Real Property

Land

Soil on the surface of the earth and the natural or artificial structures that are attached to it

T/F When no encumbrances are noted, purchaser cannot expect to have unlimited right to possession of property

false

An easement or profit may arise by implication when

the circumstances surrounding the division of a parcel of property imply its existence

Special warranty deed

warrants only that the grantor or seller held good title during ownership of property

T/F If the special warranty deed discloses all lien or other encumbrances, the seller will not be liable to the buyer if a third person subsequently interferes with the buyer's ownership

True

T/F In some situations, an easement or profit can be created without and express agreement

True

Warranty Deed

a deed that provides the greatest amount of protection for the grantee

Recording Statutes

allows 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 property

Life Estates

an estate that lasts for the life of some specified individual

Most easements or profits are created by

an express agreement in a contract, deed or will

Nonpossessory interests

an interest in land hat does not include any right to posses the property

Quitclaim Deeds

conveys the grantee whatever interest the grantor had; no interest = grantee receives no interest

Periodic Tenancy

created by lease that does not specify how long it will last but does specify rent to be paid in certain intervals

Leasehold Estate

created when real property owner (landlord) agrees to convey right to possess and use property to tenant for a period of time

Termination of easement or profit can be done by

deed it back to the owner of the land or create evidence of intent to relinquish the right to use it.

Deed

document by which title of property is passed

T/F A license does not grant a person authority to enter the land of another or perform a specified act or series of acts without obtaining nay permanent inters in land

false

T/F If third person's claims arises out of, or is related to, some act of the seller, the seller will not be liable to the buyer for damages

false

Implied warranty of Habitability

implied promise by seller of a new house that is fit for habitation

Easement

nonpossessory right to use another's property in a manner established by either expressed or implied agreement

Fee Simple Absolute

ownership interest in land in which owner has greatest possible aggregation of rights, privileges, power. Assigned forever to person and their heirs w/out limitation

Subsurface rights include

ownership of minerals, oil, and natural gas

When crops are sold by themselves they are considered to be

personal property or goods

Eminent Domain

power of the government to take land from private citizens for public use on the payment of just compensation

Condemnation

process of taking private property for public use through governments power of eminent domain

Profit

right to go onto land owned by another and take away some part of the land itself or some product of the land

Profit in gross

right to use or take things from another's land is given to one who does not own an adjacent tract of land

Taking

taking of private property by government for public use. Government may not take private property for use without just compensation

Fixed Term Tenancy

tenancy under which property is leased for certain amount of time

Conveyance

transfer of title to land from one person to another by deed

T/F An easement may also be created by necessity

true

T/F Fixed term tenancy does not need to be specified by date and can be conditioned on the occurrence of an event

true

T/F Fixtures are included in the sale of the land if the sales contract does not provide otherwise

true

Profit in Appurtenant

when owner of one piece of land has the right to go onto (or remove something from) an adjacent piece of land owned by another

Adverse Possession

acquisition of title to real property by occupying openly without consent of owner for a period of time specified by state statute

T/F Limitation on either airspace or subsurface rights normally does not need to be indicated on document that transfers title at the time of purchase

false

T/F Owner of a life estate does not have the same rights as a fee simple owner and the life tenant does not have to maintain value of property during their tenancy

false

T/F When ownership is separated into surface and subsurface rights, neither owner can pass title to whatever they own without the consent of the other owner

false

Fixture

item affixed to realty, meaning it was attached to real property by roots, embedded in it, permanently situated on it

T/F Flights over private land normally do not violate property rights unless flights are so low or frequent that they directly interfere with owners enjoyment

true

T/F In some states, implied warranty of habitability protects not only the first purchaser but any subsequent purchaser as well

true

T/F Land includes all waters contained on or under the surface and much but not necessarily all of the airspace above it

true

T/F Landownership made be separated in that the surface of a piece of land and the subsurface may have different owners

true

T/F Nonuse will not extinguish an easement unless the nonuse is accompanied by an overt act showing intent to abandon

true

T/F Real property includes subsurface and airspace rights as well as personal property that has become attached to real property

true

T/F When parcel of land is sold w/ growing crops, the sales includes the crops unless otherwise stated

true

T/F When their is no will, a fee simple ownership interest passes to the owner's legal heirs on their death

true