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BERMUDA REAL ESTATE STUDY GUIDE
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BERMUDA REAL ESTATE STUDY GUIDE
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BERMUDA REAL ESTATE STUDY GUIDEDefect/Cloud in the title - Answers- Conflicting claims that prevent the absolute legal
conveyance of CLEAR TITLE
Period to Period is a type of leasehold that: - Answers- Has no specific expiration but
the length is specified (like a month to month lease)
Net Lease - Answers- lease in which the tenant pays some or all of the operating
expenses of the property in addition to rent. Often commercial.
Adverse Possession - Answers- 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 - Answers- Legal bar that prevents contradictions. Often a document that
'stops' prevents people from contradicting earlier agreements or statements
Conformity appraisal method - Answers- Orchard in the midst of a housing
development
Anticipation value - Answers- Valued on future income.
nonrecourse loan - Answers- a loan that carries neither a penalty nor further obligation
to repay if not paid back
Government Rectangular Survey System - Answers-
Land (Definition) - Answers- immobility, permanence, uniqueness, indestructablity
Annexation - Answers- term by attachment becomes real property
Severance - Answers- term by separating a fixture from real property becomes
personal property
Monument - Answers- landmark natural or stake to mark a boundry
Fee Simple Absolute - Answers- No conditions on use or transfer
alienation of title - Answers- A change of ownership. May be voluntary (sold the
property) or involuntary (foreclosure sale).
testate - Answers- having a will
,Intestate Succession - Answers- the method used to distribute property owned by a
person who dies without a valid will
nuncupative will - Answers- an oral will
Holographic Will - Answers- A will written entirely by the testator with his own hand.
devise - Answers- real property disposed of in a will
Joint Tenancy - Answers- A form of co-ownership that includes the right of survivorship.
EQUAL
foreshore encroachments - Answers- docks
foreshore lease - Answers- 21 years
Non-conforming use - Answers- Use after a zoning change - grandfathered (BEFORE
ZONING)
Variance - Answers- Added after zoning in place - granted (AFTER ZONING)
Conditional use - Answers- permitted use that can be revoked
Spot zoning - Answers- a change in the zoning ordinance for a particular area
buffer zone - Answers- new industrial park and zone space between
Special assessment - Answers- Tax only on property directly benefiting from an
improvement
Constructive Notice - Answers- Notice given by recorded documents. Revealed in Due
Diligence search.
Escalator Clause Lease - Answers-
Actual Notice - Answers- Personally given to somebody/ signed for
Priority of Liens - Answers- Based on time or date of recording
Equitable liens - Answers- Court order
Statutory liens - Answers- automatic - tax
easement (ingress, egress, regress) - Answers- easement (enter, exit, reenter)
, Easement of necessity - Answers- e.g. landlocked parcel of land. The easement is
NECESSARY to access the property.
Servient Tenement - Answers- Parcel over which the easement runs
Dominant Estate (Tenement) - Answers- The tract that benefits from the easement
Appurtenant rights - run with the land - Answers- The automatic transfer of certain
rights or encumbrances in real property when title is conveyed.
Easement in gross - Answers- personal use not transferrable
Easement by Prescription - Answers- Created through continual use over a certain
period of time. It must be continual, visible, & w/o approval. Example - a private road
becomes public.
encroachment - Answers- infringements affecting marketability
curable depreciation - Answers- cost effective minor repairs
Incurable Depreciation - Answers- Physical deterioration that cannot be repaired in a
cost-effective manner.
appraisal - Answers- RICS (Roy Surveyors) guidelines of the current value of the
property.
Subject property - Answers- The property being appraised
Adverse Possession - Answers- The actual, open, notorious, hostile, and continuous
possession of another's land under a claim of title, must be 20 years.
Redemption - Answers- mortgage default then payoff and claim back property
balance app - Answers-
Friendly Foreclosure - Answers- deed in lieu of foreclosure
forebearance - Answers- work out loan for debt
Tenants in Common - Answers- shared ownership of a single property among two or
more persons; interests need not be equal and no right of survivorship exists.
FRACTIONAL
Statute of Frauds - Answers- A state statute under which certain types of contracts over
1 year must be in writing to be enforceable.
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