(Book 3) Ch. 4 - Ownership Rights and Limitations

A lead-based paint disclosure is required for all buildings built prior to...?

1978

Which of the following can force a judgment against an owner's property, even if the owner is protected as a homestead...? A credit card company A student loan company A mortgage lender A company that offers lines of credit

A mortgage lender

Which of the following is an example of an involuntary lien...? Tax lien All of the above Mechanic's lien Judgment lien

All of the above

Which of the following may impact an owner's interest in a property...? All of the above Liens Encumbrance Easements

All of the above

A fibrous mineral found in many building materials that when improperly disturbed, can cause serious lung diseases is known as...?

Asbestos

Taking private property for public use, with fair compensation to the owner is known as...?

Condemnation

A right acquired by one party to use the land of another party for a special purpose is referred to as a/an...?

Easement

This type of easement exists when a landowner has no access to roads and is landlocked...?

Easement by necessity

Utility companies typically hold what type of easement...?

Easement in gross

A right of the government to acquire property for necessary public use by condemnation is known as...?

Eminent domain

A claim, charge, or liability that attaches to, and is binding on real estate is referred to as a/an...?

Encumberance

Absolute ownership of real property is known as a/an...?

Fee simple estate

An estate of indeterminable duration is referred to as a/an...?

Freehold estate

After a fee simple determinable estate ends, the interest in the property reverts back to the...?

Grantor

A legal life estate in land that is owned and occupied as a family home is known as a...?

Homestead

A lien imposed against property without consent of an owner is referred to as a/an...?

Involuntary lien

A freehold estate created for the duration of the life or lives of certain named persons is known as a...?

Life estate

Which of the following acronyms can be used to describe the powers the government possesses over real property...? RESPA SADDLE PITI PETE

PETE

The right of any political body to enact laws and enforce them, for the order, safety, health, morals and general welfare of the public is known as...?

Police power

A person who inherits or is entitled to inherit property upon the termination of the estate of the former owner is known as a...?

Remainderman

An encumbrance against a property filed by the taxing jurisdiction for delinquency in paying real property taxes is known as a...?

Tax lien

A charge on real estate to raise funds to meet public needs is known as...?

Taxation

Any lien placed on property with consent of, or as a result of, the voluntary act of the owner is referred to as a/an...?

Voluntary lien

An inheritable estate in land providing the greatest interest of any form of title is known as...?

Fee simple absolute

An estate that will end automatically when the stated event or condition occurs is referred to as a...?

Fee simple determinable

There are two primary types of estate in land, freehold estates and...?

Leasehold estate

A claim against a property that provides security for the repayment of a debt or an obligation of the property owner is known as a/an...?

Lien

A specific lien that gives security to persons or companies who perform labor or furnish material to improve real property is known as a...?

Mechanic's lien

Which of the following is an example of a voluntary lien...? All of the above Tax lien Mortgage lien Judgment lien

Mortgage lien