Easement by necessity - Study guides, Class notes & Summaries

Objectives of Federal Reserve System - To counteract inflationary and deflationary trends, to create a favorable economic climate, to maintain sound credit conditions but NOT to control the secondary mortgage market Remainder Interest - A fee simple holder of a parcel of real estate grants a life estate to her daughter and stipulates that upon the daughters death, the property will pass to her grandson. The second estate is called A property buyer obtains a term loan to finance a home purc...

A lien is an example of a/an...? - Encumbrance - Entitlement - Estoppel - Escheatment Encumbrance If a property has both a tax lien and a mortgage lien against it, which lien has priority (generally speaking)? - Tax lien - Mortgage lien - They have equal priority - Whichever lien was filed first Tax lien A lien that is not tied to a specific piece of real estate is called a...? - General lien - Non-specific lien - Statutory lien - Tax lien General lien T...

Illinois Real Estate Practice Exam Questions and Answers Objectives of Federal Reserve System - Answer- To counteract inflationary and deflationary trends, to create a favorable economic climate, to maintain sound credit conditions but NOT to control the secondary mortgage market Remainder Interest - Answer- A fee simple holder of a parcel of real estate grants a life estate to her daughter and stipulates that upon the daughters death, the property will pass to her grandson. The second es...

ASREB Exam Practice Questions and Answers types of loans - Correct Answer ️️ -FHA loan, Conventional loan, VA loan FHA loan - Correct Answer ️️ -MIP (Mortgage Insurance Premium) Two types (Upfront and Monthly) Conventional loan - Correct Answer ️️ -PMI (Private Mortgage Insurance) Drops off automatically at 78% loan to value (LTV) Ask for removal at 80% loan to value VA Loan - Correct Answer ️️ -Funding Fee based on value USDA loan - Correct Answer ️️ -loan is zero do...

Real Property - The legal interests in land and things attached to, or growing on land. Personal Property - Referred to generally as chattel, the rights, powers, and privileges a person has in things that are not real property, may be transferred by sale, gift, or will. Chattels Real - An interest in land, such as a leasehold. Chattels Personal - Moveable personal property. Chattel Personal in Action - Something to which one has a right to possession, but concerning which one which m...

Nebraska Real Estate SAMPLE Test Questions with 100% Correct Answers The earth's surface extending downward to the center of the earth and upward into space, including all things permanently attached, is known as: A) Real Property B) Real Estate C) Land D) A bundle of legal rights - Answer- D) A bundle of legal rights Moveable objects, which are not considered real estate, are known as: A) Real property B) Personal property C) Fixtures D) Emblements - Answer- B) Personal Property T...

What is not a specific lien? judgment Lien What is not a specific lien? judgment Lien What is not an encumbrance on real property? homestead right What is not an encumbrance on real property? homestead right the physical characteristics of land include: indestructibility the physical characteristics of land include: indestructibility what restrictive covenants is most likely to be enforceable? prohibits use for anything other than single-family dwelling. what restrictive cov...

Arizona Real Estate State Exam with 100% Correct Answers |latest| Which of the following is NOT a specific lien? a. an unrecorded mortgage b. a mechanic's lien c. a judgement lien d. a blanket mortgage *Ans* c. a judgement lien Which of the following is NOT an encumbrance on real property? a. lease b. easement c. homestead right d. restrictive convenant *Ans* c. homestead right Which of the following is NOT an appurtenance? a. easement right b. mineral right c. water rights d. ...

Linda purchases property in Escambia County from Susan. Linda has $30,000.00 as a down payment and gets a mortgage in the amount of $150,000.00 and there is no other consideration for the transfer. How much will the doc stamp tax on the deed be? 1) $1,050.00 2) $1,260.00 3) $630.00 4) $525.00 - $1,260.00 Tax calculation: $150,000 + $30,000 = $180,000/100 = 1800 (taxable $100 units) x $0.70 = $1260.00 tax due. Heather has been using a roadway at the back of the 22 acres Pam owns. She has...