From Quizzes Flashcards
Define a lien.
monetary claim against the property of another
_____ takes over a property after the owner of a life estate dies.
Remainderman
Provide 2 reasons for zoning laws.
- plan growth of community; 2. attract people & jobs
_____ provide the funding for RP purchases.
Loan officers / lenders
What is an example of air rights to a property?
the view
What kind of deed expires if not recorded in 2 years?
gift deed
Name 3 types of encumbrances.
lien; easement; encroachment
How many days do I have to file a construction lien?
120 days
What are 3 characteristics of a judgment lien?
last for 10 years; must be docketed in county of property; can be renewed
What are the elements of a prescriptive easement?
open & notorious; for 20 years; w/o color of title
The _____ property benefits the _____ property in an easement.
servient; dominant
What does a sponsor do?
recruits originators; takes loans and prepares them for depositor
