Limitations on Real Property Flashcards
Re: time frames, what are 3 types of leases?
weekly; month to month; short / long term
How much notice is required to vacate month to month lease?
7 days
Two entities that can assess real property taxes?
local and county governments
Name 1 way to create a lien on real property.
lender records mortgage lien
What are the three parts to the definition of eminent domain?
Govt takes property - for the ‘good of the people’ - fair compensation for what is taken
Give 2 examples of when a LL may keep a security deposit.
remedy damage; early termination
What is annexation?
A city engulfs an unincorporated area
Name 3 of the Dirty Dozen housing defects.
faulty wiring; standing water; structural damage –> rats
How much notice is needed to vacate a week to week lease?
2 days
What are ordinances?
laws passed by local govts that control items w/in the jurisdiction
Give an example of mineral rights.
Extracting naturally occurring things from ground
How is tax rate calculated?
required operating revenue / total RP value in city
How is individual tax bill calculated?
tax rate*value of property
Which type of property can be real property or personal property?
a mobile home
What type of deed gives the most marketable title?
general warranty
What type of debt has the highest priority for payment?
county taxes
What are 3 types of zoning?
residential; industrial; commercial
What is adverse possession?
taking land of another against her will
“Non conforming use”?
“grandfathered in”
“Variances”?
to apply for a change in how property is zoned
“Conditional use”?
special use otherwise not allowed
Describe the term ‘runs with the land’.
Easement runs with the land because it stays with property even when conveyed.
Give an example of an encumbrance on real property.
Encroachment example - fence goes onto neighbor’s property line
What are the 2 types of general liens?
judgment and income tax
Name one way of creating a lien on RP.
Contract - DOT
Is a county property tax lien general or specific?
Specific
When are county taxes assessed and past due?
September 1 and January 1
How long do IRS liens last?
10 years
What are 3 ways an easement is created?
prescription; necessity; contract
What are 3 ways an easement is ended?
Purpose ends; is blocked; released
Give an example of a dedication easement.
person owns property but puts playground on it for general public to enjoy
Give an example of an easement.
accessing neighbor’s driveway to drive onto your landlocked property
What does an underwriter do?
evaluate credit worthiness of applicant by reviewing various documents
What is an ARM loan?
interest rate is fixed for a specific period of time then adjusts usu. upward for successive periods
What does ‘amortization’ mean?
breakdown of how principal and interest are paid over life of the loan
