Exam (elaborations)
WRA Chapter 7
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Exam of 20 pages for the course WRA at WRA (WRA Chapter 7)
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WRA Chapter 7Probate - CORRECT ANSWER-Formal judicial proceedings to prove or confirm
the validity of a will, to collect the assets of a decedent's estate, to pay debts and
taxes, and to determine the persons to whom the remainder of the estate is to
pass.
Fixtures - CORRECT ANSWER-An article that was once personal property but
has been so affixed to real estate that it has become real property.
Lessee - CORRECT ANSWER-Tenant.
Personal Property - CORRECT ANSWER-Property that is portable or unattached
to the real estate.
Bill of Sale - CORRECT ANSWER-A legal document used to transfer ownership
of personal property.
Predetermination Date Property - CORRECT ANSWER-A classification of
property under Wisconsin's marital property law describing property of married
people acquired prior to their determination date.
Mixed Property - CORRECT ANSWER-A combination of both individual and
marital property is treated as marital property.
Estate in Land - CORRECT ANSWER-A recognized interest in the use
possession, control, and disposition a person has in land.
Grantee - CORRECT ANSWER-A party who is receiving an interest in real
property.
Severalty - CORRECT ANSWER-Sole ownership of real property.
Accession - CORRECT ANSWER-The right of a property owner to become
entitled to all that a property produces and to all that is added to it, either
naturally or artificially.
,Joint Tenancy - CORRECT ANSWER-Two or more persons holding title to real
property who are named on the same deed and share an undivided possession
of the property.
Lessor - CORRECT ANSWER-Property owner who leased property to a tenant.
Possession - CORRECT ANSWER-The act of occupying a property.
Disposition - CORRECT ANSWER-The right held by a property owner to lease,
sell, or will the property away.
Limited Common Element - CORRECT ANSWER-Common elements of the
condominium that are identified in the declaration or plat as reserved for the
exclusive use of one or more unit owner.
Trade Fixtures (Chattel Fixtures) - CORRECT ANSWER-Items of personal
property that have become permanently attached to leasehold property and are
used for operating a trade or business.
Eminent Domain - CORRECT ANSWER-A government's right to take private
land for public use.
Taxation - CORRECT ANSWER-The right of a government to place a charge on
real estate to raise funds to meet the public need.
Chattel - CORRECT ANSWER-An item of moveable personal property, such as
furniture and draperies.
Police Power - CORRECT ANSWER-The power of a government to preserve
order and protect the public health and general welfare.
Percentage Interests - CORRECT ANSWER-Determines the extent of a
condominium unit owner's ownership interest in common elements,
responsibilities for common expenses, voting power, and the amount of proceeds
in the event that the condominium is terminated.
, Life Tenant - CORRECT ANSWER-One who holds an estate in land for the
period of the tenant's own life or the life of another person.
Quiet Enjoyment - CORRECT ANSWER-The right of a property owner to the
uninterrupted use of the property without disturbance from superior titles.
Freehold Estate - CORRECT ANSWER-An estate in land characterized by an
interest in something immobile and of an indefinite duration.
Control - CORRECT ANSWER-The right to use a property within the boundaries
of the law.
Fee Simple Defeasible Estate - CORRECT ANSWER-An estate of inheritance
that may be nullified upon the occurrence or non-occurrence of a particular
event.
Management and Control - CORRECT ANSWER-The ability that a married
person has under Wisconsin's marital property laws to control marital property.
Common Elements - CORRECT ANSWER-All real property in a condominium
development that is not described as a unit.
Fee Simple Absolute - CORRECT ANSWER-The largest estate of ownership that
automatically passes upon death to the owner's heirs and devisees, either by will
or by descent.
Homestead - CORRECT ANSWER-The home or dwelling of a married person
and so much of the land surrounding it as is reasonably necessary for use of the
dwelling as a home, but not less than one-fourth acre, if available, and not
exceeding 40 acres.
Bundle of Rights - CORRECT ANSWER-Real property ownership right including
the right of quiet enjoyment, possession, disposal, exclusion, control, and the
right to encumber.
Leasehold - CORRECT ANSWER-A personal property interest in land acquired
under a lease.
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