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Real Estate Principles > Unit 5: Encumbrances > Flashcards

Unit 5: Encumbrances Flashcards

1
Q

A cloud on the title is:

A

A possible impediment to a property sale.

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2
Q

A mechanic’s lien can be filed by:

A

A laborer

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3
Q

Which is NOT a mechanic

A

An apartment lessor

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4
Q

A mechanic is:

A 
Anyone who performs such work or furnishes the material used in the work: 
Labor
Services
Material 
Equipment
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5
Q

When required, a preliminary notice of right to file a mechanic’s lien should be given:

A

Within 20 days of the starting time.

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6
Q

A notice of cessation is appropriate

A

When the work has been stopped for 30 days

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7
Q

Mechanic’s Lien

A

Used to help secure payment for any labor, service, equipment, or materials used in the construction of improvements to real estate.

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8
Q

A notice of completion should be filed within:

A

10 days after completion of the work of improvement

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9
Q

Generally, the action to enforce a mechanic’s lien claim must be filed within how many days after the lien is recorded?

A

90 Days

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10
Q

If unauthorized work is being done, a property owner can:

A

File a notice of nonresponsibility

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11
Q

Liens and judgments are:

A

Encumbrances

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12
Q

The sheriff is directed to sell the property by:

A

Writ of execution

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13
Q

The right to use adjacent land to go to and from a roadway is

A

An easement

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14
Q

Betty’s property includes an easement over Al’s land. Al’s property is:

A

The Servient Tenement

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15
Q

Betty’s property includes an easement over Al’s land. Betty’s property is:

A

The Dominant Tenement (The land benefited by the easement)

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16
Q

Easement in gross

A

A personal right to use land. The right belongs to an individual and is not appurtenant to any ownership interest in the land.

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17
Q

George does not own any land but has an easement over Al’s and Betty’s property to go down to the river. George has:

A

Easement in gross

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18
Q

Marilyn’s 40-acre tract, purchased from Alan, is landlocked, with means that she:

A

Can get an easement by necessity over Alan’s adjoining parcel.

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19
Q

Ways to Terminate an easement:

A 
(ADAM E LEE) 
Abandonment
Destruction
Adverse Possession
Merger
Express Agreement
Lawsuit
Estoppel
Excessive use
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20
Q

The maximum homestead exemption may be claimed by a homeowner who is:

A

Older than 65 years of age

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21
Q

A family unit is:

A

Defined by law

22
Q

The homestead exemption for a single person is at least

A

$75,000

23
Q

The homestead exemption for a homeowner who is a member of a family unit is at least:

A

$100,000

24
Q

Encumbrance

A

Burden on title

25
Q

Lien

A

Money Encumbrance

26
Q

Specific Lien

A

Lien that only applies to one parcel

27
Q

General Lien

A

Applies to all property of the debtor

28
Q

Voluntary Lien

A

One agreed to by the property owner

29
Q

Involuntary Lien

A

One that is imposed without the agreement of a property owner.

  • Real Property Taxes,
  • State Income and Estate Taxes, or
  • Federal Income, gift, and estate taxes.
30
Q

What type of lien is a mechanics’ lien

A

Specific and involuntary

31
Q

Payment Bond

A

Insurance for the job. A way to guard against possible claims is to require the contractor to obtain a Payment Bond.

32
Q

Notice of nonresponsibility

A

Notice from the owner to the contractor saying that the owner is not responsible for nonpayment. For example, if work is done for a tenant of a mall shop and the service provider is laying tile.

33
Q

Lien Priority

A

the order in which claimants are paid in the event of a default.

34
Q

Lien priority is determined by:

A

Date and time recordation

35
Q

What is always first in the lien priority

A

Property Taxes

36
Q

Mechanics Lien’s place in line is

A

When the work started

37
Q

What type of lien is a judgment

A

General & Involuntary

38
Q

What type of lien is an attachment

A

General & Involuntary

39
Q

Ingress and Egress rights are:

A

An easement

40
Q

Easement by prescription

A 
NACHO
Notorious 
Adverse
Continuous- for 5 years
Hostile
Open
41
Q

Difference between License to use land and an Easement

A

A license is revocable

An easement is not revocable

42
Q

Estoppel

A

You are stopped from denying something

43
Q

CC&R

A

Covenants, Conditions, and Restrictions

44
Q

Covenant

A

A covenant (weaker than condition) is a promise

  • To do something or
  • To refrain from doing something.
45
Q

Condition

A

A remedy for a breach of condition is forfeiture of land, a much harsher result than the money damages or injunction that can follow the breach of a covenant.

46
Q

Restraint on Alienation

A

A condition cannot impose a restraint on alienation. Restraint on alienation is any condition that prohibits a property owner from transferring title to the property.

47
Q

Deed Restrictions

A

Prohibition against a property use that is imposed in the grantee’s deed. HOAs frequently make use of deed restrictions.

48
Q

Zoning

A

An act of city or county government that specifies the possible uses of property in a defined area.

49
Q

Private Controls over Real Estate

A

CC&Rs or Covenants, Conditions, and Restrictions.

50
Q

Public Controls over Real Estate

A

Zoning

51
Q

Encroachment

A

Any addition to the land that extends onto another property.

52
Q

Homestead Exemption

A

Special protection from creditors. Some or all of the value of the owner’s equity in the homestead is exempt from the claims of unsecured creditors.

Real Estate Principles (10 decks)

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