Title Issues Flashcards
is tax levied on real estate according to the value.
ad valorem tax
rights of property owners whose property borders flowing water.
riparian rights
the right of an owner to redeem property lost in a delinquent tax sale. The right is limited to a state-defined period.
statutory right of redemption
a lien recorded against the title to real estate by one who supplied materials or labor.
mechanics lien
is one using the land of another with the intent to claim ownership. The use must be open, notorious, continuous, hostile, and adverse to the owner’s possession.
adverse possession
a parcel of land divided into smaller parts such as blocks and lots.
subdivision
is a trespasser’s attempt to claim the right to an easement across a property because the use was open, continuous, uninterrupted, hostile, and adverse to the owner’s intent.
prescriptive easement
the right of the government to take private property for public use with just compensation being paid to the property owner.
eminent domain
the act of taking property through eminent domain.
condemnation
it is a geographic area zoned to allow mixed use of residential, commercial, industrial, and so on.
Planned Unit Development
is a use that is allowed to continue (grandfathered) because the use existed prior to the ordinance restricting the use.
nonconforming use
a local government’s permission to allow one to use property in a manner that is prohibited by existing zoning ordinances.
variance
the right to use the land of another for a particular purpose.
easement
the verbal or written personal privilege to enter the land of another for a specific purpose.
license
a single family home where you own only the land under the footprint of the home. The surrounding land is considered to be common area that, in theory, is kept up by the homeowners association.
horizontal property regime
Real estate taxes are due by December 31 of each year. The grace period ends on what date?
February 28, or 29 if it is a leap year.
A prescriptive easement may be created by using someone else’s property openly (visibly), notoriously, under claim of right, continuously, uninterrupted, and without permission for what period of time?
20 years
For taxes paid in arrears, the prorated entry on the closing statement would MOST often indicate
debit the seller; credit the buyer.
The assessed value of residential properties is percentage of appraised value?
25%
The ad valorem tax is also known as
general real estate property tax
When real estate taxes are unpaid, the property is usually sold at a delinquent tax sale after what length of delinquency?
Three years
As taxes in Tennessee are paid in arrears, the prorated entry on the closing statement would MOST often indicate
debit the seller; credit the buyer
A property owner sells a property but wishes to be granted a right to come back onto the property at any time. The property owner should seek
easement by reservation
Which of the following provides zoning authority to Tennessee counties?
the state
A seller conveys title of property to a buyer. The property is landlocked. The seller must provide the buyer with
easement by necessity
A 50-year-old commercial building is located in the center of a 10-year-old residential subdivision. The commercial building MOST likely has
non-conforming use
When a property is lost at a delinquent tax sale, the statutory redemption period in Tennessee for the property to be redeemed is
one year
