BLAW 3391 Pleasant Test 2 Exam Questions
And Answers (Verified And Updated)
What is real property?
-Land and everything attached.
-Law states land is owned to the center of the earth.
What is a fixture?
-Part of the land (ex. trees)
How can real property become personal property?
-Removal from land.
-(ex. apple from a tree).
How can personal property become real property?
-Planted into land.
-(ex. planted shrubbery or lumber used to erect building).
Subterranean Rights
-The right to extract minerals from the land.
-These rights can be sold w/o affecting ownership of land.
Air Rights
-The right to build on or over land.
-Important in crowded urban areas.
Easements
-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?
-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?
-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
-Person owns the land either for life or forever.
-Can transfer ownership by sale, gift, or leaving it a heir.
Leasehold Estate
-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
-Holds the freehold estate absolutely.
Life Estate
-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?
-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?
Through 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?
Through Eminent Domain:
And Answers (Verified And Updated)
What is real property?
-Land and everything attached.
-Law states land is owned to the center of the earth.
What is a fixture?
-Part of the land (ex. trees)
How can real property become personal property?
-Removal from land.
-(ex. apple from a tree).
How can personal property become real property?
-Planted into land.
-(ex. planted shrubbery or lumber used to erect building).
Subterranean Rights
-The right to extract minerals from the land.
-These rights can be sold w/o affecting ownership of land.
Air Rights
-The right to build on or over land.
-Important in crowded urban areas.
Easements
-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?
-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?
-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
-Person owns the land either for life or forever.
-Can transfer ownership by sale, gift, or leaving it a heir.
Leasehold Estate
-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
-Holds the freehold estate absolutely.
Life Estate
-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?
-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?
Through 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?
Through Eminent Domain:
