Escheat - Study guides, Class notes & Summaries

McKissock Learning - Basic Appraisal Principles"A document or a clause in a document in which the borrower accepts responsibility for the repayment of a debt" is the definition of: A) CC&R B) bond C) mortgage note D) debt - correct answer mortgage note "The earth's surface, both land and water, and anything that is attached to it whether by the course of nature or human hands" is the definition of: A) land B) site C) water D) real property - correct answer A The public restriction on ...

COLORADO REAL ESTATE EXAM PREP EXAM REVIEW QUESTIONS AND ANSWERS. VERIFIED. Title Theory - -lender owns, borrower has equitable title Hypothecation - -pledging property as collateral for a loan without giving up possession Mortgagee - -Lender Mortgagor - -borrower Non Judicial foreclosure - -*CO: Public trustee has power to foreclose 1.Lender complains 2. Notice given 3. trustee sells after 125 days Strict foreclosure - -No sale. Full legal title given to lender, loss of equity for b...

1. The listing is always taken in the name of the _________ and becomes the property of the ___________. A. Broker—salesperson B. Salesperson—seller C. Broker—broker D. Broker—seller - ANSWER C. Broker- broker A deed is used to transfer ownership of real estate. A bill of sale would be used to transfer ownership of: A. A mortgage B. Personal property C. A deed of trust D. A house and 2 acres of land - ANSWER B. Personal property The life tenant in a life estate is not a...

Co ownership types: - - Condominium - Cooperative - Timeshare Land - may include more than the earth, may also include improvements to the land personal property - things that are movable & not permanently affixed to the land Ownership rights - Real estate provides people with this "bundle of rights" - Rights to: Use/Occupy Sell Lease Give away Do all or none "real property" vs. real estate security privacy location User markets - characterized by competition among users for ...

4 factors of value (Ans- - Utility - Scarcity - Desire - Effective Purchasing Power 4 Factors of Production (Ans- - Capital - Entrepreneurial Coordination - Land - Labor Forces that influence real property markets (Ans- - Social Forces - Economic circumstances - Governmental controls and regulations - Environmental Conditions Life Cycle of a Market Area (Ans- - Growth - Stability - Decline - Revitalization Bundle of Rights (Ans- - Right to sell - ...

A listing agreement with the seller. 1. A broker places a "For Sale" sign on a seller's property. This would be permitted only if the broker has A. A listing agreement with the seller B. Permission from the local municipality C. A signed agency relationship D. Written permission from the seller Escheat 2. When someone dies without a will and without heirs or creditors, his property reverts to the county through the process of A. Devise B. Eminent domain C. Escheat D. Testate de...

Superior Real Estate Exam - 3-24-23 Exam QUESTIONS & Revised CORRECT ANSWERS <UPDATED&ALREADYPASSED> Condemnation and escheat are examples of which of the following types of property transfer? voluntary alienation involuntary alienation transfer of title by descent transfer of title through foreclosure involuntary alienation Without an agreement to the contrary, when a leased property is sold, the lease is binding on the new owner. is in breach and can be voided by the te...

Equity is defined as a. The purchase price of property less the market value today b. The market value less the purchase price c. The market value less the debt owed d. The purchase price less the debt owed - c. The market value less the debt owed What are the owner's rights if their farm zoning is changed by the county to single family residential? a. They must build single family homes b. Their current use must cease c. You can't fight city hall d. Their old use continues through no...

Illinois Real Estate Exam Questions and Answers 100% CorrectIllinois Real Estate Exam Questions and Answers 100% CorrectIllinois Real Estate Exam Questions and Answers 100% CorrectIllinois Real Estate Exam Questions and Answers 100% Correct When private property become ownerless due to the death of the owner, the state or county government may exercise its reversionary claim to that property under the right of: - ANSWER-Escheat A developer divided 5 acres into 20 equal lots all having depth ...

PSI Real Estate Salesperson Exam (Latest 2023/ 2024) 100% Correct| Questions and Verified Answers| Grade A Q: Which of the following statements does NOT correctly describe a legal life estate? 1. During his or her life estate the life tenant is generally answerable to the holder of the future interest. 2. The life tenant may not commit any acts that would permanently injure the property. 3. There may be a reversionary interest. 4. There may be a remainder interest. Answer: 1. Duri...