Grantor is the owner - Study guides, Class notes & Summaries

Fee simple - Also called fee simple absolute or indefeasible fee, this fee estate is the most complete form of ownership without limitations or conditions Life estate - Grants possession and limited ownership of the property to a person for the duration of the recipients life or the life of another person Fee simple qualified estate - Also called fee simple defeasible estate. 3 different types Few simple precedent - Ownership (title) won't pass from one person to another until a partic...

MD Real Estate PSI National Exam 2 Latest Update Graded A+ A person with impaired mobility was renting a unit in an apartment complex. Half the units had been assigned parking spaces near the door; the other half had not. The owner may charge extra money to the handicapped person for providing the parking space near the door. must take a vote of all tenants to see if they want to allow the handicapped person a parking space. must give a parking space near the door to the handicapped ...

PARALEGAL TEST QUESTIONS ADD- INS RATED A+ Two broad categories of property are: personal and real Under which category of property are crops? real Under which category of property are minerals? real Under which category of property are pets? personal Under which category of property are fixtures? real Name 3 ways in which personal property may be acquired gifts, purchase, inheritance What are the 3 elements of a valid gift of personal property? donative intent, delivery, a...

What does ALTA mean? - Answer American land Title Association All of the following are characteristics of an ALTA loan policy - Answer Exceptions Exclusions Conditions Chain of Title - Answer A listing of the chronological order of conveyances of a parcel of land, from the original owner to the present owner. The policy limit noted in a title insurance policy applies to - Answer Cumulative Claims Closing - Answer The process of completing a real estate transaction d...

Which of the following is most vital or important in planning a subdivision: - ANSWER-Market Analysis When rent is computed on the gross sales of a business occupying real property, the lease is correctly termed: - ANSWER-Percentage Lease What is not an adequate method of transferring property? - ANSWER-Executive Sale What is considered personal property? - ANSWER-Existing Mortgage If an income property is valued at $100,000 based on an 8% capitalization rate, what would be the value...

NYS Real Estate Exam Questions And Correct Answers. Complete Verified Solutions Which of the following is considered a fixed operating expense? utilities, cleaning expenses, insurance premiums, management fees. Insurance Premiums What is overage rent? Rent calculated on a percentage of sales volume what is the amount a buyer owes at closing equal to? The excess of the buyers debits over the buyers credits real estate agents are typically what kind of agent special agent what is the em...

Texas Real Estate Finance Questions and Answers Graded A+ REAL ESTATE the land and everything permanently attached to it that is owned as part of a person's estate ESTATE everything a person owns - all assets, whether real property or personal property and liabilities 2 classifications of estate 1. Freehold 2. Leesehold Freehold Estate indefinite ownership of estate with full bundle of rights Leasehold Estate limited ownership of estate with limited rights, right to use. Type of Freehold ...

GEORGIA REAL ESTATE EXAM STUDY SET QUESTIONS AND ANSWERS, 100% ACCURATE, VERIFIED. Best describes parcel of land - -the surface of the earth extending down to the center and upward to infinity Determining if Fixture, NOT considered - -Value of item Characteristic in difference btwn personal prop. from real property. - -mobility When used in deed or other RE doc., legal description describes only land bc - -buildings/other improvements considered part of the real estate Item was person...

MN Salesperson State Exam Questions and Answers Already Passed How many years shall a new home be free from defects caused by faulty workmanship and defective materials due to noncompliance with building standards? One year How many years a new home shall be free from defects caused by faulty installation of plumbing, electrical, heating and cooling systems due to noncompliance with building standards? Two Years How many years a new home shall be free from major construction defec...

An undivided share of the whole, plus "survivorship" rights (restricts inheritance to heirs of the last surviving owner)• Not available in every state - joint tenancy -Mortgage-Leases-Mechanics Liens-Private Deed Restrictions. are all known as - title encumbrances -Name grantor and grantee -Dated and signed -Consideration -Words of conveyance -Delivery -Receipt of delivery - requirements of a deed -Pay for specific improvements - a new alley, new utilities to the home, new sidewal...