Exam 8: The Property System

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Property that is not uniquely identifiable and is subject to easy mutual substitution is called:

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Distinguish between fee simple absolute and fee simple defeasible.

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Different types of interests may be owned in real property.The most complete ownership interest is represented by fee simple absolute.The owner of property in fee simple absolute has the greatest ownership interest recognized by law.Generally,if someone wants to buy real property,he/she is looking to buy property in fee simple absolute.A fee simple defeasible is subject to a condition of ownership or to some future event.Once the condition is violated,the land would revert back to either the original owner or whoever owned the reversion interest,which is a future interest in real property.

Government entities are prohibited from engaging in land use planning.

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An)_____ is someone who has permission to be on the land.

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Mineral rights are rights to the substances beneath the actual surface of the land.

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An involuntary bailment is created when someone finds lost property.

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A nonhuman animal can be a beneficiary of a ____ in many states.

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Discuss the different duties of landowners.

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A bailor is someone in the rightful possession of real property who gives the property to someone else to hold.

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Tenancy in common describes an ownership interest in which all owners have an undivided interest in the property and a devisable interest.

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What is an assignment? What is the restriction on assignment clause?

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In today's world,_____ is perhaps the most common method of acquiring property.

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Intangible property is not subject to ownership principles.

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Washington State has a law that requires every county and city to develop a comprehensive plan and development regulations in most of the state.

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An)_____ is a writing that conveys title to real property.

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_____ is a tenancy that occurs when a tenant remains on the property after the right of possession has ended and without the landlord's consent.

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_____ is a duty of care imposed on prospective buyers of real property to exercise reasonable judgment or prudence to inspect property for defects.

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Explain with an example how something is transformed from real property to personal property.

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An easement:

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Real property is land,and certain things that are associated with it.

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