Ownership Exam Flashcards
Zoning ordinances are primarily intended to
establish how every parcel in the zoning authority’s area of control can be used.
Plumbing fixtures in a building have a minimum and maximum pressure requirement that is dictated by
the building code.
One day, a nosy visitor finds a deed in the attic of a house. The deed is signed by the grantor, who is deceased, but the grantee is not named. The visitor writes in their own name and attempts to record the deed. However, the deed will probably not hold up because
there was no consideration and no intent to deliver.
The owner of a cooperative owns a(n)
proprietary lease.
To own an “interest in real estate,” one must own
some part of the bundle of rights;An interest in real estate is the ownership of one or more of the bundle of rights to real property, such as possession, use, transfer, encumber or exclude.
.
Eminent domain
can take a property from an unwilling property owner by a process of condemnation.
What is the basis for determining the amount of a condominium owner’s monthly assessment for operations and maintenance?
The unit’s pro rata ownership share as defined in the declaration
In a foundation, the load is transmitted to the soil by the
footings.
What does an owner own if the duration of their rights in an estate cannot be determined?
A freehold estate
In a tenancy in common, the co-owners
share an indivisible interest.
Legal title to an estate in trust is held by the
trustee.
One of the unique features of the Torrens System of recording is that
conveyance occurs when it is registered on the certificate.
An item associated with an item of real property may be distinguished as real or personal property by determining whether it
is permanently attached to land or structures of the associated item.
The primary agents of private land use control are
property owners by means of deed restrictions.
Restrictive covenants
take priority over less restrictive zoning ordinances.
To be valid and enforceable, a contract must
include valuable consideration.
What kind of clause in a mortgage or trust deed enables a non-judicial foreclosure to occur?
Power of sale
When a contract is revoked,
the revoking party may still have obligations to the other party.
When no legal heirs can be found for the deceased owner of a property, the laws of descent give the property to
the county or state.
A metes and bounds description must
describe the parcel’s boundaries as a complete, closed perimeter.
Included in the definition of “real estate” are
fences and roads on a parcel of land.
At what level of government is the real estate business primarily regulated?
The state legislature
A seller accepts an offer without realizing that the buyer has died since making the offer. Which of the following best describes the status of the contract?
The offer was terminated by the buyer’s death; there is no contract.
A court orders Jerry to allow neighbor Loretta to drive across his property because it is the only way Loretta can reach her property from a public road. The easement created is an
easement by necessity.
What is the purpose of Planned Unit Development zoning?
To promote an efficient land use design that maximizes open space when whole tracts are developed
In a case of mortgage loan delinquency, it is the ______ that determines when foreclosure proceedings will commence.
lender
Where do the overall guidelines for zoning, building codes, and development requirements in a jurisdiction come from?
The jurisdiction’s master plan
Conditions and covenants differ in that
conditions can be created only at the time of transferring ownership.
An encroachment arises when
one property physically intrudes into another without authorization.
A person who owns all ownership interests in real property is said to own
legal title.
If ABC Company has the right to build a structure on top of DEF’s existing structure, ABC owns
air rights.
Unlike deed restrictions, declaration restrictions
cannot be extinguished by a quitclaim deed.
Why do taxing entities sometimes use an equalization process when assessing properties?
To level out the unevenness of valuations from one area to another
A valid contract that conveys an interest in real estate must contain
a legal description of the property.
How is the tax base of an area calculated?
Exemptions are subtracted from the sum of assessed values.
When a joint tenant dies, that tenant’s interest
passes to the surviving joint tenants.
A deed in lieu of foreclosure
avoids public notice of a foreclosure.
Bob signs a six-month apartment lease agreement with John. What kind of lease is this?
Estate for years
Unlike other property taxes, a special assessment tax
applies only to properties which will directly benefit from the project to be funded.
Ownership rights, such as those to possess and use a property,
are subject to what the law allows.
What purpose is served by recording a deed?
It gives constructive notice of ownership.
An estate is transferred with the stipulation that trees on the premises will never be cut down or the seller will take back the property. This kind of estate is a
fee simple defeasible.
What is the result of a break in the chain of title to a property?
There is a cloud on the title.
Two individuals own a house as tenants by the entireties. They can do this because they
are married.
Which of the following is required for a legal description to be adequate?
It must accurately locate and identify the boundaries of the property and distinguish it from all other properties.
Stan’s home undergoes foreclosure. The property has the following liens recorded against it: an unpaid real estate tax bill for the current year; a first mortgage dated ten years earlier; a second mortgage dated three years earlier; and a mechanic’s lien entered for work beginning six months earlier. When the property is sold, the LAST lien to be paid off is the
mechanic’s lien.
Of the wood framing systems used in residential construction today, the most common is
platform-frame.
Bob can grant his sister Mary an estate for as long as she lives without the right to pass it to heirs by granting a(n)
ordinary life estate.
Except in a title-theory state, a mortgage lienor has a (an) _________ in the liened property.
security interest
A court orders transfer of a mortgaged property to the lender in a ___________ foreclosure.
strict
