Property Ownership

Card Set Information

Author:
Anonymous
ID:
2681
Filename:
Property Ownership
Updated:
2009-12-09 19:55:16
Tags:
Unit 1
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Description:
Property Ownership
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  1. Real property can be converted to personal property by a process called?
    Severance
  2. What is personal property that has been converted to real property by being permanently affixed or attached to the land or building?
    Fixture
  3. A lien that attaches to all property owned by a debtor is called?
    General Lien
  4. What is a right, privilege, or interest which one party has in the land of another
    Easement
  5. What is the illegal extension of a building or some other improvement beyond the land of one owner and into the land of another owner?
    Encroachment
  6. What is the form of real estate ownership automatically provided by law when two or more people own real estate together?
    Tenancy in common
  7. A trust set up to take effect once the trustor has died?
    Testamentary Trust
  8. What is ownership of property for a specific period of time each year
    Time-Share
  9. A method of land discription which identifies a parcel by specifying its shape and boundaries is called?
    Metes and Bounds
  10. Personal property that has been converted to real property by being permanently affixed or attached to the land or building is known as a(n)?
    Fixture
  11. A charge, claim, or liability that someone has on the title of someone else's property
    Encumbrance
  12. A factory cannot obtain access to a road that can carry its new, large trucks. After unsuccessful negotiations, the owner was able to get access through an
    Easement by Necessity
  13. A life tenant cannot do what with the property?
    Leave it to their heirs
  14. When ownership is held entirely by one person this is known as
    Severalty Ownership
  15. A man built a fence that is partially on his neighbor's property, this is an example of what?
    Encroachment
  16. Principle Maridians run? and provide what?
    North and South, and provide east and west direction
  17. The highest and best type of interest in real estate recognized by law?
    Fee Simple- Gives all right of ownership and is inheritable

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