BLAW 3391 Pleasant Test 2 Exam Questions And Answers (Verified And Updated)

BLAW 3391 Pleasant Test 2 Exam Questions And Answers (Verified And Updated) What is real property? - answer-Land and everything attached. -Law states land is owned to the center of the earth. What is a fixture? - answer-Part of the land (ex. trees) How can real property become personal property? - answer-Removal from land. -(ex. apple from a tree). How can personal property become real property? - answer-Planted into land. -(ex. planted shrubbery or lumber used to erect building). Subterranean Rights - answer-The right to extract minerals from the land. -These rights can be sold w/o affecting ownership of land. Air Rights - answer-The right to build on or over land. -Important in crowded urban areas. Easements - answer-The right granted to a person(s) for beneficial use. -Run with the land and cannot be sold once recorded. -(ex. railroad company right to cross property along rail lines). What is profit? - answer-The right to enter another person's land and take some portion of its natural resources. -(ex. right of timber company to harvest trees from another person's property). What is a license? - answer-Right to enter land for a specific purpose. -Generally, the owner receives payment or share of profits for the license. -(ex. merchandise stand on street corner). Freehold Estate - answer-Person owns the land either for life or forever. -Can transfer ownership by sale, gift, or leaving it a heir. Leasehold Estate - answer-A person has an interest in real property and has the right to possess subject to the provisions of a lease. -Not ownership. Fee Simple - answer-Holds the freehold estate absolutely. Life Estate - answer-Holds the freehold estate only during lifetime. -Usually created by a deed(document used to transfer ownership in real property) or by inheritance. What are the three types of co-ownership? - answer-Property can be held by one person, two or more, or a business Tenancy in Common: -most common -each owner has the right to sell without consent of other owners, to own an unequal share of the property, and to have a creditor attach their interest -descendants share is passed to their heir at death Joint Tenancy: -like a Tenancy in Common except shares of ownership are equal -upon death of a tenant the shares are divided equally amongst the other joint tenants Tenancy by the Entity: -Co-Ownership by a married couple -owners cannot sell their share without consent from spouse -creditors of one owner cannot attached property -if one owner dies the surviving spouse has full ownership How does voluntary transfer take place? - answerThrough deed: -The instrument that conveys the interest in real property between parties. -Needed in any transfer of ownership. -The grantor gives the deed to the grantee. -Unlike a contract, no consideration is required to effect a transfer of real property. How does involuntary transfer take place? - answerThrough Eminent Domain: -When real property is taken from an individual by the government or other public authority for the benefit of the public (compensation is at fair market value). -Condemnation is the legal process that occurs when the property is taken against the will of the owner. OR Adverse Possession: -Title to land also can be aquired as a result of a person;s use of the land over a period of time. -Must be actual and exclusive continuous possession or use. -Must be for specified time by state statute (typically 10 years). -Possession must have been known to the owner without permission. Kelo vs. New London - answerNew London, a city in Connecticut, used its eminent domain authority to seize private property to sell to private developers. The city said developing the land would create jobs and increase tax revenues. Susette Kelo and others whose property was seized sued New London in state court. The property owners argued the city violated the Fifth Amendment's takings clause, which guaranteed the government will not take private property for public use without just compensation. Specifically, the property owners