Property Ownership-Real Estate Questions With Correct Answers

Real property - Answer the land and anything permanently affixed to it; includes the interests, benefits, and rights inherent in the ownership of real estate Personal property - Answer movable objects (chattels) that do not fit into the definition of real property; conveyed by bill of sale Fixture - Answer an item of personal property that has been converted to real property by being permanently affixed to the land or building. Fixtures can be either attached or annexed severance - Answer A fixture that is permitted to be and is detached from the land or the building would revert to personal property Trade fixture - Answer an item installed by a commercial tenant according to the terms of a lease and removable by the tenant before the expiration of the lease—personal property. If not removed, the trade fixture becomes real property of the building owner by accession Immobile - Answer (Physical) the geographic location of a parcel of land is fixed—can never be changed Indestructible - Answer (Physical) the long-term nature of improvements plus permanence of land tends to create stability in land development. Unique or nonhomogeneous - Answer (Physical) all parcels differ geographically and each parcel has its own location Scarcity - Answer (Economic) although there is a substantial amount of unused land, supply in a given location or of a specific quality can be limited. Improvements - Answer (Economic) placement of an improvement on a parcel of land affects value and use of neighboring parcels of land Permanence of investment - Answer (Economic) improvements represent a large fixed investment; some, such as drainage and sewerage, cannot be dismantled or removed economically. Area preference, or situs - Answer (Economic) this refers to people's choices and desires for a given area. Metes and bounds - Answer to locate a property boundary requires two permanent reference markers (PRM). Then, the boundary is measured from a specific point of beginning (POB) and proceeds around the boundaries using reference to linear measurements and directions.Boundaries may be established on the basis of actual distance between monuments (fixed objects). A boundary must return to the point of beginning (POB) so that the land described is fully enclosed. Rectangular (government) survey - Answer Based on measurements from base lines and principal meridians. Base lines run east and west; principal meridians run north and south. Designed to set up checkerboard pattern of identical squares over specific area. Subdivision plats - Answer Location of an individual parcel is indicated on a map of the subdivision, which is divided into numbered blocks and lots. Each parcel is referred to a lot, block, subdivision name, city, and state. Street address - Answer an informal reference; too unreliable for a legal description because you cannot walk the boundaries. Usage of legal property descriptions - Answer in order for a claim to any property to have any value it must be accompanied by a verifiable and legal property description. Encumbrances - Answer A charge, claim, or liability that attaches to and is binding on real estate Liens - Answer charge against property that provides security for a debt or obligation of the property owner Deed restriction - Answer a deed restriction or restrictive covenant is a private limitation on the use of property. Developers use it to make their new neighborhoods appealing to certain buyers. These restrictions can be enforced by a court injunction. Easement - Answer a right acquired by one party to use the land of another party for a specific purpose Easement appurtenant - Answer An easement annexed to ownership giving the easement user the right to use another's property. Easement in gross - Answer a mere personal interest in or right to use the land of another, such as the right of way for a utility company; there is no dominant tenement, just a servient tenement. Easement by necessity - Answer arises when there is no other access to a property by a street or public way and the easement is required by necessity rather than for convenience. Easement by prescription - Answer Acquired when the claimant has made use of another's land for the prescriptive period, generally from 5 to 20 years, continuous License - Answer Permission to enter the land of another for a specific purpose, such as permission to park in a neighbor's driveway or to go hunting on another's property Encroachments - Answer illegal extension of a building or some other improvement, such as a wall or fence, beyond the boundaries of the land of its owner and onto the land of an adjoining owner.