Principles of Louisiana Real Estate Unit 1 National Portion. Exam Questions With 100% Verified Answers
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Course
Louisiana Real Estate
Institution
Louisiana Real Estate
Principles of Louisiana Real Estate Unit 1
National Portion. Exam Questions With
100% Verified Answers.
Land - answerEarth's surface extending downward to the center of the earth
real estate - answerAlso called "real property," it is land and anything permanently attached to
the land, such as ...
Principles of Louisiana Real Estate Unit 1
National Portion. Exam Questions With
100% Verified Answers.
Land - answer✔Earth's surface extending downward to the center of the earth
real estate - answer✔Also called "real property," it is land and anything permanently attached to
the land, such as buildings, fences and items that are attached to the buildings.
improvements - answer✔Changes or additions made to a property, such as walls or roads, and so
on. These typically increase the value of a property, except in some cases of over improvement.
real property - answer✔land , interests, benefits and rights inherent in real estate ownership
chattels - answer✔Personal property
Bill of Sale - answer✔A written instrument which passes title of personal property from seller to
buyer
Severance - answer✔1. Termination of joint tenancy. 2. The permanent removal of a natural
attachment, fixture, or appurtenance from real property, which transforms the item into personal
property
Fixture - answer✔An article of personal property which has been installed in or attached to land
or a building thereon, in such a manner, that it is now considered to be part of the real estate.
Adaptation - answer✔the the article is adapted to the building
trade fixture - answer✔a fixture placed for business purposes
accession - answer✔the law that allows transfer or trade of a fixture
emblements - answer✔Farm pants and other plants that are grown and harvested annually
immobility - answer✔A physical characteristic of real estate referring to the fact that real estate
can't move from one place to another.
situs - answer✔area preference that refers to people's choices and desire for a given area
encumbrance - answer✔A claim, charge, or liability that attaches to and is binding on real estate.
lien - answer✔A right, given by law, whereby a creditor may satisfy a debit out of the proceeds
of the sale of real or personal property belonging to the debtor; an encumbrance usually naming
property as security for payment of a debt or for the discharge or obligation
lis pendens - answer✔A legal document giving constructive notice that an action at law is
pending.
mechanic's lien - answer✔A lien which exists against real property in favor of persons who have
performed work or furnished material for the improvement of real estate
deed restriction - answer✔Provisions in a deed that restrict use of the property, and which may
be either covenants or conditions.
easement - answer✔A right, privilege, or interest in which on party has in the land of another.
dominant tenement - answer✔An estate attached to and benefiting from the servient estate, e.g.,
an easement runs over the servient estate and serves the dominant estate; also called dominant
estate.
servient tenement - answer✔Property burdened by an easement. In other words, the owner of the
servient tenement (the serviant tenant) must allow someone who has an easement (the dominant
tenement) to use the property.
easement in gross - answer✔An easement which does not attach to the land, usually given to a
quasi-public corporation, such as the electric or phone company
easement in necessity - answer✔Arises when there is no other access to a street or public way. If
the owner of the back half cannot get to the street except by crossing the front half of the lot,
then the back half owner will usually be given the right to cross by court order.
easement by prescription - answer✔A method of acquiring a right to a portion of property by
lapse of time, in the manner of adverse possession.
license - answer✔A personal privilege to perform some act on the land of another.
encroachment - answer✔A building or fixture which intrudes partly or wholly upon the property
of another.
freehold estate - answer✔An estate in real property for an indefinite and uncertain time. Font
Foot: Property measurement of the front foot on its street line or waterfront line with each front
foot extending the depth of the lot.
fee simple absolute - answer✔The highest and most complete form of ownership, which is of
potentially infinite duration. Also called a fee or a fee simple.
fee simple defeasiable - answer✔A fee simple estate that is subject to termination if a certain
condition is not met or if a specified event occurs. Also called a conditional fee, determinable
fee, qualified fee, or fee simple subject to a condition subsequent.
life estate - answer✔An estate or interest in real property held for the duration of the life of a
certain person. Upon the expiration of that life, the estate will automatically be vested in a
remainerman or revisioner
reversion - answer✔The residue of an estate left to the grantor or his heirs after termination of all
prior estates and interests; the right of a lessor to recover possession leased property upon
termination of the lease, with all subsequent rights to use and enjoy the property.
remainder - answer✔An estate which takes effect after the termination of the prior estate, such as
a life estate. A future possessory interest in real estate.
remainderman - answer✔The person who has an estate in remainder.
life tenant - answer✔Someone who owns a life estate; the person entitled to possession of the
property during the measuring life.
dower - answer✔a wife's life estate
curtesy - answer✔The right in which a husband has in his wife's estate at her death.
tenacy in common - answer✔Form of real estate automatically provided by law when two or
more people own real estate together
partition in kind - answer✔A judicial order to divide the property physically and place each
undivided owner in sole ownership of 100 per cent of a portion of said property.
partition by licitation - answer✔A judicial order to sell property at a cash sale to the highest
bidder and divide the proceeds fractionally among co-workers.
joint tenancy - answer✔a form of co-ownership between two or more persons of an interest in
real property whereby such persons own the interest together and each person has exactly the
same rights in that interest as his co-tenants. Joint tenancy is created by the act of the parties. The
key is the right of survivorship.
tenancy by entirety - answer✔Joint ownership by husband and wife. Upon the death of one, the
other inherits the entire estate.
community property - answer✔Property accumulated after the marriage (generally) by husband
and wife. Community property is owned equally in undivided halves of each.
inter vivos trust - answer✔During one's life; between living persons; from one living person to
another.
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