conditions specified in the lease

Easement

the right to use land for a specific and limited purpose

Subsurface Rights

the rights to the natural resources below the earth's surface

Two or more people own the same piece of property Co owners may ask the court for a partition

In a tenancy in common

New homes

In most states the implied warranty of habitability applies to ?


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