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Module 3, Lesson 1: Introducing property ownership, rights, and limitations fully solved
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Module 3, Lesson 1: Introducing property ownership, rights, and limitations fully solved
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Module 3, Lesson 1: Introducingproperty ownership, rights, and
limitations
What are the two most common types of estates? - correct answer ✔✔Fee simple and leasehold
What is an estate? - correct answer ✔✔An interest in land that contains various rights associated with
ownership or tenancy
define fee simple estate - correct answer ✔✔when a person owns the property and has all the rights
associated with ownership (ownership for an indeterminate period of time)
what can a person with a fee simple estate do with the property? - correct answer ✔✔use, sell, lease,
enter, or give away the property (or none of these)
what is a leasehold estate? - correct answer ✔✔An interest in land for a specific period of time (i.e. a
week, month, 99 years, or any other specific period of time)
the person who is granted the leasehold is called what? - correct answer ✔✔lessee or tenant
the grantor of a lease is called what? - correct answer ✔✔lessor or landlord
what is the fundamental difference between fee simple and leasehold estates? - correct answer ✔✔time
As a tenant, you have the right of ____________ but not ownership - correct answer ✔✔right of
posession
what are the 4 types of property interests? - correct answer ✔✔1) air rights
2) surface rights
, 3) riparian rights
4) mineral rights
when are air rights normally acquired? - correct answer ✔✔normally acquired to permit construction of
bridge approaches, pier, elevated streets and sidewalks, and (in some cases) entire building structures
define air rights - correct answer ✔✔the rights to use space above physical surface of teh land
define surface rights - correct answer ✔✔any right of land that is not mining rights
Define riparian right - correct answer ✔✔rights allocated to owners of waterfront property and are
associated with the property owner's access to and use of water
as a salesperson, you will typically encounter riparian rights in the listing and selling of what kind of
properties? - correct answer ✔✔recreational properties
define mineral rights - correct answer ✔✔the right to enter or use land for the purpose of removing
minerals (such as gas, oil, gold, silver, and precious metals) on or beneath it
what are the two primary categories of concurrent ownership? - correct answer ✔✔1) joint tenancy
2) tenancy in common
what is concurrent ownership? - correct answer ✔✔when two or more persons hold ownership of a
property simultaneously
what happens when one of the owners in a joint tenancy dies? - correct answer ✔✔the surviving tenant
or tenants acquire the whole interest in the property
what does the right of survivorship mean? - correct answer ✔✔means if one tenant dies, their interest
does not pass to the estate but directly to the surviving join tenant
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