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Real Estate Wrong Review > National Ownership > Flashcards

National Ownership Flashcards

1
Q

the right to encumber a property means that the owner can

A

use the property for collateral for debt

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2
Q

Who owns the land under a navigable river

A

the state

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3
Q

A benchmark

A

Provides a reference for indicating elevation in a survey

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4
Q

How are directions described in a metes and bounds survey

A

In terms of degrees east or west of an imaginary north-south axis

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5
Q

What is a guide meridian?

A

A meridian every 24 miles east or west of a principal meridian to correct for the curvature of the earth

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6
Q

A range is defined by

A

Two consecutive meridians

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7
Q

Which of the following areas in the rectangular survey system run north and south?

A

range

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8
Q

What are the dimensions of a township?

A

six mile per side

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9
Q

Bob grants his sister mary an estate for as long as she lives, but her heirs cannot inherit the estate. What kind of estate is it?

A

An ordinary life estate (no inheriting)

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10
Q

When a tenant in common dies, what happens to the tenants interest in the estate?

A

It passes by probate to the deceased tenants hiers not to the other tenants in common.

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11
Q

When the real property is held in a land trust, who controls the trustee?

A

The beneficiary

A land trust allows the trustor to convey the fee estate to the trustee and to name him or herself the beneficiary. The trustee holds legal title and has conventional fiduciary duties, but the beneficiary controls the property and controls the trustee.

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12
Q

How does a condominium association cover regular maintenance costs?

A

Monthly assessment

Property expenses, such as maintenance and repairs are calculated in an annual operating budget and then passed to the individual units’ owners as monthly assessments

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13
Q

Which of the following is TRUE of a tenancy in common?

A

The tenants share an indivisible interest.

Typical characteristics of a tenancy in common are; two or more co-tenants, tenants share indivisible an interest in the estate, tenants have distinct and separable ownership of interests.

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14
Q

When a joint tenant dies, what happens to the tenant’s interest in the estate?

A

The joint tenancy terminates and becomes a tenancy in common with the decedent’s heirs and the surviving tenants as co-owners.

In most states, joint tenants enjoy rights of survivorship, so if a joint tenant dies, all interests and rights pass to the surviving joint tenants free from any claims of creditors or heirs.

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15
Q

Which of the following is NOT a feature of a living trust?

A

Takes effect when the trustor dies

A living trust provides benefits while the grantor is still alive. The trustor can name any competent adult as trustee and a living trust can be revoked.

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16
Q

In a cooperative, real property is owned only by

A

the corporate entity of the cooperative association.

In a cooperative, or co-op, individual shareholders own shares in a non-profit corporation or cooperative association, and the corporation or association acquires and owns the apartment building as its principal asset.

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17
Q

How many owners can there be in a tenancy in severalty?

A

One

If a single party owns the fee or life estate, the ownership is a tenancy in severalty, also known as sole ownership, ownership in severalty, and estate in severalty.

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18
Q

A tenant in common can

A

sell, encumber or transfer his or her interest to an outside party without the consent of the other tenants in common.

Under a tenancy in common all co-tenants have distinct and separable ownership of their respective interests, so co-tenants may sell, encumber, or transfer their interests without obstruction or consent from the other co-owners.

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19
Q

What are the two types of property addressed in community property laws?

A

Separate property and community property

Some states have community property ownership. Community property law categorizes property into separate property or community property.

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20
Q

A general lien is a lien

A

Placed against any and all property owned by an individual

A general lien is one placed against any and all real and personal property owned by a particular debtor, and a specific lien attaches only to a single item of real or personal property and does not affect other property.

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21
Q

Which of the following is true of easements in general?

A

They involve the party that contains the easement and a non-owning property

An easement is an interest in real property that gives the holder the right to use portions of the legal owner’s real property in a defined way. An easement does not give any possessory rights.

22
Q

The question of who owns title to a property is generally a function of

A

who has the best evidence of ownership.

Ownership of legal title is a function of evidence. A court will generally rule that the person who has more or better evidence of ownership is the owner of the property.

23
Q

A person who dies without a will is said to be

A

Intestate

When a person dies having left a valid will the person has died testate. When a person dies without having left a valid will the person has died intestate.

24
Q

Which of the following is TRUE of a nuncupative will?

A

Generally, it is not valid for the transfer of real property.

A nuncupative will is made orally and written down by a witness. A nuncupative will is generally not valid for the transfer of real property.

25
Q

In general terms, a person who possesses the complete bundle of rights to a property owns

A

Legal title

Owning title to real property commonly suggests owning the complete bundle of rights that attach to that property, including the right to possession.

26
Q

Which of the following best describes constructive notice?

A

It is knowledge one could have or should have obtained.

Constructive notice, or legal notice, is knowledge of a fact that a person could or should have obtained. The foremost method of imparting constructive notice is by recording ownership documents in title records.

27
Q

Someone who possesses all ownership interests in real property owns

A

legal title to the real property.

Owning title to real property commonly suggests owning the complete bundle of rights that attach to that property, including the right to possession. More accurately, someone who possesses all ownership interests owns legal title to the property.

28
Q

Why would a property owner file a quiet title suit?

A

To have an encumbrance removed if the lien holder cannot prove its validity

An owner may file a quiet title suit in order to make a lienor prove the validity of an interest, and to remove that encumbrance if the lienor is unable to do so.

29
Q

Which of the following circumstances is likely to render a will invalid?

A

The will is unsigned

The requirements for a will to be valid include; the testator is of legal age and competent, the will is signed, the will is witnessed, and the will is completed voluntarily.

30
Q

A person receives defective title to a property. The grantor of the title later cures the defect and tries to reclaim the property. The doctrine that may prevent the grantor from succeeding in reclaiming the property is

A

Estoppel.

Estoppel can prevent an owner from re-claiming a property that was transferred under false pretenses.

31
Q

Which statement about a deed in lieu of foreclosure is TRUE?

A

It avoids public notice of the foreclosure

Under a deed in lieu; the borrower obtains immediate release from the personal indebtedness, there is no public foreclosure proceeding, the borrower may receive more generous terms, the borrowers’ credit is less damaged, there is less time and cost involved.

32
Q

As evidence that building inspectors have found that a structure complies with building codes and is ready for use, the municipality or county issues a(n)

A

Certificate of occupancy

33
Q

Which environmental legislation particularly targeted the cleanup of former industrial sites?

A

Brownfields legislation of 2002

34
Q

Which of the following was an important result of the National Environmental Policy Act of 1969?

A

The environmental protection agency was created

35
Q

Which legislation holds current owners responsible for environmental violations committed by previous owners?

A

The Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 1980) and Superfund Amendment (1986)

36
Q

How are private usage restrictions such as declaration restrictions enforced?

A

By injunction, prevents the owner from using a property in a way that is different to the recorded restrictions.

37
Q

What is a unique characteristic of a special assessment tax?

A

It only applies to properties that will benefit from the public improvement.

A special assessment is a tax levied against specific properties that will directly benefit from a public improvement to be paid for by the special assessment.

38
Q

What is a tax levy?

A

The amount of money the municipality must raise through the property tax

A funding requirement (budget) shortfall for a county or district must come from real property taxes. This shortfall becomes the ad valorem tax levy.

39
Q

A special assessment creates a voluntary tax lien if

A

The affected property owners have requested the improvement

If property owners initiate an assessment by requesting the local government to provide an improvement, the assessment creates a voluntary tax lien.

40
Q

What is the role of local tax districts?

A

To collect property taxes

County and local governments establish tax districts to collect funds for providing specific services.

41
Q

What are ad valorem taxes based on?

A

The assessed value of property

General property taxes are levied on an ad valorem basis, meaning that they are based on the assessed value of the property.

42
Q

Oral contracts are

A

Sometimes valid, but possibly unenforceable

43
Q

Which of the following is a legally-required element of a valid and enforceable real estate contract?

A

Valuable consideration

A contract must contain a two-way exchange of valuable consideration as compensation for performance by the other party. The exchange of considerations must be two-way and the contract is not valid or enforceable if just one party provides consideration.

44
Q

The necessary condition of mutual consent may be found lacking in a contract if

A

The offer that was accepted is vague

Mutual consent requires that a contract involve a clear and definite offer and an intentional acceptance of the offer. A court may nullify a contract if the acceptance of terms by either party is partial, accidental, or vague.

45
Q

What is the statue of limitations?

A

A set period of time during which an injured party can rescind a contract

46
Q

How much time does a seller have to accept a buyer’s offer if the offer does not have an expiration date?

A

A reasonable time or until the expiration date on the offer

If an offer contains an expiration date the offer expires at the time specified. If an offer contains no expiration date the offeree has a “reasonable” time to accept an offer.

47
Q

In which circumstances would a buyer most likely sue for specific performance?

A

The seller backed out of the original sales contract

If a party is in breach of contract by failing to perform according to the terms of the agreement, the breach of contract gives the damaged party the right to take legal action such as suing for damages or specific performance

48
Q

An adhesion contract

A

Offers one party only the option of accepting or rejecting the contract

An adhesion contract is one dictated by the party who has the greater bargaining power and it gives the weaker party only the options of accepting or rejecting the contract.

49
Q

An implied contract may be deemed to exist between parties if

A

Any of the parties acts as if there is a contract

​​An implied contract is an unstated or unintentional agreement that may be deemed to exist when the actions of any of the parties suggest the existence of an agreement.

50
Q

How is amperage calculated?

A

Watts or kilowatts

51
Q

Which is a common type of framing for residential construction?

A

Platform

Real Estate Wrong Review (5 decks)

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