LA 90-Hour Course Exam Prep: Real
Property, Ownership, Deeds, and
Auctions Flashcard Set Questions and
Answers Graded A+
Appurtenance - Correct answer-A right that runs with the land
Bundle of rights - Correct answer-Rights of real property ownership, which can be
sold separate from the land (e.g., air rights)
Condominium - Correct answer-An individually owned housing unit in a building
with several such units (space inside unit is owned; also, a share in the common
elements)
Co-operative - Correct answer-Proprietary shares in the cooperative corporation,
and a proprietary lease in the unit
Corporation - Correct answer-A business owned by stockholders who share in its
profits but are not personally responsible for its debts
Curtesy - Correct answer-Property held by a widower
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,Dower - Correct answer-Property held by a widow
Easement - Correct answer-Authorized physical restriction on a property's use
Easement by necessity - Correct answer-Easement granted to avoid a landlocked
parcel
Easement by prescription (prescriptive easement) - Correct answer-One person
acquires the permanent right to use another's property by doing so for an extended
period of time
Easement in gross - Correct answer-Granted to a specific entity, such as a utility
company
Economic characteristics of real property - Correct answer-Scarcity, improvements,
permanence of investment, situs (location)
Encroachment - Correct answer-Unauthorized, affixed intrusion onto another's
property
Encumbrance - Correct answer-A claim or lien held by another against the property
that limits the owner's use or rights
Escheat - Correct answer-When the state claims property of someone who dies
without a will, locatable heirs, or creditors
Estate - Correct answer-Legal interest or right in the land
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, Estate at sufferance - Correct answer-Occurs when a tenant remains after the lease
has terminated, refusing to leave the property.
Estate at will - Correct answer-Estate for an unspecified period either party may
terminate the lease by giving notice to the other
Fee - Correct answer-Form of real property ownership
Fee absolute - Correct answer-Most complete form of ownership (includes all of
the bundle of rights in real property)
Fee simple - Correct answer-Inheritable freehold estate
Fixture - Correct answer-An item of personal property that has been converted to
real property by being permanently affixed to the realty
Freehold estate - Correct answer-Ownership
General partnership - Correct answer-All owners share in operating the business
and in assuming liability for the business's debts
Interest - Correct answer-Right or claim a person has to property
Joint tenancy - Correct answer-Equal shares of undivided rights of possession
Joint venture - Correct answer-An agreement by two or more individuals or entities
to engage in a single project or undertaking
©COPYRIGHT 2025, ALL RIGHTS RESERVED 3
Property, Ownership, Deeds, and
Auctions Flashcard Set Questions and
Answers Graded A+
Appurtenance - Correct answer-A right that runs with the land
Bundle of rights - Correct answer-Rights of real property ownership, which can be
sold separate from the land (e.g., air rights)
Condominium - Correct answer-An individually owned housing unit in a building
with several such units (space inside unit is owned; also, a share in the common
elements)
Co-operative - Correct answer-Proprietary shares in the cooperative corporation,
and a proprietary lease in the unit
Corporation - Correct answer-A business owned by stockholders who share in its
profits but are not personally responsible for its debts
Curtesy - Correct answer-Property held by a widower
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
,Dower - Correct answer-Property held by a widow
Easement - Correct answer-Authorized physical restriction on a property's use
Easement by necessity - Correct answer-Easement granted to avoid a landlocked
parcel
Easement by prescription (prescriptive easement) - Correct answer-One person
acquires the permanent right to use another's property by doing so for an extended
period of time
Easement in gross - Correct answer-Granted to a specific entity, such as a utility
company
Economic characteristics of real property - Correct answer-Scarcity, improvements,
permanence of investment, situs (location)
Encroachment - Correct answer-Unauthorized, affixed intrusion onto another's
property
Encumbrance - Correct answer-A claim or lien held by another against the property
that limits the owner's use or rights
Escheat - Correct answer-When the state claims property of someone who dies
without a will, locatable heirs, or creditors
Estate - Correct answer-Legal interest or right in the land
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
, Estate at sufferance - Correct answer-Occurs when a tenant remains after the lease
has terminated, refusing to leave the property.
Estate at will - Correct answer-Estate for an unspecified period either party may
terminate the lease by giving notice to the other
Fee - Correct answer-Form of real property ownership
Fee absolute - Correct answer-Most complete form of ownership (includes all of
the bundle of rights in real property)
Fee simple - Correct answer-Inheritable freehold estate
Fixture - Correct answer-An item of personal property that has been converted to
real property by being permanently affixed to the realty
Freehold estate - Correct answer-Ownership
General partnership - Correct answer-All owners share in operating the business
and in assuming liability for the business's debts
Interest - Correct answer-Right or claim a person has to property
Joint tenancy - Correct answer-Equal shares of undivided rights of possession
Joint venture - Correct answer-An agreement by two or more individuals or entities
to engage in a single project or undertaking
©COPYRIGHT 2025, ALL RIGHTS RESERVED 3
