Property Ownership and Rights

The video tutorial covers key concepts of property ownership, including the bundle of legal rights, estate in land, and the differences between freehold and leasehold estates. It explains voluntary and involuntary alienation, detailing methods like descent, escheat, eminent domain, foreclosure, and adverse possession. The tutorial provides insights into how these concepts are tested in real estate exams, offering tips for exam preparation.

What is the 'Bundle of Legal Rights' associated with property ownership?

• A set of rights that come with owning a property

• A collection of legal documents for property transfer

• A group of laws governing property taxes

• A list of restrictions on property use

Which type of estate in land is indeterminable and can potentially last forever?

• Periodic Tenancy

• Estate at Will

• Freehold

• Leasehold

How can property be transferred voluntarily?

• Via eminent domain

• As a gift or sale

• By escheat

• Through adverse possession

What is the primary purpose of a deed?

• To impose property taxes

• To transfer ownership rights

• To restrict property use

• To survey property boundaries

What happens to property if the owner dies without a will and has no heirs?

• It is given to the nearest neighbor

• It remains unclaimed

• It is transferred to the government

• It is sold at auction

Which governmental power allows the government to take over property for public use?

• Foreclosure

• Adverse possession

• Escheat

• Eminent domain

What is required for adverse possession to occur?

• The property must be abandoned

• The use must be notorious, continuous, and hostile

• The owner must give permission

• The property must be for sale

How does adverse possession typically start?

• With a government order

• With encroachment

• With a property sale

• With a legal dispute

How many questions on property ownership are on the PSI real estate exam?

• 8

• 10

• 12

• 5

Which of the following is NOT a type of ownership covered in the exam?

• Ownership in severalty

• Timeshares

• Tenants in common

• Government ownership