Real Estate 306 Midterm 1 Questions And Answers With Verified Solutions Graded A+
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Course
Real Estate 306
Institution
Real Estate 306
covenant against encumbrances - no encumbrances except as noted in deed .. ex liens or
easements
actual notice - open, continuous, actual possession of property
affirmative easements appurtenant - easements give the dominant parcel some intrusive use of
the servient parcel
ex. shared driveways...
Real Estate 306 Midterm 1
covenant against encumbrances - no encumbrances except as noted in deed .. ex liens or
easements
actual notice - open, continuous, actual possession of property
affirmative easements appurtenant - easements give the dominant parcel some intrusive use of
the servient parcel
ex. shared driveways, parking
baselines vs principal lines - baselines (east to west) RANGE LINES
principal (north to south) TIER LINES
building codes - preserves real estate value
addresses the issue of incomplete information
buyers may be unaware of risks (ex. dont know about wind tolerance in event of a hurricane, safety of
electrical or gas systems)
constantly evolving
capital markets - allocate financial resources among households and firms requiring funds
ex. stocks, bonds, mortgage contracts... anything that will give a financial return
provides equity and debt
capitalization rate - ratio of property's annual net income from rental operations to its value
net income/price of property
comprehensive plan - REQUIRED BY LAW TO HAVE THIS PLAN
,projected future population growth
requirements for water and waste disposal
projected needs for public services, utilities, schools, safety
projected demands for various land uses... public, residential and non residential
condemnation - legal procedure for exercising the right of eminent domain
- just compensation based on highest and best use.... this means that government will pay you for your
property based on the highest possible findings for what it's worth
acknowledgement and delivery - necessary to confirm that grantor acted voluntarily to give
interest
some are notorized
delivery must be observable and verifiable intent that the deed is to be given to the grantee
conditional use permit (CUP) - conditional land uses subject to case by case review
customized condition
politicized proecess
condominium - form of ownership combining single person ownership with the tenancy in
common
owner holds fee simple interest to a certain space.
covenant definition - legally binding promises for which the grantor becomes liable
covenant of quiet enjoyment - nobody with a higher claim to the title will take the property
instead
covenant of seizin - grantor has good title and right to convey it
, declaration of covenants - series of restrictions on the use of lots in order to improve the
perceived quality, stability and value of the lots
deed - special WRITTEN contract for conveying permanent interest in real property
must meet certain requirements such as name of grantor and grantee, covenants and clauses,
deed of bargain and sale - no covenants, implies claim of ownership, used by businesses
grantee has to figure out liens, restrictions etc
deed restriction - the owner who created the restriction or that owner's heirs are the only persons
who can enforce the restriction
doctrine of constructive notice - Cannot be bound by what you cannot know
OR - can be bound by what you COULD know
easement - right to use land for a specific and limited purpose
- run with the land; the rights are inseparable from the affected parcels
easement appurtenant - involves a relationship between two adjacent parcels of land
(dominant and servient parcel)
(affirmative and negative)
easement in gross - right to use land for a specific, limited purpose unrelated to any adjacent
parcel
ex. fishing, hunting, boating, put up a power line, run an irrigation ditch, harvest timber or crops
transferrable separately from land title owner or ownership
ex. lakeshore path
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