Section 2

Benjamin is interested in a piece of property but is curious about its exact legal description. what's one of the best ways to find this information?

Reference a previous property deed

Which is included with real property rights?

enjoyment

Which of the following is a legal term that can mean the right to take products out of the soil?

profit

___ is the gradual receding of water, which uncovers new land.

reliction

How large is a section used in the rectangular government survey system?

640 acres

What is a section?

A one-square-mile square formed in the use of the rectangular government survey system

Which of these is the best example of an estate from period to period?

After Morgan's one-year lease expired, he continued to lease the property with no defined end date.

Which of the following statements is true regarding community property rights and property ownership?

Both partners may own other properties purchased before the marriage separately (in severalty), but any properties purchased during their marriage are owned equally

Which of the following is NOT a type of real property lien?

Disposition

Your client, Ada, wants to purchase property that includes a garage apartment that's subject to an existing lease. Ada plans to rent the garage apartment to her sister next year. What should Ada specifically look for when reviewing the existing lease terms to decide if this is the right property for her?

Duration and renewal options

Which of the following describes community property rights?

In some states, it's a form of property ownership for married couples with equal ownership and possession of any property acquired during the marriage.

The right to access ponds, lakes, oceans, and other stationary bodies of water is____

Littoral

Harmony is looking at the legal description on her purchase contract. It mentions that the plat of her property is recorded in Map Book 12, page 14, at the county courthouse. What type of legal description is this?

Lot and Block

What does the lot and block system use to develop a property's legal description?

Plat References

A property has just been foreclosed on. Which of the following describes the rules regarding lien priority?

Property tax liens take priority, with all others following a "first in time" rule.

Which one of the following types of ownership termination allows each tenant to have a specific, divided portion (partition) of the property exclusively

Termination of co-ownership by partition

Which of the following statements is true regarding timeshare estates?

Timeshare estates can be sold or passed down to heirs

What's the difference between reversionary interest and remainder interest in a property?

With reversionary interest, the property reverts to the owner after the death of the life tenant. With remainder interest, the title to the property goes to a named third party following the death of the life tenant.

What is an encumbrance?

a defect on a title that can be monetary or physical

Related to the legal description of land, what's a monument?

a permanent land marker sometimes used in legal descriptions

The Simpsons are buying a five-acre tract that has always been part of a larger parcel. When the owners of the large acreage decided to subdivide it, they needed to have a legal description created for the five-acre lot. What was used as the starting point for creating that legal description?

a survey

Alluvion describes new deposits of land that are the result of what natural process

accretion

Lucy inherited some land. When she makes the drive to check on it about two years later, she finds that, to her surprise, someone is living in a small cottage on that property. What's this an example of?

adverse possession

Will was sued for damages related to a car accident in which he was involved last year. As part of the proceedings, the court placed a lien against his primary residence. What type of lien is this?

attachment

If a buyer purchases real property that includes the unit in a building, all of the space in the unit, and shared ownership of the common areas in the building, what type of real estate did the buyer purchase?

condo

Terri just bought her first home! She's so excited to be living the American Dream. She owns her home's interior, including the walls, but not the land on which it sits. What type of home does Terri own?

condominium

Basic property rights include the rights of possession, control, exclusion, enjoyment, and _____

disposition

A part of your property is used by the local utility company to maintain its power lines. What's this an example of?

easement

Which of the following describes an estate for an unknown period of time, with either party permitted to terminate the lease by giving notice to the other?

estate at will

Non-lawful possession after the expiration of a lease is called ______.

estate of sufferance

Sarah owns her own home. As part of her basic property rights, she has the right to decide who may or may not access the property. Which right is this?

exclusion

What form of ownership is inheritable and includes the entire bundle of rights, not subject to any conditions or qualifications?

fee simple absolute

Leon and Beth own 1/13 of a timeshare estate. How many weeks each year do they get to use the timeshare unit?

four

Jenner purchased his first home, to which he'll have access forever, as far as he knows. Jenner owns a(n) ______.

freehold estate

One of Jackie's creditors sued her in civil court. As a result of the judgment against her, her house, car, and art collection were all subject to sale in order to pay the creditor. What type of lien is this?

general

Which physical characteristic of land addresses the concept that the geographic location of a piece of land is fixed and can never be changed?

immobility

Rhonda and Oliver bought an old schoolhouse with the hope of transforming it into a residence. They owned the property as joint tenants. After Oliver died, how did Rhonda own the building?

in severalty

Karen's house was recently foreclosed on to pay off a lien on her home. What happens to any extra money after the lien and expenses of the sale are paid?

it goes to Karen

Siblings Julia and Gene are co-owners of a small retail building in which a tanning salon is currently operating. Gene really wants to leave his ownership interest to his son when he dies, but the way in which they own the property doesn't allow him to do so. What type of ownership do they have?

joint tenancy

Which type of legal description do courts prefer?

lot and block

Which of the following is an advantage of condominium ownership?

no yard work

Keira's father leaves her some property in a tiny town. When she goes to see it a year or so later, she's surprised to see that a family lives in one of the property's outbuildings. All of the neighbors know that this family had been there for the past two years. This is an example of _______.

open and notorious possession

Ken, Dale, and James are brothers who own more than 100 acres as tenants in common. The relationship between Ken and James disintegrated, and so James initiated a lawsuit. The end result is that the court gave each brother a designated set of acres to own. What was granted by the court?

partition

When Emma turned 70 she sold her ranch home and moved to a senior living community. Her one-bedroom apartment is on the third floor of a building that houses a fitness center, convenience shop, music room, and café on the first floor. What type of facility is this?

planned unit development

Hal and Sara own a 212-acre farm. Their property is landlocked, but they have permitted water rights to use the stream located six miles away for irrigation purposes. What kind of water rights do they hold?

prior appropriation

Jess has permission to live on his father's property as long as Jess' grandmother is alive. This is an example of which type of life estate?

pur autre vie

Jamie owns a lakeside home. Over a period of years, the water has receded quite a bit, doubling the size of the sand beach on his property. What's the name of this process?

reliction

The right to access rivers, streams, and other flowing bodies of water adjacent to a property is called

riparian

Sima purchased a cooperative. When the sale goes through, what will she own?

shares in a corporation

Evan bought into a housing cooperative that's focused on cultural exchange. Each month, the co-op residents have dinner meetings and share food and information about the culture of their respective regions. When Evan made his purchase, he received a proprietary lease for his unit. What else did he receive?

shares in the cooperation corporation

Once Greg and Caitlin were married, they decided to purchase a home together. Since it was a shotgun wedding after a weekend in Vegas, they made sure that their ownership included the right of survivorship as well as protection from the other spouse attempting to sell the house from under them. Though not recognized in all states, the most likely form of co-ownership under which they would make this purchase is ______.

tenancy by the entirely

Which type of ownership includes unity of time, title, interest, possession, and marriage?

tenancy by the entirety

____ is the form of ownership used by married couples in certain states. It includes automatic survivorship rights.

tenancy by the entirety

In which form of co-ownership is a person's ownership inheritable?

tenancy in common

What is the name of a term which explains the complexity of property ownership rights and how rights for a single property can be "owned" by multiple parties at the same time?

the bundle of rights

What happens after a foreclosure if there isn't enough money from the sale to pay off all of the lien holders against a property?

the former owner may owe a debt to lien holders who aren't fully paid

What would happen if you bought a house and later found out that there were unpaid liens against the property?

the unpaid liens could trigger a foreclosure on your property

TRUE about air rights

they allow the owner to use the open space above buildings

What's the relationship between townships and sections in the rectangular government survey system?

townships are divided into sections

Clay is interested in purchasing a condo about a mile form the city center. He went to the city records office to review everything that was filed by the condo developer. In the condominium declaration, he sees how ownership of the common areas is shared among the ________.

unit owners

What type of timeshare involves a buyer agreeing to pay a one-time purchase price and an annual maintenance fee, and in return selecting an accommodation time and having the right to use the unit for a specified number of years?

vacation