GBL 385 Exam 3 Questions With Correct
Answers
Real |vs. |Personal |Property |- |CORRECT |ANSWER✔✔-an |item |may |be |real |or |personal |property |
depending |on |the |"attachment" |criterion |and |other |circumstances
-anything |of |value |is |considered |to |be |property
real |property: |the |law |of |land |and |anything |permanently |attached
personal |property: |anything |of |value |that |is |not |real |property; |tangible |and |intangible |
Distinction: |real |property |results |in |the |government |involvement, |public |record |of |land |(if |the |
land |has |a |lean/what |was |borrowed, |taxes |paid, |purchase |price, |etc), |land |divided |into |
township |and |specifically |described, |ownership |of |land |is |tracked |within |the |county, |
continuously |taxed
Personal |property |is |not |a |matter |of |public |record, |paid |sales |tax |and |that's |it
transfer |and |post-death |transfer
Interest |in |property |- |CORRECT |ANSWER✔✔-Real |interest |cannot |be |taken |from |you |without |
the |due |process |of |the |government |
real: |what |type |of |real |property |interest |do |you |hold? |
not |all |landholders |have |an |interest |in |the |land |?? |that |involve |ownership
, Estates |in |Real |Property |- |CORRECT |ANSWER✔✔-Fee |Simple, |Conditional |Estates, |Life |Estates, |
Leasehold |Estates, |Easement
-property |interest |that |cannot |be |taken |away |without |due |process |of |law
-created |in |some |form |of |writing
Fee |Simple |- |CORRECT |ANSWER✔✔-Ownership |of |land |without |any |limitation |on |how |that |
land |can |be |used |placed |upon |it |by |a |prior |land |owner. |Absolute |ownership. |Only |limitations |
are |those |imposed |by |law.
-most |significant |and |most |common
-duration |is |potentially |infinite
Conditional |Estates |- |CORRECT |ANSWER✔✔-Ownership |of |land |outright |subject |to |limits |on |
how |the |land |can |be |used |that |were |established |by |a |prior |property |owner
-Limits |must |be |for |a |lawful |objective.
Life |Estates |- |CORRECT |ANSWER✔✔-allows |for |a |person |to |possess |real |property |for |the |rest |
of |their |life |time
-asset
-can |be |transferred |to |someone |else
Leasehold |Estate |- |CORRECT |ANSWER✔✔-Right |to |possess |(but |not |own) |property |for |a |
stipulated |period |of |time
-form |of |a |written |agreement
Answers
Real |vs. |Personal |Property |- |CORRECT |ANSWER✔✔-an |item |may |be |real |or |personal |property |
depending |on |the |"attachment" |criterion |and |other |circumstances
-anything |of |value |is |considered |to |be |property
real |property: |the |law |of |land |and |anything |permanently |attached
personal |property: |anything |of |value |that |is |not |real |property; |tangible |and |intangible |
Distinction: |real |property |results |in |the |government |involvement, |public |record |of |land |(if |the |
land |has |a |lean/what |was |borrowed, |taxes |paid, |purchase |price, |etc), |land |divided |into |
township |and |specifically |described, |ownership |of |land |is |tracked |within |the |county, |
continuously |taxed
Personal |property |is |not |a |matter |of |public |record, |paid |sales |tax |and |that's |it
transfer |and |post-death |transfer
Interest |in |property |- |CORRECT |ANSWER✔✔-Real |interest |cannot |be |taken |from |you |without |
the |due |process |of |the |government |
real: |what |type |of |real |property |interest |do |you |hold? |
not |all |landholders |have |an |interest |in |the |land |?? |that |involve |ownership
, Estates |in |Real |Property |- |CORRECT |ANSWER✔✔-Fee |Simple, |Conditional |Estates, |Life |Estates, |
Leasehold |Estates, |Easement
-property |interest |that |cannot |be |taken |away |without |due |process |of |law
-created |in |some |form |of |writing
Fee |Simple |- |CORRECT |ANSWER✔✔-Ownership |of |land |without |any |limitation |on |how |that |
land |can |be |used |placed |upon |it |by |a |prior |land |owner. |Absolute |ownership. |Only |limitations |
are |those |imposed |by |law.
-most |significant |and |most |common
-duration |is |potentially |infinite
Conditional |Estates |- |CORRECT |ANSWER✔✔-Ownership |of |land |outright |subject |to |limits |on |
how |the |land |can |be |used |that |were |established |by |a |prior |property |owner
-Limits |must |be |for |a |lawful |objective.
Life |Estates |- |CORRECT |ANSWER✔✔-allows |for |a |person |to |possess |real |property |for |the |rest |
of |their |life |time
-asset
-can |be |transferred |to |someone |else
Leasehold |Estate |- |CORRECT |ANSWER✔✔-Right |to |possess |(but |not |own) |property |for |a |
stipulated |period |of |time
-form |of |a |written |agreement
