Exam 49: Real Property

Under a freehold estate,a person owns property only for a specified number of years.

An easement may be created only by deed.

A condominium is a combination of co-ownership and individual ownership.

A guarantee that the grantor owns the estate conveyed is called a covenant:

A trade fixture is a fixture that is traded in by the owner when purchasing new fixtures.

A condominium and a cooperative are essentially the same.

Personal property generally becomes a fixture if it is so attached to the realty that it cannot be removed without materially damaging the realty.

In general,any form of property that may be sold or conveyed may be mortgaged.

At common law,the occupier of land owed the same duty to both licensees and invitees.

Small children who trespass on land may be owed a special duty of care based on the doctrine of:

The general view is that the owner of land owns the space above the land,subject to the rights of flying aircraft,even if the aircraft interferes with the use of the land and represent a danger to persons or property on the land.

Which of the following statements is incorrect about fixtures?

Liens on land may be created voluntarily by the owner of land or involuntarily against the wishes of the owner.

An easement may be destroyed by an act of the grantor.

Ulysses bought Whiteacre from Gordon but never recorded the deed.Gordon stayed on the property as a tenant for three (3)years.Near the end of the three (3)years,Gordon learned that Ulysses had never recorded the deed.Gordon advertised Whiteacre for sale and Cheryl negotiated with Gordon thinking that Gordon was the owner.Finally,Cheryl checked the records at the recording office and,finding no reason to question Gordon's ownership of the property,purchased Whiteacre from Gordon.Cheryl recorded the deed and Gordon fled with the purchase money.Meanwhile,Ulysses had failed to pay the real estate taxes on Whiteacre for the three (3)years in question thinking it was the responsibility of Gordon,the tenant.Ultimately,Cheryl and Ulysses disputed over the ownership of the property.Decide the case between Cheryl and Ulysses.Also decide whether Ulysses is responsible for the three (3)years of real estate taxes assessed while Gordon occupied the property as a tenant.

A fixture is personal property that has been attached to the earth or placed in a building in such a way or under such circumstances that it has become part of the real property.

A deed,like a contract,must be supported by consideration to be effective.

An estate in fee simple grants ownership in property for a specific period of time.

A __________ is a combination of co-ownership and individual ownership.

Licensees are on the premises with the permission of the landowner.