7 - Encumbrances Flashcards
What process taken by the government through the right to take private property?
The process of condemnation
Difference between a subdivided and a developer?
Subdivided buys underdeveloped land and divides into smaller lots; a developer improves the land.
Difference between zoning regulations and building codes
Zoning Regulations: How the land can be used
Building regulations: how you can improve the property.
Example of Police Power:
Zoning of private property by the government.
The country condemns an owner’s property to build a public park. The gov. would most likely pay the owner:
Just compensation based on appraisals.
If a property owner dies without a will or legal heirs, what can the government do to take the property?
Exercise an ESCHEAT
Ad valorem tax is based on:
The assessed value of the house. Even if the tax rate is the same.
The city installs a nice sidewalk. What tax would be imposed to the improved properties to pay for the sidewalk?
Special Assessment Tax
General real estate tax bill is computed by applying the tax rate to the property’s:
Assessed Value
Priority of liens is based on:
Recording dates
What determines the effective date of a mechanics lien?
The date the mechanic started Working!! Not the date they filed it… wayyyyy back at the beginning
Mechanic’s liens can only be filed against the:
Owner’s property that the tradesman worked on.
A property had a judgement filed against it. This was the result of a:
Lawsuit!!!
An attachment lien would be placed on a property to:
Prevent the owner from conveying the title to the property until a lawsuit is decided
You’re a mechanic and not paid. What should you file?
Notice of lien
What takes priority, deed restrictions or city’s?
Deed restrictions.
A neighbor that objects to a fence should apple for a court injunction against the plans.
Restrictive covenant which limits the use of real property in a subdivision is usually the result of:
Private Deed Restrictions
If a neighbor waits and waits to file an injunction, they could lose their right through the:
Doctrine of Laches
Appurtenant
A-part-of-the-land
Interest runs with the land
Property owner gives permission to a friend to cross the property to go fishing. If he sells the property, can the friend still cross?
No. A license is terminated when the property is sold.
Who is responsible for maintaining and repairing the access road?
The parties specified in the easement agreement.
An interest in real property must be recorded to:
Provide constructive notice
Escheat
The version of property to the state as provided by law.
In the case that someone dies without heirs or somebody capable of inheriting the land.
Tax rate is measured in
Mills
