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1.FINC 3250 Exam 2 Questions with Correct Answers
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1.FINC 3250 Exam 2 Questions with Correct Answers
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1.FINC 3250 Exam 2 Questions withCorrect Answers
covenants, conditions, and restrictions (CC&Rs) - Answer-rules set forth in the deed
that you agree to adhere to if you purchase the property
Lien - Answer-an interest in property gained by a creditor to secure a debt of some type
Mortgage Lien - Answer-- When you borrow money and place property as collateral
- Filed by the lender to secure repayment of a loan
Mechanic's Lien - Answer-Filed by anyone who provides labor, services, or materials for
the improvement of a property to secure payment for that labor, service, or material
Judgement Lien - Answer-Filed by the courts after a lawsuit to secure payment of the
lawsuit damages to the winner of the suit
Classification of Liens
- Voluntary v Involuntary - Answer-Voluntary entered by debtor or not
Classification of Liens
- Special v General - Answer-some liens apply only to one property (special) and some
apply to all property owned by an individual (general)
Easement - Answer-a right to use land for a particular purpose; not an ownership
interest
Grant - Answer-given by the owner of the land to another party
Reserve - Answer-kept by the seller of land when it is sold
Private Condemnation/Eminent Domain - Answer-awarded by a court if the easement is
required for access to a property
Prescription - Answer-awarded by a court if the non-ownership party has been using the
land as if they had an easement for long enough
- actual, visible, continuous, hostile, notorious, and exclusive
Easement Appurtenant - Answer-Dominant and Servient
Easement in Gross - Answer-only Servient
, Party Wall Easement - Answer-when there is a wall that goes to both property lines, the
owner on one side of the wall owns their side and has an easement on the other half so
the other person cannot alter or tear it down
Termination - Answer-- Agreement
- Merger
- Abandonment
Encroachment - Answer-when one person's use of a property moves on to another
person's property - their use of their own property disturbs another persons use of their
own
- physical (building a fence)
- not physical (pollution)
Adverse Possession - Answer-a way to gain ownership of another person's property by
using that property for a long enough period of time
- statutory time period, actual, visible, continuous, hostile, notorious, and exclusive
Color of Title - Answer-looks like ownership but isn't
- makes it easier to get ownership through adverse possession
- paying property taxes, deed being recorded
Tacking - Answer-can use someone else's time to add onto your time for an adverse
possession claim
Joint and Several Liability - Answer-when there are joint debtors and they don't repay,
then the bank can get their entire payment from either party
property taxes - Answer-market value x assessment ratio = assessed value - any
exemptions = remaining # x millage rate = property taxes for the year
Public Eminent Domain/Condemnation - Answer-power of government to take private
land for public use
Inverse Condemnation - Answer-private landowner sues government to force them to
buy their property
Police Power - Answer-government's power to enact laws to protect health, safety,
general welfare of community
Zoning - Answer-- First comprehensive zoning law was NYC
- Protect currently landowners from encroachment by undesirable uses and control
direction of future development so that it makes sense
Zoning Enforcement - Answer-- building permits
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