#1
What is the term for the transfer of property by will or inheritance?
Devise
ExplanationProperty transfer through inheritance or will.
#2
What is the primary purpose of a property deed?
To transfer ownership of real property
ExplanationDocument used to transfer property ownership.
#3
What is the difference between personal property and real property?
Personal property is movable, while real property is immovable.
ExplanationMovable versus immovable property.
#4
What does the acronym 'HOA' stand for in real estate?
Homeowner's Association
ExplanationAssociation governing a residential community.
#5
In real estate, what does the acronym 'MLS' commonly stand for?
Multiple Listing Service
ExplanationDatabase of real estate listings.
#6
Which of the following is a type of easement that allows someone to walk across another person's property?
Easement in gross
ExplanationEasement allowing specific individuals to use property.
#7
In real estate, what does 'encumbrance' refer to?
A claim or liability on a property
ExplanationClaim or liability affecting property ownership.
#8
What does the 'bundle of rights' concept in real property ownership refer to?
A package of legal rights associated with owning real property
ExplanationVarious legal rights inherent in property ownership.
#9
In real property law, what does 'title insurance' protect against?
Encumbrances and defects in the property title
ExplanationInsurance against title defects and claims.
#10
In a lease agreement, what is the difference between 'gross lease' and 'net lease'?
Whether operating expenses are included in the rent
ExplanationDifference in including operating expenses in rent.
#11
Which type of co-ownership provides the right of survivorship?
Joint tenancy
ExplanationCo-ownership with automatic transfer to surviving owners.
#12
What is adverse possession in real property law?
Acquiring ownership by openly occupying and using another's land for a specified period
ExplanationGaining ownership through continuous, open use.
#13
What is a 'lis pendens' notice in real estate?
A public notice indicating pending litigation affecting a property's title
ExplanationNotice of pending legal action regarding property.
#14
What is the significance of the 'doctrine of laches' in property law?
It prevents unreasonable delays in enforcing property rights.
ExplanationPreventing unreasonable delays in legal actions.
#15
What is the 'doctrine of eminent domain' in real property law?
The right of a government to take private property for public use with just compensation
ExplanationGovernment's right to take property for public use.