More questions :)

Question 1

Which of the following liens takes priority?

Answer 1

This years real estate taxes wins over tax lien

Question 2

satisfying debt PRIOR to foreclosure

Answer 2

Equitable redemption

Question 3

satisfying debt AFTER to foreclosure

Answer 3

statutory redemption

Question 4

use personal and real property as security for a loan:

Answer 4

package mortgage EX: farm and farm equipment

Question 5

12 properties being used as security to secure a loan:

Answer 5

Blanket mortgage

Question 6

when leasing commercial space, the rent is based on the gross sales of the business-

Answer 6

Percentage lease

Question 7

Primary purpose of a deed is to:

Answer 7

transfer title rights

Question 8

primary purpose of a title:

Answer 8

prove ownership

Question 9

Which of the following would be classified as a general lien?

Answer 9

Judgment lien

Question 10

going from real property to personal property

Answer 10

severance ex: tree gets cut down for firewood

Question 11

going from personal property to real property

Answer 11

fixture ex: ceiling fan

Question 12

Ad Valorem tax

Answer 12

according to value- most common is property tax

Question 13

the governments right to change regulations and make laws is:

Answer 13

police power- government telling you how to use your property

Question 14

government taking property away:

Answer 14

eminent domain- ex: widening a road onto your property

Question 15

cloud on a title are resolved by :

Answer 15

quitclaim deed

Question 16

Actual fraud is

Answer 16

lying- intentional misrepresentation

Question 17

Fully amortized note

Answer 17

normal loan - interest and principal are fully paid

Question 18

strait note (term loan)

Answer 18

Interest only.. short term approx 1 year ending with balloon payment EX: construction loan

Question 19

partially amortized note:

Answer 19

loan that pays part of the principal and interest ending with balloon payment

Question 20

Acceleration clause

Answer 20

allows a lender to force a buyer to pay all of an outstanding loan if the buyer misses payments or violates the contract (think of loan)

Question 21

License

Answer 21

owner can give PERMISSION only to access their land instead of a right or easement, can be revoked EX: letting someone camp on your yard

Question 22

Real estate

Answer 22

land plus appurtenances (streams, trees, bushes, houses, natural gas, water rights)

Question 23

capital gain

Answer 23

profit from the sale of a property or an investment property

Question 24

depreciation is also known as:

Answer 24

cost recovery

Question 25

land, mineral and air rights are:

Answer 25

real property

Question 26

annexation, adaption and agreement of the parties are the legal tests for determining:

Answer 26

real property or personal property

Question 27

land is:

Answer 27

indestructible

Question 28

a free hold estate lasts for:

Answer 28

an indeterminable time

Question 29

leasehold interest

Answer 29

tenants interest

Question 30

leased fee

Answer 30

landlords interest

Question 31

tenancy of entirety

Answer 31

only offered to married couples- both parties have to agree to sell

Question 32

usury law

Answer 32

prohibit lenders from charging borrowers excessively high rates of interest on loans.