WV Real Estate Exam Questions and Answers Top Graded A

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 private clubs that segrated. Title 8 of Civil Rights Act of 1968 - Prevents the segregation of real estate What is included in the fair housing act of 1968 - Race, Color, Religion, natural origin, gender, familial status, disability. HOPA - Housing Older Persons Act 1995 Disability Act Protects - Drug addict in rehab and AIDS