Real Estate — Property, Ownership & Land Use flashcards
10 of 73 cards free to study here · 11 topics · the whole deck is built into Willys
Real vs personal property, fixtures, estates and leaseholds, co-ownership, condos and co-ops, legal descriptions, encumbrances, government powers, zoning, water rights and environmental hazards for the national salesperson exam.
Learn deck · part of Real-estate salesperson license (national portion) · written against: National portion content common to Pearson VUE / PSI exams; state law excluded. Updated 2026-10-10.
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What separates real estate from real property?Real estate is the land plus everything permanently attached to it; real property is real estate plus the legal rights that come with owning it.Real vs Personal Property
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Which five rights make up the traditional bundle of rights?Possession, control, enjoyment, exclusion and disposition: the rights to occupy, use within the law, enjoy quietly, keep others out, and sell, lease, give or will the property.Bundle of Rights & Estates
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A lease runs from 1 June 2026 to 31 May 2027. Which leasehold estate is this, and must either side give notice to end it?An estate for years: it has a definite start and end, so it simply expires on its end date with no notice required.Leaseholds
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What does it mean to hold title in severalty?Sole ownership by one person or one legal entity; the owner's interest is "severed" from everyone else's.Co-ownership
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When a corporation owns real estate, how does it hold title?In severalty, because the corporation is a single legal entity separate from its shareholders.Entities & Shared Ownership
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Classify a mortgage lien and a judgment lien as specific or general, voluntary or involuntary.A mortgage is a specific, voluntary lien on one property; a judgment is a general, involuntary lien that can attach to all of the debtor's property in the county where it is filed.Encumbrances
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What does the mnemonic PETE stand for in government powers over land?Police power, Eminent domain, Taxation and Escheat: the four powers government keeps over privately owned real property.Government Powers
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Where do cities and counties get the authority to zone?From state enabling acts, which delegate part of the state's police power to local governments. Zoning is normally guided by a comprehensive (master) plan.Zoning & Land Use
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A home sits on the bank of a flowing river. Which water-rights doctrine typically applies?Riparian rights: owners next to flowing water may make reasonable use of it. Along a navigable river the owner usually owns to the water's edge and the state owns the bed; along a non-navigable stream ownership usually runs to the center.Water Rights
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A house was built in 1972. Which federal disclosure duty applies when it is sold or leased?Lead-based paint disclosure, which covers housing built before 1978: the seller or landlord must disclose known lead hazards and reports, give the EPA lead pamphlet, and include a lead warning statement in the contract.Environmental Issues
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About these cards
Review status: Second-reader reviewed, with corrections applied.
Checked against:
- Checked against the U.S. EPA/HUD lead-based paint disclosure rule (24 CFR Part 35 / 40 CFR Part 745), EPA radon and asbestos guidance, and CERCLA (42 U.S.C. 9601 et seq.); public domain U.S. government sources.
- Checked against the BLM Manual of Surveying Instructions for the Public Land Survey System (public domain). General real estate principles written from author knowledge; no textbook or question-bank text copied.
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