Bermuda Real Estate | and Licensing Exam | with complete solution | Latest 2024/2025
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Course
Bermuda Real Estate
Institution
Bermuda Real Estate
Bermuda Real Estate | and Licensing Exam | with complete solution | Latest 2024/2025
Bermuda Real Estate | and Licensing Exam | with complete solution | Latest 2024/2025
Bermuda Real Estate | and Licensing Exam | with complete solution | Latest 2024/2025
Bermuda Real Estate | and Licensing Exam |
with complete solution | Latest 2024/2025
Defect/Cloud in the title - CORRECT ANSWER Conflicting claims that prevent the
absolute legal conveyance of CLEAR TITLE
Period to Period is a type of leasehold that: - CORRECT ANSWER Has no specific
expiration but the length is specified (like a month to month lease)
Net Lease - CORRECT 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 - CORRECT 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 - CORRECT ANSWER Legal bar that prevents contradictions. Often a
document that 'stops' prevents people from contradicting earlier agreements or
statements
Conformity appraisal method - CORRECT ANSWER Orchard in the midst of a
housing development
Anticipation value - CORRECT ANSWER Valued on future income.
nonrecourse loan - CORRECT ANSWER a loan that carries neither a penalty nor
further obligation to repay if not paid back
Government Rectangular Survey System - CORRECT ANSWER
Land (Definition) - CORRECT ANSWER immobility, permanence, uniqueness,
indestructablity
Annexation - CORRECT ANSWER term by attachment becomes real property
Severance - CORRECT ANSWER term by separating a fixture from real property
becomes personal property
Monument - CORRECT ANSWER landmark natural or stake to mark a boundry
Fee Simple Absolute - CORRECT ANSWER No conditions on use or trCORRECT
ANSWERfer
alienation of title - CORRECT ANSWER A change of ownership. May be voluntary
(sold the property) or involuntary (foreclosure sale).
testate - CORRECT ANSWER having a will
,Intestate Succession - CORRECT ANSWER the method used to distribute property
owned by a person who dies without a valid will
nuncupative will - CORRECT ANSWER an oral will
Holographic Will - CORRECT ANSWER A will written entirely by the testator with his
own hand.
devise - CORRECT ANSWER real property disposed of in a will
Adverse Possession - CORRECT ANSWER The actual, open, notorious, hostile,
and continuous possession of another's land under a claim of title, must be 20
years.
Redemption - CORRECT ANSWER mortgage default then payoff and claim back
property
balance app - CORRECT ANSWER
Friendly Foreclosure - CORRECT ANSWER deed in lieu of foreclosure
forebearance - CORRECT ANSWER work out loan for debt
Tenants in Common - CORRECT ANSWER shared ownership of a single property
among two or more persons; interests need not be equal and no right of survivorship
exists.
FRACTIONAL
Joint Tenancy - CORRECT ANSWER A form of co-ownership that includes the right
of survivorship. EQUAL
foreshore encroachments - CORRECT ANSWER docks
foreshore lease - CORRECT ANSWER 21 years
Non-conforming use - CORRECT ANSWER Use after a zoning change -
grandfathered (BEFORE ZONING)
Variance - CORRECT ANSWER Added after zoning in place - granted (AFTER
ZONING)
Conditional use - CORRECT ANSWER permitted use that can be revoked
Spot zoning - CORRECT ANSWER a change in the zoning ordinance for a particular
area
buffer zone - CORRECT ANSWER new industrial park and zone space between
Special assessment - CORRECT ANSWER Tax only on property directly benefiting
from an improvement
Constructive Notice - CORRECT ANSWER Notice given by recorded documents.
Revealed in Due Diligence search.
, Escalator Clause Lease - CORRECT ANSWER
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