WV Real Estate Exam Questions and Answers Already Passed

WV Real Estate Exam Questions and Answers Already Passed What are the types of fee simple estates? Fee Simple Absolute Fee Simple Defeasable Fee Simple Absolute The best type of ownership you can get. Fee Simple Defeasible Subject to occurrences or non occurrences of specified time. Two types of fee simple defeasible? Fee simple determinable 2 Condition subsequent Fee Simple Defeasible Will include: so long as, while, during and includes the term reverter. Reverter Former owner can take back land with no legal action if land isn't used correctly. Fee Simple Condition to Subsequent Will include the terms on condition that and can take land back with legal action. Life Estate Limited to the duration to either the life of the holder . Who is the holder of a life estate? Life Tenant Who creates a legal life estate Established by state law Pur Autre Vie For the life of another Dower Wife gets land if the husband dies. Curtesy Husband gets land if the wife dies. Homestead Protected from most creditors during the occupants lifetime. Bundle of legal rights 1. Possession of Property 2. Control 3. Enjoyment 4. Exclusion 5. Disposition (sell, will, or transfer of the property) Land Ground to Earth Real Estate Land + Property Real Property Real estate + legal bundle of rights Riparian Rights Rivers Littoral Rights Lakes own to high water mark. Accretion Land build up somewhere due to water. Avulsion Sudden loss of land due to nature Emblements Crops in the field personal property. Not natural occurring. Annexation Personal property becoming real property( putting up a fence). Trade fixtures Fixtures associated with a business. Personal property if left after lease. Economic characteristics of real property Scarcity Improvements Permanence of investment Situs ( location) Physical characteristics of real property IUI ( cheat) Immobility Uniqueness Indestructibility Heterogeneity and non homogeneity Uniqueness Common Law Judge Involved Statute Law Written Law Please vs Ferguson Separate but equal Jones vs Mayer Supreme Court stopped