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WRA CHAPTER 7 Questions & answers with Complete solutions | Latest edition
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WRA CHAPTER 7Accession - CORRECT ANSWER-The right of a property owner to become
entitled to all the property produced and to all that is added to it, either naturally
or artificially. For example, the owner of an office building would acquire the
abandoned trade fixtures of a tenant as real property by accession.
Bill of sale - CORRECT ANSWER-A legal document used to transfer ownership
of personal property.
Bundle of rights - CORRECT ANSWER-Real property ownership right including
the right of quiet enjoyment, possession, disposal, exclusion, control, and the
right to encumber
Common elements - CORRECT ANSWER-All real property in a condominium
development that is not described as a unit
Condominium ownership - CORRECT ANSWER-Fee simple unit ownership of
real property. Residents own their units plus a share of common elements.
Condominium unit - CORRECT ANSWER-The part of the condominium
development that is intended for individual use.
Control - CORRECT ANSWER-The right to use a property within the boundaries
of the law.
Cooperative lease - CORRECT ANSWER-A written lease in a cooperative
apartment building, between the owner/cooperation and the tenant/stockholder,
in which the tenant is given the right to occupy a particular unit.
Cooperative ownership - CORRECT ANSWER-A multi-unit building that is owned
by a corporation. Residents living in the building own stock as shareholders in
the corporation and have a lease as a tenant for the living space.
Disposition - CORRECT ANSWER-The right held by a property owner to lease,
sell, or will the property away.
, Eminent domain - CORRECT ANSWER-A government's right to take private and
for public use
Escheat - CORRECT ANSWER-The reversion of property to the state or county,
as provided by state law, in cases where a decedent dies intestate and there are
no heirs.
Estate in land - CORRECT ANSWER-A recognized interest in the use
possession, control, and disposition a person has in land
Exclusion - CORRECT ANSWER-The right held by a property owner or leasee to
keep others from using a property.
Fee simple absolute(fee simple) - CORRECT ANSWER-The largest estate of
ownership that automatically passes upon death to the owners heirs and
devisees, either by will or by descent. . That estate includes the complete bundle
of legal rights.
Fee simple defeasible estate - CORRECT ANSWER-An estate of inheritance
that may be nullified upon the occurrence or non-occurrence of a particular event
Fixture - CORRECT ANSWER-An article that was once personal property but
has been so affixed to real estate that it has become real property
Freehold estate - CORRECT ANSWER-An estate in land characterized by an
interest in something immobile and of an indefinite duration
Grantee - CORRECT ANSWER-A party who is receiving an interest in real
property
Grantor - CORRECT ANSWER-A party who is conveying an interest in real
property
Homestead - CORRECT ANSWER-The home or dwelling of a married person
and so much of the land surrounding it as is reasonably necessary for use of the
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