Real Estate Exam - Property Ownership Already Solved 100%

Placing two or more contiguous units under common ownership for the purpose of increasing the value per unit is known as: - Answer Plottage The addition to a parcel of land by sand or soil deposits due to the action of a river or other body of water over time. Avulsion refers to x - Answer Accretion The loss of land as a result of its being washed away by sudden or unexpected action of nature, such as a flash flood that re-routes a river - Answer Avulsion Word meaning SOLE OWNERSHIP - Answer Severalty Once a judgment has been obtained against real property, a plaintiff would obtain what in order to cause the property to be sold: - Answer writ of execution court order granted to put in force a judgment of possession obtained by a plaintiff from a court. - Answer writ of execution If you hold an undivided interest in the common areas and a separate interest in a specific unit of a industrial, commercial, or residential building, you would own a: - Answer condominium Unless otherwise specified, the rights to minerals which lie beneath the surface of land - Answer Are automatically transferred with the sale of the real property A family rents a vacation home from July 5, 2005 to January 1, 2006. Their tenancy would properly be classified as: - Answer An Estate for Years Unity of time, title, interest and possession. No matter how many joint tenants there are, there is still only One Title to the entire property - Answer Joint Tenancy Meaning that an individual can own a specified percent of a property, but the exact location or part of the property is not defined. The individual has 100% use of the property. - Answer Undivided Interest If one of the joint tenants dies, the other joint tenant(s) retains all ownership - Answer Right of Survivorship concept in property law, particularly derived from the common law of real property, which describes the various ways in which property can be owned by more than one person at a given time. - Answer Concurrent Estate Not a form of ownership but a process to set up partnerships, corporations, etc. - Answer Syndication The rights, privileges, and improvements that go with a transfer of the land even though they may not be part of it. - Answer Appurtenance Regulates transactions involving the sale or lease of undeveloped land through advertisements in interstate commerce, administered by HUD. (Designed to prevent land sale scams) - Answer ILSDA (The Interstate Land Sales Full Disclosure Act) A permanent structure on real property, or any work on the property which increases its value . - Answer Improvement Mutual exchange of privileges between states, nations, businesses or individuals. - Answer Reciprocity The process of attaching personal property by joining or uniting it so that it becomes a fixture and thus considered real property. - Answer Annexation The act of removing real property which was attached to the land causing the real property to become personal property. - Answer Severance represent shared spaces in P.U.D. and shared housing like co-ops & condominiums (ex: swimming pool, parking spaces, decks, storage cubicles, courtyard or clubhouse) - Answer Common Elements Association of persons who voluntarily cooperate for their mutual, social, economic benefit. - Answer Cooperative Commits a property to condominium ownership - Answer Enabling Declaration One who receives the principal of a trust when it is dissolved. - Answer Remainderman An interest retained by the creator of a life estate if no remainderman is named. - Answer Reversionary Interest Upon death of the life tenant, the property reverts to the grantor or the grantor's heirs - Answer Reversionary Estate Ownership by a sole person (individual, corporation, partnership). - Answer Tenancy in Severalty Illegal act of mixing or depositing client's funds with broker's personal funds or business operating account. - Answer Commingling to reimburse or protect from some sort of damage or loss, usually monetary. - Answer Indemnification (indemnify) Property that may have developed a bad reputation because of something that occurred there that may have little or nothing to do with the condition and objective desirability of the home. - Answer Stigmatized Property Passed by Congress in 1977 to encourage lending in low and moderate income communities - Answer The Community Reinvestment Act (CRA) A summary of facts about undeveloped land that must be given to purchasers of nonexempt properties under the ILSDA (Interstate Land Sales Full Disclosure Act). - Answer Property Report The discriminatory practice of not lending in certain neighborhoods. - Answer Redlining Discriminating against certain religions or races by directing them away from or toward specific areas. - Answer Steering created when possession and title do not occur at the same time. - Answer Interim Occupancy Agreement A process in a court of law and the resultant determination by the court of a water right approving party's use of well water from aquifer and tributary waters. - Answer Adjudication A right to property or payment that a broker has if the buyer does not pay the money owed to the broker for a sale (loss of commission). - Answer Broker's Lien An amount of money established by state law and protected from attachment by unsecured creditors through foreclosure. - Answer Homestead Exemption Underground water not confined to a defined underground waterway (water table = groundwater level). - Answer Percolating Ground Water The right to divert the un-appropriated waters of any natural stream (surface or underground), to beneficial use. - Answer Prior Appropriation