Real Estate Chapter 2: Legal Foundations to Value

An example of an easement appurtenant would be

The right of one parcel to restrict building height on an adjacent parcel.

Dower

The rights that a wife acquires in her husband's fee simple property. One third.

Which of these are elements of "land", as used in real property.

The surface of the earth, below the surface as far as technology can reach, above the earth as high as building technology and air traffic space permits.

The priority of liens is important because

There seldom is sufficient value at foreclosure to satisfy multiple liens, a superior lien gets complete satisfaction before other liens. In default, liens get satisfaction strictly by priority.

Characteristics of restrictive covenant include that

They are enforced through court injunction, they are enforceable only by those holding an interest in the affected property, then can impose virtually any restriction that does not violate public policy, they are created at the conveyance of a parcel of land.

Distinguishing characteristics of freehold estates are that

They are indefinite in length, they are titled estates.

Fundamental characteristics of rights include which three of these?

They are non-revocable, they are enduring or permanent, Obligation of government to uphold or protect them.

In a single family home transaction, which three of these articles are most likely to be a fixture?

Vinyl floor covering, attached basketball goal, custom drapes

In a single family home transaction, which three of these articles are most likely to be a fixture?

Vinyl floor covering, attached basketball goal, custom drapes.

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Issues that arise in determining rights to minerals, oil and gas include

Whether oil and gas are treated as simply a form of minerals or as flowing substances, whether ownership of minerals involves ownership of the space containing them.

Questions that arise in clarifying rights to water include

Who owns the land under a body of water? (This is especially important for mineral, oil, and gas rights that may be involved.) Who controls use of land under a body of water? Who has the right to use the surface of a body of water? Who has the right to use the water itself (to alter the character of the water by consumption, degradation, use in irrigation, and so on)? Who has the right to use groundwater?

Ways in which restrictive covenants are created include

a restrictive clause placed in a deed conveying a single property. A declaration of covenants placed in public records when a new subdivision is created

Curtsey

a similar common law provision for husbands poor solutions to the needs of surviving spouses in an industrial, mobile society because they ignore personal property wealth (stocks and bonds), and because they created only a (nonmarketable) life estate

Cooperative

actually is not a form of true direct co-ownership but rather is a proprietary corporation. Just as with a partnership, limited liability company (LLC), or standard corporation, the cooperative owns real estate as a single owner.

An example if an easement in gross is

an easement to remove minerals from a parcel.

Restrictive covenant for a subdivision can be enforced by

any renter in the subdivision, any owner of a parcel in the subdivision, any lender whose loan is secured by a parcel in the subdivision.

Community property exists in ___ states, while dower/curtesy exists in ____.

10, 15

Characteristics of indirect co-ownership include that

A business entity is the actual owner of the property. Co-owners hold shares in the business entity that actually owns the property

An important difference between a tenancy for years and a periodic tenancy is the periodic tenancy

can be oral and the tenancy for years cannot.

Joint tenancy

A form of ownership in which multiple owners hold property with a right of survivorship. An ancient form of co-tenancy that enabled land holdings to remain intact.

The priority of a condominium association lien

depends on state laws

Dower

gave a wife a one-third life estate in all of the real property of a decedent husband that was ever owned by him during the marriage, provided that the wife did not join in conveying the property to a new owner.

Easement appurtenant

have two distinguishing features. First, the easement appurtenant involves a relationship between two adjacent parcels of land. The dominant parcel benefits from the easement while the servient parcel is constrained or diminished by the easement. Second, the easement appurtenant "runs with the land"; that is, it becomes a permanent and inseparable feature of both parcels involved.

Curtesy

husband's rights in wife's property, one third.

ways in which restrictive covenants are created include

A restrictive clause placed in a deed conveying a single property, a declaration of covenants placed in public records when a new subdivision is created.

A fee simple absolute differs from a tenancy for years in that it

is an ownership interest, is indefinite in length, has the right of disposition.

Ownership by tenancy in common, compared to a corporation

is real property rather than personal property. Often arises as a default form of co-ownership.

Tenancy in common

is the "normal" form of direct co-ownership and is as close to the fee simple absolute estate as is possible. Each co-owner retains full rights of disposition and is free to mortgage, or to convey his or her ownership share to a new owner (in whole or in part), who receives exactly the same set of shared rights. Under U.S. income tax law (Internal Revenue code), investors can reduce the effect of income taxation by exchanging rather than selling an investment property outright. Tenancy in common can enable multiple investors to exchange into a large investment property thereby making exchange more feasible. The default form of co-tenancy, virtually like individual ownership.

Easement in gross

is the right to use land for a specific, limited purpose unrelated to any adjacent parcel. (Commercial easements)

Problems with dower/curtesy include taht

it creates a life estate, a troublesome form of ownership in most cases. It omits stocks, bonds and other non-real estate wealth.

In recent decades a "revolution" has occurred in residential leasehold law. This happened in recognition that the modern urban residential landlord is providing "residential shelter services" rather than simply the use of

land for farming

Real property, by definition includes rights in ___ and its ____ ____.

land, permanent structures.

Right of use and enjoyment

Ability to grow and sell crops on your land. Freedom to decorate your house as you choose.

Which of these arrangements could be either an easement or a license?

Ability to harvest trees on a parcel of land, ability to drive on a parcel of land, ability to hunt on a parcel of land.

A lien that always exists on every private property is the

property tax lien.

Tenancy by the Entirety

special ownership by married couple Marital co-ownership that, at the death of one spouse, enables the surviving spouse to be sole owner of joint property.

An easement is the right to use another's land for a ____ and ___ purpose

specific and limited.

Which of these ownership entities is a form of true co-ownership

tenancy in common

Your "interest" in real property refers to

the "bundle of rights" you hold.

The nature and specific characteristics of a condominium are defined in

the condominium declaration, the by laws.

Rule of capture

the owner of an oil or gas well could claim all that is pumped from it, regardless of whether the oil or gas migrated from adjacent property However, because methods of so-called secondary recovery have enabled well owners today to recover oil and gas from such an extensive surrounding area, the law of capture has been curtailed in some states. Today every oil-producing state has evolved its own considerable statutory law pertaining to oil and gas rights.

Which of these items are real property?

Air space just above the ground, mineral yet to be extracted, land.

Which of these statements are true regarding fixtures?

Altogether, there are 4 traditional rules for determining whether something is a fixture. The dominant rule for determining what is a fixture is called "intention of the parties." Fixtures are personal property that has become real property.

Which of these liens always have the same, equal, senior priority?

CDD Lien. Assessment lien, Property tax lien.

Which of these are among the rules used by courts to determine fixtures.

Character of the article and manner of adaptation, relation of the parties, manner of attachments, intention of the parties.

Community Property

Community property gives a spouse a fifty percent claim on all property acquired "from the fruits of the marriage." Thus, if either spouse should independently acquire property during the marriage, it is likely to be regarded by courts as community property. Includes both real and personal property, a Spanish and french tradition, spouses have equal shares.

A cooperative differs from a condominium in that

Cooperative owners own shares in a corporation rather than actual real property. Cooperative owners are liable for the obligations of all owners where condominium owners are not. Cooperative owners have a leasehold rather than ownership of their unit.

In contrast to ownership of property by a corporation, in tenancy in common

Each owner can separately mortgage or sell their portion of the property, every owner holds the same actual real property interest rather than shares in an owner entity. All co-owners are mutually liable for any liens on the property.

Elective Share

which gives a surviving spouse a share of most of the wealth of the decedent. A common share is one-third, though up to 50 percent in some cases. The surviving spouse must elect to take the share within some time limit, usually no later than nine months after the death or six months after the conclusion of probate, whichever is later. A modern statutorial creation, provides a free simple interest, includes both real and personal property.

By the definition of real property, which of these is most likely to be included?

Free standing garage.

Which of these terms best characterizes the meaning of personal rights?

Freedom

Which two of these personal rights sometimes conflicts with property rights in a shopping mall?

Freedom of expression, freedom of assembly.

Right of exclusive possession

Freedom to lock your car

Right of disposition

Freedom to sell your property when and for how much you choose. Ability to demolish and replace a structure on your land.

Condominium declaration

In this document are three-dimensional descriptions of the space occupied by each unit, a description of the common facilities and areas, a determination of the proportion of common areas associated with each unit, provision for expansion of the property, if needed, and numerous fundamental rules

Characteristics of time-share or interval ownership include that:

It commonly is divided into weekly units. It may amount to a condominium interest, a leasehold, or a license. It is mostly associated with resort properties.

Characteristics of dower, curtesy include that

It includes all real estate ever owned by the decedent spouse during the marriage. It creates a life estate for the surviving spouse. Dower is the provision for a surviving wife and curtsy is the provision for a surviving husband. Limited to real property only, conveys life estates, an ancient common law concept. An English common law tradition.

The dominant rules in identifying fixtures are "intention of the parties" and "relation of the parties". Which statements exemplify one of these rules?

Items installed by a tenant are personal property of the tenant until they are abandoned. Furnishings created in a store for a retail tenant belong to the tenant until they are abandoned

In which of these freehold estates has the right of disposition been separated from the other rights?

Life estate

Which statements are correct concerning the impact of fixtures on real estate transactions?

Misunderstanding about potential fixtures can be costly, time consuming and disruptive .The potential for fixtures arises in most real estate transactions.

in contrast to traditional landlord-tenant law, three points that modern residential landlord-tenant law addresses include

Obligations for maintenance, right of entry by the landlord, handling deposits.

Ownership by tenancy in common, compared to a corporation

Often arises as a default form of co-ownership. Is real property rather than personal property.

Fixture

Once was personal property but now is real property.

Characteristics of an easement appurtenant include that

One parcel receives a benefit at the expense of another one. It involves two adjacent parcels of land. An easement appurtenant runs with the land.

Rank the priority of these liens on a property from first to last

Property tax lien, mortgage lien created at purchase of the property, second mortgage lien created at purchase of the property, judgment lien arisihing a year after purchase of the property.

Which of these is an estate?

Remainder interest

Which two of these best demonstrate personal rights rather than property rights?

Right to invite a group into your home. Right to post election campaign signs on your lawn.

A ten year commercial lease conveys what reap property interest?

Tenancy for years

Condominium combines individual ownership with

Tenancy in common