MIE 305 Exam Questions And Answers 100% Verified

MIE 305 Exam Questions And Answers 100% Verified Real Property - answerThe legal interests in land and things attached to, or growing on land. Personal Property - answerReferred to generally as chattel, the rights, powers, and privileges a person has in things that are not real property, may be transferred by sale, gift, or will. Chattels Real - answerAn interest in land, such as a leasehold. Chattels Personal - answerMoveable personal property. Chattel Personal in Action - answerSomething to which one has a right to possession, but concerning which one which may be required to bring some legal action to ultimately enjoy its possession, ie. check or note. Bundle of Rights - answerDominion and control over something with the right to exclude others. Possession - answerThe right to claim title over the property, meaning one exerts dominion and ultimate power over it. Control - answerThe right to decide how the property is to be used, or employed. Quiet Enjoyment - answerA means by which the rights holder can decide how to use the property, or what or whom may be there at any given time, but differs from control in the sense that it creates a right to enjoy the property which others, through the law of nuisance, are capable of violating that is separate from merely whether on controls the property in question. Exclusion - answerGives the rights holder the legal ability to determine who or what is not allowed on the property. Alienation/Disposition - answerThe right to dispose of any or all of the rights one holds in property through sale, gift, or lease. Encumbrance - answerThe right to place certain burdens upon the property that do not affect essential possession or alienation rights but nevertheless reduce the value or enjoyment one may have in it through voluntary action or through operation of law, ie. mortgage. Fee Simple Estates - answerInterests classified as either absolute of qualified present interests. Fee Simple Absolute - answerThis is the most complete interest a person may have in land and includes the entire bundle of rights. Such an estate is not qualified by any other interest, and it passes upon death of the owners to the heir, free from any conditions and existing in perpetuity. Qualified/Conditional Fee Simple - answerA fee simple interest that may be defeated in the future by the occurrence or nonoccurrence of a stated event or condition. Life Estate - answerOne's rights in the property end upon the death of the grantee or the duration of the life of some other designated person, may be conditional upon an event, do not have the rights of encumbrance or alienation, unless limitations are included interests may be sold or mortgaged. Estate in Remainder - answerIf the estate is to be given to someone else upon termination of the life estate. Reversion - answerIf the estate is to go back to the original owner, or revert to the heirs upon termination of the life estate. Waste - answerDamage to the real property, so its value is impaired. Easement - answerA right that one person has to some profit, benefit, or use in or over the land of another is created by a deed or acquired by prescription or by implication. Easement by Prescription - answerIf a party uses an easement for a long period of time the owner of the land may not deny the existence of the easement. Easement by Necessity - answerThe owner of the servient land grants an easement to the other owner by implication. License - answerA mere personal privilege given by the owner to another to do designated acts on the land of the owner. Tenancy in Common (TIC) - answerThis is the most usual method of two or more persons owning property at the same time none of the formalities or unities required for other specialized forms of coownership are essential for this method, ownership rights don't have to be equal, each owner can enjoy the full property, separate and undivided. Fully Alienable - answerInterests may be transferred during life or upon death to whomever they desire. Joint Tenancy - answerTwo or more persons that own property, in such manner that they have one and the same interest, accruing by one and the same conveyance, commencing at one and the same time and held by one and the same undivided possession, enjoy rights to the entire property, no unequal share or conveyance by will, conveyance must be aggred upon by all tenants. Right of Survivorship - answerIf one owner dies the interests revert to the remaining owners, ususally not applied by courts unless there is a contract clearly stating such, all owners must have equal ownership shares Unities of Joint Tenancies - answerTime, title, interest, possession. Time - answerEach cotenants interest vested or was acquired at the same time as the others. Title - answerEach cotenant acquired his or her interest in the same deed or will as the others. Interest - answerMust have identical interests as to their share and quality of title, and they, must all have it for the same duration. Severance - answerIf a joint tenant conveys their interests to another party during their lifetime it would destroy the unities, reverts the relationship. Tenancy by the Entireties - answerJoint tenancy with an addition unity of marriage that may only be terminated through divorce, joint transfer to someone else, or conveyance from one spouse to another. Community Property - answerCreated at the time of marriage and continues until separation or death, each spouse possess equal interests regardless of which spouse earned or acquired the property.