LW270 - Chp 48

Charles owns a piece of land on which he has constructed a house. There are no limitations on his ownership rights, and he owns this property for the duration of his lifetime. Charles can transfer the property by will to a named beneficiary or beneficiaries when he passes away. The type of freehold estate represented by Charles's ownership is best described as ______

fee simple absolute (fee simple)

A _____ is a deed that protects a grantee of real property from defects in title caused by the grantor

special warranty deed (limited warranty deed)

You decided to purchase a parcel of land near Atwood, Michigan. When the purchase is completed and you own the land, you intend to begin construction of a new home for you and your family. Your rights to use, enjoy, and develop the land you own are called ______.

surface rights

Subsurface rights (mineral rights) are rights to ______

the earth located beneath the surface of the land

In a quitclaim deed ____

the grantor doesn't guarantee that he or she owns the property

Your aunt is selling her house in New Hampshire to move to a condominium in Florida. The house includes a number of storage spaces, such as built-in kitchen cabinets and shelving in many of the bedrooms. This cabinetry cannot be removed from the house without causing significant damage to the walls The cabinets and shelving in your aunt's house are best described as _____

fixtures

A cooperative is best described as a ______

form of a co-ownership of a multiple-dwelling building in which a corporation owns the building and the residents own shares in the corporation

Marketable title (good title) is title to real property that is _____

free from an encumbrances or other defects that are not disclosed but would affect the value of the property

A _____ is an estate in which the owner has a present possessor interest in the real property

freehold estate

A tenancy in common is a form of co-ownership in which ____

the interest of a surviving tenant in which common passes to the deceased tenant's estate and not to the co-tenants

An easement appurtenant is created ____

when the owner of one piece of land is given an easement over an adjacent piece of land

A famous architect wants to build a modern community center building made completely of stainless steel that rises six stories and incorporates sharp angles and an irregular shape, and approaches the zoning commission about building it in Old Town, an area are filled with traditionally styled buildings from the 1800s In following the city's _____, which require that the traditional aesthetics of Old Town be maintained, the city can deny the architect's building permit for the proposed community center

zoning ordinances

Penelope Stevenson is a wealthy woman who owns many properties in the 'old town' area of the town where she lives. A lifelong lover of books, she decides to give one of her properties to the local library foundation for 'as long as the property is used as a library.' The ownership rights of the library foundation are best described as _____

fee simple defeasible (qualified fee)

Laurie and Steve own a small candy shop together, located on Main Street in Allentown, Pennsylvania. Their agreement spells out that should one of the parties die, that person's interest automatically passes to the surviving party. Laurie and Steve's agreement is best described as _____

a joint tenancy

A situation in which a person who wrongfully possesses someone else's real property obtains title to that property if certain statutory requirements are met is known as ____

adverse possession

An easement by implication is an easement that is created when _____

an owner subdivides a piece of property that has a well, path, or road on it that serves the entire parcel, and the purchasers of the subdivided pieces of property have an implied easement to use the well, path, or road

_____ is a form of ownership in which each spouse owns an equal one-half share of the income of both spouses and the assets acquired during the marriage

community property

An ______ is an easement that is created when an owner subdivides a piece of property that has a well, path, or road on it that serves the entire parcel, and the purchases of the subdivided pieces of property have an implied easement to use the well, path, or road

easement by implication

____ are ownership rights in real property; the bundle of legal rights that the owner has to possess, use, and enjoy the property

estates in land (estate)

A _____ is an interest in real property for a person's lifetime; on that person's death, the interest is transferred to another party

life estate

____ are uses for real estate that buildings that already exist in a zoned area that are permitted to continue even though they do not fit within a new zoning use established for the area

nonconforming uses

a recording statute is intended to ______

prevent fraud and to establish certainty of ownership and transfer or property

A special warranty deed (limited warranty deed) is a deed that _____

protects a grantee of real property from defects in title caused by the grantor

A general warranty deed (grant deed) is a deed that _____

protects a grantee of real property from defects in title caused by the grantor and prior owners of the property

____ is the land itself as well as buildings, trees, soil, minerals, timber, plants, and other items permanently affixed to the land

real property

Greenwhite Bank makes a load to Joseph Stokes to purchase a house and takes back a mortgage. When Joseph's loan is taken out, Greenwhite Bank fails to record the mortgage in the country recorder's office, so when Joseph tries, no recorded mortgage is found. Greenwhite Bank should have filed the mortgage at the country recorder's office under the state's _____

recording statute

Zoning ordinances ______

regulate land use by establishing land use districts within municipalities, making restrictions on the height, size, and establishing aesthetic requirements for the exterior of buildings

A ____ is a right of possession that returns to the grantor after the expiration of a limited or contingent estate

reversion

Theo and James were married on June 20, 2015, and they are decided to make their home in Portland, Oregon, where they own a two-story home with an attached garage. If their documents of ownership indicate this is a tenancy by the entirety _____

should either Theo or James die, their interest in the property will pass to the surviving party