BUS 250 EVALUATION EXAMS ANSWERS AND
QUESTIONS SET A+
Land - ✔✔is the most common and important form of real property
✔✔real property - ✔✔buildings ,Houses, office buildings, apartments, and factories all
fall in this category.
✔✔Plant life growing on land - ✔✔is real property whether the plants are naturally
occurring, such as trees, or cultivated crops. When a landowner sells his property, plant
life is automatically included in the sale unless the parties agree otherwise.
✔✔Fixtures - ✔✔are goods that have become attached to real property. A house (which
is real property) contains many fixtures.
✔✔An object is a fixture if - ✔✔it is attached to property in such a way that removing it
would damage the property,
it was especially made or adapted to the particular property (such as custom-made
bookshelves fitted in a library),
or
the owner of the property clearly intends the item to remain permanently
✔✔fee simple absolute - ✔✔isFull ownership privileges in a property
✔✔tenancy in common - ✔✔is Two or more people holding equal interest in a property,
but with no right of survivorship
✔✔Joint tenancy - ✔✔2 or more people holding equal interest in a property with the
right of survivorship
✔✔Life estate - ✔✔is Ownership of property for the lifetime of a particular person
, ✔✔Reversion - ✔✔is The right of an owner (or her heirs) to property upon the death of a
life tenant
✔✔Remainder - ✔✔is The right of a third person to property upon the death of a life
tenant
✔✔Easement - ✔✔is The right to cross or use someone else's land for a particular
purpose
✔✔Easement by grant - ✔✔Occurs when one party expressly transfers an easement to
another party
✔✔Easement by implication - ✔✔is Results from surrounding circumstances that
indicate that the parties must have intended an easement
✔✔easement by necessity - ✔✔arises when the dominant tenement absolutely must
make use of other property, usually to access another property
✔✔Prescriptive easement - ✔✔is The right to use or access land created by open and
continuous access for a certain period of time without prior permission
✔✔Mortgage - ✔✔is A security interest in real property
✔✔Mortgagor - ✔✔is An owner who gives a security interest in property in order to
obtain a loan
✔✔Mortgagee - ✔✔is The party acquiring a security interest in property
✔✔The mortgagee - ✔✔in most cases obtains a lien on the house, meaning the right to
foreclose on the property if the mortgagor fails to pay back the money borrowed
✔✔A nuisance - ✔✔is an unprivileged interference with a person's use and enjoyment
of her property.
✔✔Offensive noise, odors, or smoke - ✔✔often give rise to nuisance claims.
✔✔The relationship between landlords and tenants involves three types of law: -
✔✔property, contract, and tort law.
✔✔freehold estate - ✔✔is The right to possess land for an undefined length of time
✔✔a landlord-tenant relationship - ✔✔When an owner of a freehold estate allows
another person temporary, exclusive possession of the property, the parties have
created
QUESTIONS SET A+
Land - ✔✔is the most common and important form of real property
✔✔real property - ✔✔buildings ,Houses, office buildings, apartments, and factories all
fall in this category.
✔✔Plant life growing on land - ✔✔is real property whether the plants are naturally
occurring, such as trees, or cultivated crops. When a landowner sells his property, plant
life is automatically included in the sale unless the parties agree otherwise.
✔✔Fixtures - ✔✔are goods that have become attached to real property. A house (which
is real property) contains many fixtures.
✔✔An object is a fixture if - ✔✔it is attached to property in such a way that removing it
would damage the property,
it was especially made or adapted to the particular property (such as custom-made
bookshelves fitted in a library),
or
the owner of the property clearly intends the item to remain permanently
✔✔fee simple absolute - ✔✔isFull ownership privileges in a property
✔✔tenancy in common - ✔✔is Two or more people holding equal interest in a property,
but with no right of survivorship
✔✔Joint tenancy - ✔✔2 or more people holding equal interest in a property with the
right of survivorship
✔✔Life estate - ✔✔is Ownership of property for the lifetime of a particular person
, ✔✔Reversion - ✔✔is The right of an owner (or her heirs) to property upon the death of a
life tenant
✔✔Remainder - ✔✔is The right of a third person to property upon the death of a life
tenant
✔✔Easement - ✔✔is The right to cross or use someone else's land for a particular
purpose
✔✔Easement by grant - ✔✔Occurs when one party expressly transfers an easement to
another party
✔✔Easement by implication - ✔✔is Results from surrounding circumstances that
indicate that the parties must have intended an easement
✔✔easement by necessity - ✔✔arises when the dominant tenement absolutely must
make use of other property, usually to access another property
✔✔Prescriptive easement - ✔✔is The right to use or access land created by open and
continuous access for a certain period of time without prior permission
✔✔Mortgage - ✔✔is A security interest in real property
✔✔Mortgagor - ✔✔is An owner who gives a security interest in property in order to
obtain a loan
✔✔Mortgagee - ✔✔is The party acquiring a security interest in property
✔✔The mortgagee - ✔✔in most cases obtains a lien on the house, meaning the right to
foreclose on the property if the mortgagor fails to pay back the money borrowed
✔✔A nuisance - ✔✔is an unprivileged interference with a person's use and enjoyment
of her property.
✔✔Offensive noise, odors, or smoke - ✔✔often give rise to nuisance claims.
✔✔The relationship between landlords and tenants involves three types of law: -
✔✔property, contract, and tort law.
✔✔freehold estate - ✔✔is The right to possess land for an undefined length of time
✔✔a landlord-tenant relationship - ✔✔When an owner of a freehold estate allows
another person temporary, exclusive possession of the property, the parties have
created
