Quiz Show

Property LawDonna M. Kesot, CPCU

©March 5, 2013

Relationship between owner & rest of society that includes rights

Ownership

8 Types of Ownership1. Fee Simple estate2. Life estate3. Joint tenancy4. Tenancy by the entirety5. Tenancy in common6. Community property7. Cooperative ownership8. Condominium ownership

TRUE or FALSE?TRUE or FALSE?

Possession is the exercise of custody or control

Estate for years

Tenancy at will

Periodic Tenancy

Holdover tenant

Landlord-tenant law

Governs lease interests in real property

No fixed termination date, automatically renews

Estate for definite period

Permission to occupy as landlord desires

Occupancy after expiration of lease

Match Landlord-Tenant Estates

TRUE or FALSE?TRUE or FALSE?

A license is permission to use real property for a particular purpose

Government seizure of private property, usually requiring condemnation?

Eminent domain

Match the Incorporeal interest to it’s description

Profits à Prendre

Easement

Other Incorporeal Interests

Lease Situations

Seller’s Restrictions on Land Use

Preserves value of land

Zoning, eminent domain, building codes

Possessory right to resources

Non-possessory right of way

Rental matters

Can be created by express words, by implication, or by prescription

Easement

e.g. utility, right of way (public shore rights), access

An easement generally benefits adjacent land.

Mortgagor

Trust Deed

Foreclosure

Contract of land

Mechanic’s lien

Right to contractual compensation

Mortgagee’s right in default

Rights to sell, lease. Or encumber

3 party rights to transferred land

Seller right to retain title

Match party to descriptionObjective: describe purpose & operation

A.

B.

C.

D.

E.

Select the correct relationship of parties to a Trust Deed

Trustee holds right to borrow against the land, trustor gives up use of the land for the benefit of the beneficiary

Trustee transfers the land to the trustor who manages for the beneficiary

Trustor inherits the land, trustee manages the land for the benefit of the beneficiary

Trustor transfers the land to the trustee for the benefit of the beneficiary

None of the above

Mechanic’s LienA lien, granted by law to anyone who repairs a specific piece of property that secures payment for the repairs. The contractor must show:

1. Substantial performance of the contract2. Improvement of a specific piece of property under

the contract3. Specific mention in the contract of the property to

be improved