Exploring Real Estate Ownership

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Real estate includes all of the following EXCEPT:

Fixtures

Severable things

Land

Cultivated crops (correct)

Which of the following is NOT considered a fixture?

Trees

Fences

Buildings

Cultivated crops (correct)

What is the test of a fixture?

Intention of the person in placing the item on the land

Method by which the item is attached (correct)

Relationship of the parties

Adaptability of the item for the land's ordinary use

What is a trade fixture?

An item owned and attached to a rental space or building by a tenant and used for business purposes Signup and view all the answers

What are transferable development rights of airspace?

Rights to use the air above the earth's surface Signup and view all the answers

What is considered part of the real estate, except for cultivated crops and other severable things?

Site Signup and view all the answers

Which type of estate is the highest interest in real estate recognized by law?

Fee simple estate Signup and view all the answers

Which type of fee simple estate has no restrictions on the ownership right?

Fee simple absolute Signup and view all the answers

Which type of fee simple estate is limited in some way?

Fee simple qualified Signup and view all the answers

Which type of fee simple estate has a limitation on property use that could result in the loss of the ownership right?

Fee simple defeasible Signup and view all the answers

Which type of estate is a present, possessory interest that lasts only as long as the life of a stated person or persons?

Life estate Signup and view all the answers

What is the term used to describe the person who holds what is called an estate in remainder during the life of the holder of the life estate?

Remainderman Signup and view all the answers

Which form of property ownership allows for sole control over disposition of the property and is sole recipient of any benefits that flow from it?

Individual Ownership Signup and view all the answers

What is the term used to describe when part of an improvement to land extends over the boundary line onto an adjoining parcel?

Encroachment Signup and view all the answers

Which form of co-ownership allows each tenant to have the right to possession of the entire property and cannot be excluded by the other tenants?

Tenancy in Common Signup and view all the answers

Which form of co-ownership includes the right of survivorship, where the last surviving joint tenant acquires the deceased tenant's interest?

Joint Tenancy Signup and view all the answers

Which form of marital property ownership is all property acquired by either spouse during marriage, except property acquired by gift or inheritance?

Community Property Signup and view all the answers

What happens to a tenancy by the entirety in the event of divorce?

It automatically becomes a tenancy in common Signup and view all the answers

Which of the following is true about trade fixtures?

Trade fixtures can be removed by the tenant before the end of the lease term. Signup and view all the answers

What happens to trade fixtures that are not removed by the tenant?

They become the property of the landlord. Signup and view all the answers

Why is it important to know the distinction between fixtures and personal property?

Fixtures contribute to the value estimate of real estate. Signup and view all the answers

Which system is commonly used to describe residential and commercial building lots in the US?

Lot and Block System Signup and view all the answers

What is the purpose of the metes and bounds description in land surveying?

To measure distances from specified boundary markers. Signup and view all the answers

How many sections are there in a township in the Rectangular Survey System?

36 Signup and view all the answers

Which form of ownership allows for the absolute ownership of a unit in a multiunit building based on a legal description of the airspace the unit actually occupies?

Condominium Signup and view all the answers

When a partner dies in a partnership, what happens to that partner's interest in partnership property?

It is transferred to the surviving partners Signup and view all the answers

Which form of ownership requires each owner to be a shareholder in the corporation that holds title to the real estate?

Cooperative Signup and view all the answers

What happens to partnership property when it is transferred by the partnership?

The rights of all partners must be transferred Signup and view all the answers

Which form of ownership allows for individually owned parcels together with shared common areas?

Planned Unit Development Signup and view all the answers

Who is responsible for reporting and paying taxes on partnership income?

Each individual partner Signup and view all the answers