Bermuda Real Estate QUESTIONS & ANSWERS(2024 LATEST UPDATE)
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Course
Bermuda Real Estate
Institution
Bermuda Real Estate
Defect/Cloud in the title - ANSWER Conflicting claims that prevent the absolute legal conveyance of CLEAR TITLE
Period to Period is a type of leasehold that: - ANSWER Has no specific expiration but the length is specified (like a month to month lease)
Net Lease - ANSWER lease in which the ten...
Bermuda Real Estate
QUESTIONS &
ANSWERS(2024 LATEST
UPDATE)
Defect/Cloud in the title - ANSWER Conflicting claims that prevent the absolute legal conveyance of
CLEAR TITLE
Period to Period is a type of leasehold that: - ANSWER Has no specific expiration but the length is
specified (like a month to month lease)
Net Lease - ANSWER lease in which the tenant pays some or all of the operating expenses of the
property in addition to rent. Often commercial.
Adverse Possession - ANSWER A person takes possession & use of a property belonging to another.
Possession must be open, notorious, hostile & uninterrupted for a certain period of time.
Estoppel - ANSWER Legal bar that prevents contradictions. Often a document that 'stops' prevents
people from contradicting earlier agreements or statements
Conformity appraisal method - ANSWER Orchard in the midst of a housing development
Anticipation value - ANSWER Valued on future income.
,nonrecourse loan - ANSWER a loan that carries neither a penalty nor further obligation to repay if not
paid back
Government Rectangular Survey System - ANSWER
Land (Definition) - ANSWER immobility, permanence, uniqueness, indestructablity
Annexation - ANSWER term by attachment becomes real property
Severance - ANSWER term by separating a fixture from real property becomes personal property
Monument - ANSWER landmark natural or stake to mark a boundry
Joint Tenancy - ANSWER A form of co-ownership that includes the right of survivorship. EQUAL
foreshore encroachments - ANSWER docks
foreshore lease - ANSWER 21 years
Non-conforming use - ANSWER Use after a zoning change - grandfathered (BEFORE ZONING)
Variance - ANSWER Added after zoning in place - granted (AFTER ZONING)
Conditional use - ANSWER permitted use that can be revoked
Spot zoning - ANSWER a change in the zoning ordinance for a particular area
buffer zone - ANSWER new industrial park and zone space between
, Special assessment - ANSWER Tax only on property directly benefiting from an improvement
Constructive Notice - ANSWER Notice given by recorded documents. Revealed in Due Diligence search.
Escalator Clause Lease - ANSWER
Actual Notice - ANSWER Personally given to somebody/ signed for
Priority of Liens - ANSWER Based on time or date of recording
Equitable liens - ANSWER Court order
Fee Simple Absolute - ANSWER No conditions on use or transfer
alienation of title - ANSWER A change of ownership. May be voluntary (sold the property) or involuntary
(foreclosure sale).
testate - ANSWER having a will
Intestate Succession - ANSWER the method used to distribute property owned by a person who dies
without a valid will
nuncupative will - ANSWER an oral will
Holographic Will - ANSWER A will written entirely by the testator with his own hand.
devise - ANSWER real property disposed of in a will
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