BL 2413 chapt 49
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 ?