Real Estate: Unit 1: Chapter 2

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

What items are likely to be a fixture?

standard wall-to-wall carpeting. Pews that are custom designed of a house of worship

A ten year commercial lease conveys what real property interest?

tenancy for years

in real property definitions, estate include

tenancy for years, periodic tenancy, fee simple conditional, life estate, and fee simple absolute

Your "interest" in real property refers to

the "bundle of rights" you hold

What is true regarding fixtures?

There are 4 tradition rules for determing whether something is this. The dominate rule for determining this is called " intention of the parties." Are personal property that has become real property.

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

1. propoerty tax lien 2. mortgage lien created at purchase of the property 3. second morgage lien created at pruchase of the proprty 4. judgment lien arising a year after purchase of the property

Ways in which restrictive covenants are created include:

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

the priority of leins is important because

a superior lien gets compelte satisfaction before other leins. In defaults, leins get saitsfaction strictly by priority. There seldom is sifficient value at foreclosure to satisfy multiple liens.

What items are most likely personal property?

a very large television. Patio furniture. An oriental rug.

What arrangements could be either an easement or a license?

ability to drive on a parcel of land. Ability to harvest trees on a pacel of land. Ability to hnt on a parcel of land.

In Chicago, New York and other major cities, there are major buildings constructed over railroads, or former railroads, enabled by the use of:

air rights

What items are real propeorty?

air space just above the ground, minterals yet to be extracted, and land

diffeerences between an easement and a licence include that

an easement surivies death of the grantor while license does not. An easment is a right while a license is permission. An easement survivies sale of the propeorty incluvovled while license does not.

What leins always have the same, equal, senior priority?

assessment lein. preorporty tax lein. CDD lien.

In a single family home what articles are most likely to be a fixture?

attached basketball goal, custom drapes, vinyl floor coverings

intrests

bundle of rights that is complex

Ways that restircitive covenants can demise (end) include:

changing public policy. Change of neighborhood character. Time limit by stte law. Neglected enforcement.

In determining whether an object is a fixture, a major rule used by courts in recent times is "intention of the parties." This rule considers:

customary practice

Personal rights (personal freedom)

derive primarily from the bill of rights and othr amendments and clauses of the U.S. constituion

easements very greatly in the extent of what that they impose on the encumbered land?

disruption

what is an example of an easement appurtenant?

driveway right-of-way across an adjacent parcel. sinlight easement requiring setback of adjacent buildings.

The old notion that a person's home is their castle comes closest to what real property interest?

fee simple absolute

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

free standing garage

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

freedom

The manager of a shopping mall ejecting a religious group handing out free snacks and pamplets in the mall could represent a conflict of property rights with:

freedom of expression by the group

What personal rights sometimes conflicts with propeorty rights in a shopping mall?

freedom of expression. Freedom of assembly

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

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

A utility company goes through proper legal procedure to acquire a portion of your property for a transmission line. However, it pays you only a small fraction of what the property it acquired is worth, and the city where your property is located refuses to intervene. What fundamental characteristic of rights does this violate?

government is obligated to protect your rights

what are 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.

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

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

which of these terms is more characterstic of a periodic tenancy than a tenancy for years?

high risk of misunderstanding and informal

The common precedent that a refrigerator in a single family home is considered personal property while the same refrigerator in an apartment building is a fixture represents what rule for determining fixtures?

intention of the parties

estates

interests in real property that include exclusive possession

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?

rights to use and enjoyment

fixture

is an objective that formerly was perosnal property but has become real property

fee simple absolute

is the most complete bundle of rights possible, and has the greatest value

personal property

is the rest; that os, it is simply right to any other kind of object, inclduing intellectual matters.

characteristics of a lien include that:

it pledges prooperty as secuirty for an obligation. It can lead to slae of the pledged proeporty at public auction. It can only be exercised if the related obligation is defaulted.

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

What freehold estates has the right of dispostion been separated form the other rights?

life estate

What statements are made concerning the impact of fixtures on real estate tranactions?

misunderstandings 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 reisidential landlord-tenenat law addresses include

obligation for maintenance. right of entry by the landlord. handling of deposits.

the priority of a condominium assoication lien

often depends on state law

characteristics of an easement in gross include that:

only servient (diminished) parcels are involved. The easement can be conveyed separately from any parcel affected. A single easement can affect many parcels.

fee simple conditional

ownership is subjected to a condition or trigger event

what land uses can be (and commonly is) based on an easement in gross?

power line, railroad, and irrigation ditch

Which kind of right is older, personal or property?

property rights

a lien that always exists on every private property is the

property tax lein

What is used by courts to determine fixtures?

relation of the parties. Intention of the parties. Manner of attachment. Character of the article and manner of adaption.

Example of an estate?

remainder interest

it is common for a developer of a resideintial subdivision to create restrictive covenants for the purpose of enhancing quality and values of the lots. What is true about such restirctive convenants?

renters in the subdivision. Mortgage lenders for the lots. Purchasers of the lots.

What is not an estate?

restrictive covenant, easement, lein

What best demostrates personal rights over property rights?

right to post election campaign signs on your lawn. Right to invite people 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

real property

rights in land and its permanent structures

real property by definition includes

rights in land and its permanent structures

a person who owns a residence as a life estate fails to have which of the basic rights are elements of property?

rights of disposition

propeorty rights

rights to things both tangible and intangible, derive from ancient times, and are as old as the notion of law itself

the reason a second mortgage lender is at more risk than a first mortgage lender is that in default

the first morgage lendeer 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 heigh on an adjacent parcel

What elements of "land" are used in real property

the surface of the earth. Above the earth as high as building technology and air traffic space permits. Below the surface as far as technology can reach.

characteristics of a periodic teancy include

the time required for notice of termination is governed by state law.w it continue until either landlord or tenant gives propoer notice of termination. It can be by an orgal agreement.

Charactersitcics of restrictive covenant include that

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

Distinguishing characteristics of freehold estates are that

they are indefinites in length. they are title estates

fundamental characteristics of rights include what?

they are non-revocable. obligation of goverments to uphold or protect them. They are enduring or permanent.

freeholds

titled interests we commonly think of as ownership

a "bundle of rights" in property is some combination of:

use and enjoyment, exclusive possession, and rights of disposition