Pearson Vue National exam prep Real Estate, Questions And Correct Answers With Complete Verified Solutions
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Pearson Vue
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Pearson Vue
Pearson Vue National exam prep Real Estate, Questions And Correct Answers With Complete Verified Solutions
Appurtenance
including rights, privileges, and fixture
Fixtures
items attached to improvements with the intent to become real estate. Evident by the following: attachment/annexation, ada...
Pearson Vue National exam prep Real
Estate, Questions And Correct Answers With
Complete Verified Solutions
Appurtenance
including rights, privileges, and fixture
Fixtures
items attached to improvements with the intent to become real estate. Evident by the
following: attachment/annexation, adaptation, or agreement.
Transfer via a deed UNLESS they contract excludes them
Emblements (crops) are exceptions.
Trade fixtures are also exceptions
Land and all appurtenances
transfer via deed unless excluded
Personal Property
Transfers via bill of sale if included in contract
Riparian rights
Incidental to ownership of land abutting flowing water
Littoral rights
Incidental to ownership of land abutting water that is NOT flowing
Accretion
Increase in an owner's land from deposits of soil by the action of water
Avulsion
Sudden loss of land, from being washed away or through a violent act
Doctrine of prior appropriation
First user diverting to beneficial use has the first claim on the water
Metes and bounds
Description of land using distances and compass degrees moving in a set direction
Starts and ends at point of beginning (POB)
Measure clockwise
Rectangular survey/Government survey
Uses meridians, townships, ranges, tiers, and sections to locate land parcels
Township has 36 sections
Section- 640 acre or 1 mile by 1 mile
Acre - 43,560 ft
,Recorded plat (lot, block, subdivision)
Create a plat map via a survey showing lots and boundaries
Next record the map which is done by obtaining building permits
Freehold estates
Indefinite duration of ownership
Includes Fee simple absolute, Qualified fee/Fee simple defeasible, and Life estate
Fee simple absolute
Lasts forever and features the maximum rights of ownership
Qualified fee/Fee simple defeasible
Last "so long as" the deed condition is met
Holder of reversionary interest would be able to try to acquire title if the conditions are
broken
Life estate
Life tenants have ownership.
Upon death whoever has the reversionary or remainder interest will own a fee simple
absolute estate at death.
Lien
Claim that attaches to and is binding on property to secure debt repayment
Property tax/Special assessments lien
Specific lien
Takes priority over all other liens, even those previously recorded, such as a mortgage
Mechanics Lien
Specific lien
If one is found before closing, the seller is responsible for clearing the lien
License
Revocable permission to use the land w/o creating an estate in land
Lis Pendens
Recorded document that gives constructive notice of a pending lawsuit about title
Sole ownership/Estate in severalty
When property is owned by one person or entity
Tenants in common
Co-ownership with NO right of survivorship
Interest passed to heirs or devisees upon death
If no form of ownership indicated, law presumes tenancy in common
May have unequal share of ownership
Each tenant responsible for the taxes as an individual or as a group
, Joint tenants
Co-ownership WITH the right of survivorship
Interest passed to co-owners upon death w/o going through probate
Overrides a will
Four unities of title Possession, Interest, Time, and Title (PITT) required in some state
Tenancy by the entirety
Applies exclusively to married couples in some state
Condominiums and Town homes
Purchasers own and finance their own units
Transferred by deed
Cooperatives
Ownership of the building by a corporation, which in turn leases space to share holders
who own stock in the corporation
Buyers receive corporate bylaws, shares of stock, and proprietary lease for their unit
and their share of the common elements
Because their is no ownership of the unit, the buyer does not receive a deed
Owner pays assessments and association fees
Time shares
Common interest ownership form in which multiple owners have interest in a property
Deeds (Key Points)
Purpose is to transfer title between owner/grantor and the receiver/grantee
Seller of real property will always have to provide a written deed
Difference between deeds are the extent of the promises given by the grantor to the
grantee
Deeds do not guarantee or prove ownership
Deeds do not have to be recorded for title to transfer; title passes upon acceptance of
the grantee
Recording a deed gives constructive notice of ownership
Types of deeds in private grants (Voluntary alienation)
Warranty deed/General warranty deed (best for grantee) - five covenants and a
guarantee of title
1) Covenant of seisin - grantor has right to convey
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