Chapter 2
Rank the priority of these liens on a property from first to last.
1. Property tax lien 2. Mortgage lien created at purchase of the property 3. Second mortgage property created at purchase of the property 4. Judgement lien arising a year after purchase of the property
Elective share has been adopted in about _______ of states in the United States.
50 percent
Joint tenancy
An ancient form of co-tenancy that enabled land holdings to remain intact
Community property
An automatic 50 percent share in all property acquired "out of the fruits of the marriage."
Which of these terms best characterizes the meaning of personal rights?
Freedom
Curtesy
Gives a surviving husband a one-third life estate in the real property ever held by a decedent wife during the marriage.
Elective share
Gives a surviving spouse some automatic ownership of both real and personal property held by a spouse at the time of death.
Dower
Gives a widow an automatic one-third life estate in real property ever owned by a decedent husband during the marriage.
Which of these factors would encourage a tenant to seek a tenancy for years rather than a periodic tenancy?
Greater possible disruption from moving, Greater need for the specific location
Which of these terms is more characteristic of a periodic tenancy than a tenancy for years?
Informal, High risk of misunderstanding
Characteristics of a tenancy for years include which of these?
It must be conveyed in writing (to be enforceable) if longer than a year. It can be virtually any length, up to many decades.
Which of these tenancies has "right of survivorship," such that the death of one co-owner results in the decedent's ownership interest being passed to the surviving owner(s)?
Joint tenancy, Tenancy by the entirety
In which of these freehold estates has the right of disposition been separated from the other rights?
Life estate
Tenancy by the entirety
Marital co-ownership that, at the death on one spouse, enables the surviving spouse to be sole owner of joint property
Which of these liens has priority strictly according to time of creation?
Mechanics' liens, Mortgage liens
Fundamental characteristics of rights include which three of these?
Obligation of government to uphold or protect them. They are non-revocable. They are enduring or permanent.
Which of these items most likely is(are) personal property?
Patio furniture, A very large television, An oriental rug
Which of these items is (are) likely to be a fixture?
Pews that are custom designed for a house of worship, Standard wall-to-wall carpeting
Which of these liens always have the same, equal, senior priority?
Property tax lien, CDD lien, Assessment lien
Which of these land uses can be (and commonly is) based on an easement in gross?
Railroad, Irrigation ditch, Power line
A person who owns a residence as a life estate fails to have which of the basic rights that are elements of property?
Right of disposition
Ability to demolish and replace a structure on your land
Right of disposition
Freedom to sell your property when and for how much you choose
Right of disposition
Freedom to lock your car
Right of exclusive possession
Ability to grow and sell crops on your land
Right of use and enjoyment
Freedom to decorate your house as you choose
Right of use and enjoyment
If you own a condominium where there is a restriction on the color or character of window treatments (drapes or blinds) what aspect of property rights is being curtailed?
Right of use and enjoyment
Which two of these best demonstrate personal rights rather than property rights?
Right to post election campaign signs on your lawn. Right to invite a group into your home.
A vacant lot has existed in an old neighborhood as far back as anyone can remember. Over time the sequence of owners of an adjacent house have fenced it in and used it for a garden. Suddenly another adjacent owner on the opposite side of the lot finds a survey indicating that the lot was purchased by their great great grandfather nearly a century ago. By what aspect of rights must this claim be taken seriously?
Rights are enduring.
You own a single family home with a rather narrow space between your's and your neighbor's house. Your neighbor, who has complained about the narrow space, simply erects a privacy fence partially on your property without your permission. What fundamental characteristic of rights does this violate, if any?
Rights are non-revocable.
Which of these easements would be an easement appurtenant?
Sunlight easement requiring setback of adjacent buildings, Driveway right-of-way across an adjacent parcel
A ten year commercial lease conveys what real property interest?
Tenancy for years
Which of these ownership entities is a form of true co-ownership?
Tenancy in common
Tenancy in common
The default form of co-tenancy, virtually like individual ownership
Questions that arise in clarifying rights to water include
Who has the right to use the surface of a body of water? Who has the right to use groundwater? Who has the right to use the water itself? Who owns the land under a body of water? Who controls use of land under a body of water?
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.
Characteristics of an easement appurtenant include that
an easement appurtenant "runs with the land." one parcel receives a benefit at the expense of another other. It involves two adjacent parcels of land.
An example if an easement in gross is
an easement to remove minerals from a parcel.
Home owner associations and condominium associations can invoke a lien for owner assessments. By state law or by provision in the owner documents such a lien often is automatically subordinated to:
any first mortgage lien
Restrictive covenant for a subdivision can be enforced by
any owner of a parcel in the subdivision. any renter in the subdivision. any lender whose loan is secured by a parcel in the subdivision.
In true co-ownership of property, the owners
basically hold the same bundle of rights. cannot meaningfully partition their ownership into separate bundles of rights.
Forms of automatic marital co-ownership include
community property, elective share, dower/curtesy
Entities of indirect ownership by multiple owners include the
corporation, general partnership, limited partnership
Features of elective share include:
covers both real and personal property, commonly give the surviving spouse a 30% share, must be explicitly chosen with a certain time after death of the spouse
Easements vary greatly in the extent of ______ that they impose on the encumbered land.
disruption
An ancient common law concept
dower/curtesy
Conveys only life estates
dower/curtesy
Limited to real property only
dower/curtesy
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.
A modern statutorial creation
elective share
Includes both real and personal property
elective share
Provides for a fee simple interest
elective share
Characteristics of time-share or interval ownership include that
it commonly is divided into weekly units. it is mostly associated with resort properties. it may amount to a condominium interest, a leasehold, or a license.
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 curtesy is the provision for a surviving husband.
True features of dower/curtesy are:
it is of common law, English heritage
The governing association of a condominium can do which of the following to its owners?
levy assessments, Set and enforce rules, impose liens
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.
The priority of a condominium association lien
often depends on state law.
A lien that always exists on every private property is the
property tax lien.
In true direct co-ownership the owners
share the same bundle of rights
When an owner disposes of an indirect co-ownership interest in real estate, the owner will be conveying to the new owner
shares in a business entity
The most versatile form of direct coownership is
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.
Characteristics of an easement in gross include that
the easement can be conveyed separately from any parcel affected. a single easement can affect many parcels. only servient (diminished) parcels are involved.
The reason a second mortgage lender is at more risk than a first mortgage lender is that in default
the first mortgage lender gets full satisfaction before the second mortgage lender get any.
An example of an easement appurtenant would be
the right of one parcel to restrict building height on an adjacent parcel.
Issues that arise in determining rights to minerals, oil and gas include
whether ownership of minerals involves ownership of the space containing them. whether oil and gas are treated as simply a form of minerals or as flowing substances.