Chapter 8 True/False Flashcards
A mortgage lien is both voluntary and general.
True
False
False: A mortgage lien is voluntary and specific.
The transfer fee for conveying a property for $100,000 is $300.
True
False
True: $100,000 x .003 = $300
Wisconsin expresses its taxes in the form of a mill rate, which is 1/1000 of a dollar.
True
False
True: To determine the tax bill using a mill rate, convert the mill rate to a decimal, then multiply by the assessed value.
Encumbrances will lessen the value of a property.
True
False
False: Encumbrances, such as a judgement, may lessen the value of the property. Encumbrances, such as deed restrictions, do not negatively affect the value and could add value to a property.
An easement by prescription must be granted when subdividing land to provide ingress and egress.
True
False
False: A court my grant an easement by prescription if a claimant has made use of another’s land when that use has been continuous, exclusive, visible, open, notorious and hostile for a time, which is usually 20 years.
A party must record a deed for a transfer to be valid.
True
False
False: Parties often record deeds when conveying property, but it is not necessary to record a deed for a party to convey property. Recording a deed provides constructive notice of ownership to third parties, and it protects a grantee from other parties challenging ownership of a property.
Property taxes are calculated by multiplying the market value by the tax rate.
True
False
False: Property taxes are calculated by multiplying the assessed value by the tax rate.
The preprinted terms of the WB-11 Residential Offer to Purchase allow the seller to provide an abstract or title insurance as title evidence.
True
False
False: The preprinted terms of the WB-11 Residential Offer to Purchase at lines 340-342 require the seller to provide title insurance to the buyer.
Construction liens take priority from when the first visible work commenced.
True
False
True: The effective date of a construction lien relates back to when work began on the site. Contractors must file them no later than six months after the date labor or materials were last furnished.
The owner of the easement has ownership rights in the property.
True
False
False: The owner of the easement has the right to use another’s property. The easement owner does not have ownership rights to the property.
Appurtenant easement will typically run with the land.
True
False
True: Appurtenant easement exist between two adjacent parcels of land.
A neighbor’s new sunroom addition extension beyond the setback lines. This is encroachment on the neighboring parcel.
True
False
True: Encroachments exist when a fixture, such as a wall, fence or roof illegally intrudes onto the property of another.
A personal easement in gross typically runs with the land.
True
False
False: A commercial easement in gross will run with the land. A personal easement in gross does not run with the land and usually terminates at the death of the easement owner or when the owner of the property subject to the easement transfers title to the property.