Real Estate Ownership and Tenancy Quiz

Real property refers to land and anything permanently attached to it.

A fixture is a chattel that has become real property by being permanently affixed or attached to real estate.

An office building is a commercial property primarily used for business activities, not residential purposes.

Escrow involves a neutral third party holding funds or documents on behalf of transacting parties until specified conditions are met.

Eminent domain grants government entities the authority to seize private property for public use with compensation to the owner.

Tenancy in common involves joint ownership where each owner has distinct, proportionate, and undivided interest.

Encumbrance denotes any claim, lien, charge, or liability attached to and binding on real property.

A deed is a legal document used to transfer ownership of real property from one party to another.

Adverse possession is a legal doctrine enabling a person to claim ownership of land under certain conditions through continuous use.

Zoning refers to the division of land into areas with specific permitted uses and restrictions, regulated by local government ordinances.

A leasehold estate grants possession and use of real property for a defined period without transferring ownership.

Joint tenancy includes the right of survivorship, meaning if one owner dies, their interest passes to the surviving owner(s), whereas tenancy in common does not.

Appurtenance refers to any right, privilege, or improvement that belongs to and passes with a property to its new owner.

A condominium is a form of housing where individual units are owned privately, while common areas and amenities are shared among residents.

Rescission is a legal remedy enabling one party to a contract to cancel or terminate it, typically due to misrepresentation, fraud, or other legal grounds.