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Real Estate > Restrictions and Encumbrances > Flashcards

Restrictions and Encumbrances Flashcards

1
Q

lien

A

A charge or claim against a person’s property made to enforce a monetary payment. For example, if you owe property taxes, you must pay it or you could lose the
property.

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2
Q

deed restriction

A

A restriction on the use of a property. For example, a stipulation that a parcel of land
must be used for public use.

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3
Q

encumbrance

A

A burden on title; in other words, a temporary restriction on a property that can be removed when certain conditions are met.
EX. if you have a mortgage against your property, you must pay it or you could lose the property.

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4
Q

lien priority

A

Whichever lien is first (or the government) gets first priority. For example, if a property owner owes both taxes and a mortgage,
the taxes are first priority.

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5
Q

specific lien

A

A lien tied to a specific property, such that that property must be used to satisfy the
lien.

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6
Q

general lien

A

A lien against multiple properties in which any of the properties can be used to satisfy
the lien.

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7
Q

Specific Lien vs. General Lien

A

-A specific lien is associated to only one property.
-A general lien is associated to a several number of properties

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8
Q

encroachment

A

An action taken when another person besides the owner puts up a structure that
intrudes on or over the owner’s land.

When you own a home or you are preparing to obtaining a home. You will not want to have anyone else’s belongings on what’s supposed to be your new property. There are several instances where boundary
issues take place, and they can be quite difficult.

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9
Q

judgment lien

A

A court ruling that gives a creditor the right to take possession of a debtor’s real property if the debtor fails to fulfill his or her contractual obligations.

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10
Q

restrictive covenant (CCNRs)

A

A set of restrictions put onto a group of residential properties to protect the value of the properties. The idea is typically to keep the properties looking nice by ensuring that the entire area has a consistent look.

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11
Q

HOA

A

Homeowner’s association, typically the
enforcers of a restrictive covenant.

There are several factors of HOA that we should be aware of such as monthly fees go up, there may be restrictions on the landscape, additional fines may appear and worst case scenarios, they can cause you to lose your home

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12
Q

easement

A

Giving another entity the right to access your property for a specific purpose. This can include utility companies accessing
lines or the right to use a road.

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13
Q

appurtenant easement

A

An easement that attaches to and runs
with the property, regardless of the owner. For example, an easement stipulating use of the road would continue to accompany
the property.

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14
Q

dominant tenement

A

The party gaining the benefit of an easement over another piece of property,
typically an appurtenant easement.

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15
Q

servient tenement

A

The party granting the benefit of an easement on their property.

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16
Q

party wall easement

A

Each party owns half of the improvement placed between the properties.

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17
Q

easement by necessity

A

An easement put into place by need, such as an easement for a road needed to keep
a property from being landlocked.

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18
Q

landlocked

A

Property that cannot be reasonably accessed, such as by road.

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19
Q

ingress

A

Getting into a property.

20
Q

egress

A

Getting out of a property.

20
Q

eminent domain

A

The government power to take private
property and convert it into public use.

21
Q

easement by condemnation

A

Due to eminent domain, the government has the right to take your property to put an easement in place for the benefit of the
larger community.

22
Q

police power

A

The state’s inherent right to regulate an individual’s conduct or property to protect the health, safety, welfare, and morals of
the community.

23
Q

commercial easements

A

Larger easements in place, typically for utilities.

24
Q

easement creation

A

Easements are typically created with the deed through a title company and is recorded in that way. There are three ways to create easements: express, implied, and legal action.

25
Q

termination of an easement

A

Easements can be terminated just as they can be created, in an express or implied manner. This can happen when the easement is no longer needed, no longer used, or released by the party that uses it.

26
Q

express easement

A

An easement created by a deed or will; it must be in writing.

27
Q

implied easement

A

An easement created by actions or use of the property. For example, if two lots used to belong to one owner and only one of them connects directly to a road, the other owner needs the use of that road in order to reasonably enjoy the property. It may be understood by both owners, even without a written agreement, that the second lot owner may also use the road.

28
Q

Quit Claim Deed

A

Facts about Quit Claim Deed:
* Use them to remove title defects
* They do not affect mortgages
* They are great for transfers to subsidiaries

29
Q

legal action easement

A

Court ordered easement, created by necessity or condemnation. May be used to turn an implied easement into an
express easement.

30
Q

right to use

A

The right that landowners have to make a property productive.

31
Q

An example of an appurtenance is:
A: Restriction
B: Encumbrance
C: Utility
D: Police Power

A

C: Utility

32
Q

In order to overcome the problem of being landlocked, a court can issue a order creating a(n):
A: Easement By Necessity
B: Easement In Gross
C: Easement By Prescription
D: Easement Appurtenant

A

A: Easement By Necessity

32
Q

Easements are NOT created by:
A: Mutual Agreement, Deed
B: Deed, Eminent Domain
C: Implication, Necessity
D: Restriction, Prescription

A

D: Restriction, Prescription

33
Q

Children attending Laurel Elementary School have been walking across Jake McClellan’s vacant lot for more than 10 years. When Jake decides to build a home on the property and attempts to kick the children off of his property, the parents get involved and claim they have:
A: An Easement By Prescription
B: An Easement In Gross
C: An Easement By Necessity
D: An Easement By Implication

A

A: An Easement By Prescription

34
Q

Easements can be terminated when:
A: The Need No Longer Exists
B: By The Nonuse Or Abandonment Of The Easement
C: By The Release Of The Easement By The Servient Tenement
D: All Of The Above

A

D: All Of The Above

35
Q

The Johnsons can’t access their property. Their property is considered:
A: Negatively Accessed
B: Negatively Egressed
C: Condemned
D: Landlocked

A

D: Landlocked

36
Q

Notice of litigation affecting the property is called a(n):
A: Lis Pendens
B: Encroachment
C: Easement
D: Easement In Gross

A

A: Lis Pendens

37
Q

Government powers include all of the following EXCEPT:
A: Taxation
B: House Condemnation
C: Eminent Domain
D: Lis Pendens

A

D: Lis Pendens

38
Q

Sunshine Power Company has an easement for its power lines. This is called a(n):
A: Easement By Prescription
B: Easement By Necessity
C: Easement By Gross
D: All Of The Above

A

C: Easement By Gross

39
Q

Rick wants permission to fish on Jeannene’s property. Jeannene has granted Rick a(n):
A: License (Granted Him Permission)
B: Easement In Gross
C: Easement By Prescription
D: Easement By Necessity

A

B: Easement In Gross

40
Q

Alan Senior wants to convey a life estate to his nephew, Alan Junior. Alan Junior is the:
A: Pur Autre Vie
B: Holder Of A Life Estate
C: Remainderman
D: Dower

A

B: Holder Of A Life Estate

41
Q

The highest interest in real estate recognized by law is:
A: Fee Simple Defeasible
B: Legal Life Estate
C: Fee Simple Absolute
D: Fee Simple Determinable

A

C: Fee Simple Absolute

42
Q

The legal life estate that protects real property from creditors is called a(n):
A: Homestead
B: Encumbrance
C: Legal Life Estate
D: Easement

A

A: Homestead

43
Q

Diane fails to pay her property taxes for three consecutive years. The county will come after Diane for the unpaid property taxes in the form of a(n):
A: Easement
B: Encroachment
C: Deed Restriction
D: Lien

A

D: Lien

44
Q

When the government takes property by eminent domain and surrounding properties will be adversely affected and injured parties sue the government to take their property as well, this process is called:
A: Urban Renewal
B: Escheat
C: Condemnation
D: Inverse Condemnation

A

D: Inverse Condemnation

Real Estate (42 decks)

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