Exam (elaborations)
PA RE FUNDAMENTALS TEST (1)
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- Pennsylvania Real Estate Fundamentals
PA RE FUNDAMENTALS TEST (1)
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PA RE FUNDAMENTALS TESTcondominium - ANS-A property developed for coownership, where each co-owner has a
separate interest in an individual unit, and an undivided interest in the common areas of the
property
Leasehold - ANS-An interest that gives the holder, the tenant, a temporary right to exclusive
possession of the estate, without title.
Laches - ANS-The loss of a right through undo delay, or a failure to assert
Fructose naturales - ANS-Naturally occurring plants, generally considered part of real property
Littoral rights - ANS-Water rights of landowners whose land touches a commercial lake, sea or
ocean
Lis Pendes - ANS-A recorded notice stating that a lawsuit is pending that may affect title to the
defendant real estate
Reversion - ANS-A future interest held by the grantor that becomes possessory when a
temporary estate terminates
Lien - ANS-A financial encumbrance on the owners title
Encumbrance - ANS-A nonpossessory interest in property burdening the property owners title
real estate - ANS-Physical Land & , everything attached to it
Adverse possession - ANS-The open notorious hostile and uninterrupted possession of another
persons property for a number of years, after which time the adverse possessor may obtain title
to the property
Annexation - ANS-Personal property associated with real property in such a way that the law
treated as a fixture
condemnation - ANS-The act of taking private property for public use
Reliction - ANS-When a body of water, gradually recedes , exposing land that was previously
underwater
License - ANS-A revocable, non-assignable permission to enter another persons land for a
particular purpose
, Marketable title - ANS-A title that is free and clear from undisclosed encumbrances , or other
defects that would expose a purchaser to litigation or impede a purchasers ability to enjoy the
property or to later sell that property
Improvements - ANS-Substantial additions to real property, such as buildings
Dominant Tenant - ANS-A person who has easement rights on another persons property
Defeasible fee - ANS-A type of the state conveying ownership interest that comes with a
condition
Escheat - ANS-When property reverts to the state after a person dies without leaving a valid will,
and without heirs
Mechanics lien - ANS-A specific lien claimed by someone who performed work on the property
and has not been paid
appurtenance - ANS-A right that goes along with ownership of real property
Encroachment - ANS-A physical object intruding on to neighboring property, often due to a
mistake regarding the boundary
Servient Tenement - ANS-Property burdened by an easement
Quitclaim Deed - ANS-A deed that conveys any interest in a piece of real property, the grantor
has at the time the deed is executed
Easement in Gross - ANS-An easement that benefits, a person instead of a piece of land
Tenancy by the entireties - ANS-A form of property co-ownership by husband and wife, in which
each spouse has an undivided 1/2 interest without the others consent
Mortgage - ANS-An instrument that creates involuntary lien on real property to secure a
repayment of a debt
acknowledgement - ANS-A person signing a document, and formally declaring to an authorized
official, (usually a notary public) that she signed voluntarily
Fixture - ANS-An item of personal property that has been attached to, or closely associated with
real property in such a way that it has legally become part of the real property
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