Exam (elaborations)
Real estate express - Colorado closings final exam with complete solution
- Course
- Institution
Real estate express - Colorado closings final exam with complete solution
[Show more]
Content preview
Real estate express - Coloradoclosings final exam with complete
solution
The metes and bounds description always identifies an enclosed
area by starting at an origination point called - -ANSWER--
point of beginning.
What refers to the right to have one's property supported from
beneath the surface? - -ANSWER--Subjacent Rights
What system uses physical features of the local geography,
along with directions and distances, to define and describe the
boundaries of a parcel of land? - -ANSWER--Metes and bounds
Homestead - -ANSWER--A homestead is one's principal
residence. Homestead laws protect family members against
losing their homes to general creditors attempting to collect on
debts.
,Dower and Curtesy - -ANSWER--is a wife's life estate interest
in the husband's property. When the husband dies, the wife can
make a claim to portions of the decedent's property. Curtesy is
the identical right enjoyed by the husband in a deceased wife's
property. Property acquired under dower laws is owned by the
surviving spouse for the duration of his or her lifetime.
Elective Share - -ANSWER--is a state-level statute enabling a
surviving spouse to make a minimum claim to the deceased
spouse's real and personal property in place of the provisions for
such property in the decedent's will.
Remainder - -ANSWER--If a life estate names a third party to
receive title to the property upon termination of the life estate,
the party enjoys a future interest, called a remainder interest or a
remainder estate. The holder of a remainder interest is called a
remainderman.
Reversion - -ANSWER--If no remainder estate is established,
the estate reverts to the original owner, or the owner's heirs. In
this situation, the original owner retains a reversionary interest
or estate.
History of title is also known as - -ANSWER--chain of title.
If an interest-holder enjoys the right of possession, the party is
considered to have what? - -ANSWER--An estate in land
In real estate, what term describes the recipient of a property and
the person taking title? - -ANSWER--Grantee
,What term describes a husband's life estate interest in the
husband's property? - -ANSWER--Curtesy
What component describes a freehold estate existing for a
lifetime? - -ANSWER--An indefinite ending
The owner of a fee simple interest is called - -ANSWER--the fee
tenant.
All of the following are types of defeasible fee estates EXCEPT
- -ANSWER--absolute.
In what type of tenancy do two or more persons collectively
own a property as if they were a single person? - -ANSWER--
Joint tenancy
Tenancy in common is also known as - -ANSWER--estate in
common.
To transfer property within dower and curtesy states, what must
a husband or wife obtain from the other spouse in order to
convey clear title to another party? - -ANSWER--A release of
the dower interest
Community property law distinguishes real and personal
property into categories of separate and - -ANSWER--
community property.
Which of the following is a kind of tenancy not recognized in
South Carolina? - -ANSWER--Tenancy by the Entirety
, What is a form of ownership reserved exclusively for husband
and wife, and is only recognized in community property states? -
-ANSWER--Tenancy by the entirety
Which entity is last to see any sale proceeds from a foreclosure?
- -ANSWER--The original debtor.
In a deed in lieu of foreclosure transaction, how is a legal title
transferred to the lender? - -ANSWER--The title is usually
transferred with a warranty or quitclaim deed.
An adjustable rate mortgage - -ANSWER--allows a homeowner
to qualify for a more valuable home at the start of the loan
In a foreclosure situations, who actually owners the property? - -
ANSWER--The lender
When creditors inform candidates if they have been denied or
granted approval for credit, they - -ANSWER--can do it either
orally or in writing.
What should buyers look at when comparing loans? - -
ANSWER--Interest rate and other charges
Approximately what percentage of credit reports have inaccurate
information? - -ANSWER--25%
Which Act protects consumers from abusive debt collection
practices? - -ANSWER--The Fair Debt Collection Practices Act
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller wambugukelvin854. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79223 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
