Exam 38: Real Property

Defeasible means capable of being terminated.

All-Mart Discount Stores Corporation contracts to buy ten acres from Suburban Enterprises,Inc.,as a site for a new store. The contract calls for a "warranty deed." According to a survey that All-Mart commissions,one corner of an adjacent,enclosed parking lot is on part of the property that Suburban is attempting to convey. Can All-Mart avoid the con?tract? If so,on what basis? If not,why not?

Manhattan Developers,Inc.,pays Northeast Trust Company to release its claim to a strip of waterfront property. Northeast gives Manhattan a deed that conveys only whatever interest Northeast has in the strip. This deed is

Real property includes subsurface and air rights.

Patsy possesses twenty-four acres of remote,rugged land.Patsy has the right to use the property,in?cluding extracting silver from an existing mine,for life.Patsy also has the right to lease the land for a period not to exceed her life.Patsy's ownership interest is

Personal property may become real property by attaching it to real property.

A license is the conveyance of an interest in property that is not revocable.

A warranty deed provides the most protection against defects of title.

Fact Pattern 38-1 (Questions 16-18 apply) Nika owns land in Ohio.Her ownership rights include the right to sell or give away the property without restriction,and the right to commit waste,if she chooses. -Refer to Fact Pattern 38-1.Nika's ownership interest is

Orin owns Pilot's Landing Office Park.His ownership rights include the right to sell or give away the property without restriction,as well as the right to com?mit waste,if he chooses.Orin's ownership interest is

Land does NOT include the artificial structures attached to it.

Grant wants to transfer the ownership of his warehouse to Hal by deed.To do so requires