Exam (elaborations)
PA Real Estate Fundamentals - Exam (1)
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- Pennsylvania Real Estate Fundamentals
PA Real Estate Fundamentals - Exam (1)
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PA Real Estate Fundamentals - ExamReal Estate - ANS-Land; a portion of the earth's surface extending downward to the center of
the earth and upward infinitely into space, including all things permanently attached to it,
whether naturally or artificially.
Leasehold Improvements - ANS-Fixtures installed by landlord for tenant's use
Real Property - ANS-Real estate plus "bundle of rights"
Bundle of Rights - ANS-The rights of an owner to possess, control, enjoy, sell, lease, mortgage,
and dispose of the property. Pertains to surface, subsurface, and air rights.
Surface Water Rights - ANS-Include riparian, "river" (flowing), and littoral, "lake" (non-flowing)
rights
Personal Property - ANS-Something of a temporary nature (aka: chattel or personalty). Inc:
detached household goods, emblements (aka: fructose industriales; corn, plants, crops), trade
fixtures
Metes and Bounds - ANS-Method of describing real estate, using boundary lines with terminal
points and angles; aka: "distances & directions." Distance is expressed in feet, perches or rods;
all equalling 16.5.' Direction is expressed in degrees, minutes, and seconds (").
Plot Plan - ANS-A plan of plots recorded in county recorder plan book; plots are identified by
block & lot, and are numbered or lettered. A property deed will show a property's lot, block, and
plot plan in public records.
Topographic Map - ANS-A map that shows the surface features (elevation) of a land area.
Freehold Estate - ANS-An estate in real property which continues for an indefinite period of
time.
Fee Simple Absolute Estate - ANS-The highest and most complete set of ownership rights one
can possess in real property
Qualified Defeasible Fee - ANS-Ownership interest with conditions; which, if violated, could
cause ownership to be defeated or terminated
Determinable Fee Estate (aka: Fee Simple Determinable) - ANS-Grants rights to use/occupy
property until occurrence of a designated event. Original grantor retains a the right of "possibility
of reverter" (right to regain use or possession of the property)
, Fee Simple Subject to Condition Subsequent - ANS-Original grantor retains "right of reentry." If
estate is no longer used for original purpose conveyed, it can reverts back to original grantor by
"right of reentry." Exercised by the courts; not automatic.
Conventional ("Ordinary") Life Estate - ANS-1) Rights of use and to occupy property granted to
a "life tenant" until death of said tenant. At death, property reverts to original grantor
("reversioner") who holds "reversionary interest." 2) May also go to 3rd party, a "remainderman,"
who holds a remainder interest.
Life Estate Pur Autre Vie - ANS-A life estate "for the life of another," where the measuring life is
someone other than the life tenant.
Leasehold Estate (4 types) - ANS-1) Estate for Years: fixed term, does not auto-renew, does not
require term. notice; 2) Estate Year-to-Year ("periodic"): fixed term, auto-renews, requires term.
notice; 3) Estate-at-Will: no fixed term; lasts until parties agree to terminate; 4)
Tenancy-at-Sufferance: tenant stays beyond legal terms without consent.
Government Interests in Land (4) - ANS-1) Police Power; 2) Escheat: owner dies intestate with
no heirs; property goes to state; 3) Taxation: ad valorem taxes, or "special assessments," levied
to pay for municipal services or improvements; 4) Eminent Domain: process of seizing private
property for public use.
Encumbrances - ANS-A claim, limitation, liability or "defect" attached to real estate; results in a
"cloud on title." May be affirmative or negative. Two categories: 1) Easement Appurtenant: when
land is conveyed, it is also conveyed; involves two, deeded and adjacent lots ("servant and
dominant tenements"); 2) Easement in Gross: involves only one lot (aka: "servient tenement".)
Easements (6 types) - ANS-Created by: 1) deed or contractual agreement; 2) reserved by deed;
3) necessity (i.e. ingress or egress needs); 4) prescription: using another's land for a prolonged
period (PA=21 yrs) in ways that are observable/open, uninterrupted/
continuous, public/notorious, hostile/adverse to owner; 5) condemnation, or eminent domain; 6)
by party's actions or implication.
Termination of Easements - ANS-Release, merger, expiration of purpose or time, abandonment,
or "quiet title" lawsuit
Quiet Title Action - ANS-A court action to determine the actual ownership of real property. This
type of proceeding would be conducted to transfer title to an adverse possessor.
Laches - ANS-Delay or negligence in asserting one's legal rights.
ad valorem tax - ANS-Tax levied on assessed value of real and personal property
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