Exam 48: Real Property

What are fixtures?

Land, as well as buildings, trees, soil, minerals, timber, plants, and other things permanently affixed to the land are known as ________.

What is a profit-à-prendre?

A deed in which the grantor of real property transfers whatever interest he or she has in the property to the grantee is known as a ________.

A tenant in common can sell his or her interest in the property without the consent of the other co-owners.

Karen, Kelsey, Rita, and Lizzi own a large commercial building as concurrent owners. They are tenants with the right to survivorship. Lizzi sells her one-quarter interest in the building to Stella. What kind of concurrent ownership now exists between Karen, Kelsey, Rita, and Stella?

Which of the following is true of a life tenant?

Give an account of zoning. What are nonconforming uses?

A ticket to a movie theater or sporting event is an example of a license.

Jonas, a successful investment banker earning $400,000 per year, marries Penny, a nurse at a county hospital. While Jonas owns $1 million of real estate and $1.5 million in securities, Penny has no personal savings or property. After four years, they opt for a divorce. Over the four years of their marriage, Jonas has made $400,000 for the first two years and $500,000 for the remaining two. Penny has made $25,000 in the first three years, and $150,000 in the final year of their marriage. Their living expenses have been $130,000 per year, and they have $1,450,000 saved in a bank account. During the marriage, Jonas's real estate has increased in value to $1.5 million, and securities to $3 million. If they filed for divorce in a state that recognizes community property, what amount would each receive?

The Statute of Frauds requires real estate sales contracts to be in writing.

________ is a type of ownership of real property that grants the owner the fullest bundle of legal rights that a person can hold in real property.

When does a joint tenancy become a tenancy in common?

The attorney cannot be sued for any losses caused by his or her negligence in rendering an attorney's opinion.

In a special warranty deed, the seller is liable for defects in title that existed before the seller obtained the property.

Reversion occurs when the rights of possession returns to a third party upon the expiration of a limited estate.

A(n) ________ is a document that grants a person the right to enter on another's property for a specified and usually short period of time.

What is an abstract of title?

Plant life and vegetation growing on the surface of land are considered personal property.

A(n) ________ is a situation in which a person who wrongfully possesses someone else's real property obtains title to that property if certain statutory requirements are met.