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Colibri Real Estate Chapter 4 Unit 5 Exam Questions and Answers
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Colibri Real Estate Chapter 4 Unit 5 Exam Questions and Answers
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Colibri Real Estate Chapter 4 Unit 5Exam Questions and Answers
What are the two basic types of easement and what is the difference? - -
Easement appurtenant -- attaches to the estate and transfers with it unless
specifically stated otherwise in the transaction documents
Easement in gross -- a personal right to use that does not attach to the
grantor's estate.
- What is a common example of an easement by necessity? - -The need for
access to a property so that it is not landlocked.
- How are easements created? - -Voluntary action
Necessity
Prescriptive operation of law
Grant or reservation
Implication
Government power of eminent domain (condemnation)
- How is a license different from a personal easement in gross? - -A license
may be informal and is revocable at any time. Revocation of a personal
easement in gross may require the death of the grantee or express release
of the easement by the grantee.
- How are the two types of deed restriction created? - -A deed condition is
created in the transfer documents. A deed covenant is created by mutual
agreement of the owner and others.
- What is a judgment lien and how long does it last? - -A judgment lien
results from a lawsuit. It attaches to real and personal property as a result of
a money judgment issued by a court in favor of a creditor. It lasts for ten
years, unless the period is extended as provided within the code.
- What is the function of a deed? - -The deed is a transaction document, not
an ownership document. It conveys title, when properly delivered and
accepted (and registered, in Torrens counties), then ceases to have any
transfer function except as evidence that a conveyance occurred, and as
evidence of the warrants the conveyor made.
- Why is "notice" important in determining who holds title to real estate? - -
Ownership is a function of evidence. The best evidence is a combination of
actual and constructive notice. Actual = direct knowledge; constructive =
"could-have-should-have-known" knowledge (especially, public records).
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