Hereditament - Study guides, Class notes & Summaries

Arizona Real Estate Vocabulary Latest 2023 100% Pass Carryback Financing in which the seller takes back a note for part of the purchase price and is secured by a junior mortgage(second or third mortgage), wraparound mortgage, or contract for deed(between seller and buyer). Agreement for sale Terms that transfer ownership from one to another. In real estate, the agreement of sale (purchase agreement) includes agreements about price, timing, and interest. Contract for Sale Aka Purchase Money Mor...

Arizona Real Estate License Exam Prep Already Graded A police power zoning enforcement code enforcement city planning enforcement P.I.T.I. impound account required on all FHA and VA loans Principle Interest Tax Insurance Points lenders charge to increase their return either 1% of loan amount or 1/8% of lenders investment Prior Appropriation Water use depends on priority of use; "first in time first in right"; in times of drought, junior appropriators get cut off completely before the more s...

1. Many states determine the order of water rights according to which users of the water hold a recorded beneficial use permit. This allocation of water rights is determined by: A. accretion. B. riparian theory. C. littoral theory. D. the doctrine of prior appropriation. - Answer D. All terms relate to water rights, with "riparian" -- the right to use water adjacent to one's property -- being the most common in sections of the U.S. where water is abundant. However, in states where ...

The right to control one's property includes all of the following EXCEPT 1 the right to invite people on the property. 2 the right to exclude the utilities meter reader. 3 the right to erect "no trespassing" signs. 4 the right to enjoy pride of ownership. - Answer the right to exclude the utilities meter reader. This right to enter and work on a property is granted to utility companies (water, sewer, gas and electric) as well as telephone and cable companies. Essentially, if a compan...

Land law cases "Land" includes land of any tenure, and mines and minerals, whether or not held apart from the surface, buildings or parts of buildings (whether the division is horizontal, vertical or made in any other way) and other corporeal hereditaments; also a manor, an advowson, and a rent and other incorporeal hereditaments, and an easement, right, privilege, or benefit in, over, or derived from land; and "mines and minerals" include any strata or seam of minerals or substances in...

police power - Answer zoning enforcement code enforcement city planning enforcement P.I.T.I. impound account - Answer required on all FHA and VA loans Principle Interest Tax Insurance Points - Answer lenders charge to increase their return either 1% of loan amount or 1/8% of lenders investment Prior Appropriation - Answer Water use depends on priority of use; "first in time first in right"; in times of drought, junior appropriators get cut off completely before the more senior ...

Police power zoning enforcement Code enforcement City planning enforcement P.I.T.I. impound account required on all FHA and VA loans Principle Interest Tax Insurance Points lenders charge to increase their return Either 1% of loan amount or 1/8% of lenders investment Prior appropriation water use depends on priority of use; "first in time first in right"; in times of drought, junior appropriators get cut off completely before the more senior appropriators Hereditament any property, whether rea...

Land Law 1 four key questions to ask in response to any land law problem - Answer-Is the title to the land registered or unregistered? What interests may exist in the relevant land? Is each of the possible interests legal or equitable? Have any necessary steps been taken to protect each of the possible interests? legal estates in land - Answer-ownership of land for a slice of time. The land belongs to the Crown, others own an estate in the land. legal estates in land - Answer-ri...

An appraiser's definition of "Value" would be: a. present worth of all rights to future benefits arising out of ownership. b. the ability of one commodity to command other commodities in exchange. c. relationship between the thing desired and the potential purchaser. d. all of the above. - ANSWER-d. all of the above. These are elements of value. Which of the following abbreviations is associated with the FHA? a. NAR b. CPM c. MIP/MMI d. MBA - ANSWER-c. MIP/MMI MIP - Mortga...

Introduction to Land Law What are the features of land as property? - Answer-Immoveable, real property (realty), freeholds What are the features of chattels as property? - Answer-Moveable, personal property (personalty), chattels and intangibles What type of property are leaseholds? - Answer-'Chattels real' s205(1)(ix) Law of Property Act 1925 defined what? - Answer-"Definition of land includes any land, mines, minerals, buildings or parts of buildings divided horizontally, vert...