Ch. 4 - National Ownership

A break in the chain of title to a property results in

A clouded title

The National Environmental Policy Act of 1969 requires developers of large projects to A.carry out a carbon footprint analysis. B. conduct an environmental impact survey. C. establish an environmental oversight committee. D.hire an environmental consultant.

B.

The lienee in a lien is the ? A.party who initiates the lien. B. owner of the property that is subject to the lien. C.party who has a claim against the owner of the property subject to the lien. D.property that is given as security for a debt.

B.

Why do zoning authorities create different types of zones? A. To ensure that a variety of construction types is available in the community. B. To separate different types of uses so that they do not interfere with each other. CTo preserve low density land uses. D.To encourage industrial and commercial users to relocate.

B.

A lien holder can change the priority of a junior lien by agreeing to? A.change the date of recording. B. lower the amount of the claim. C.vacate the lien. D.subordinate the lien.

D.

The property transferred by a will is called the?

Devise

A municipality wants to build a water treatment facility, and requires some privately owned land to do so. What procedure enables the municipality to buy the property, even against the owner's wishes?

Eminent domain.

Three Land unique physical characteristics

Immobility-- Land is immobile, since a parcel of land cannot be moved from one site to another Indestructibility-- Land is indestructible in the sense that one would have to remove a segment of the planet all the way to the core in order to destroy it. Heterogeneity-- Land is non-homogeneous, since no two parcels of land are exactly the same.

Which is NOT a superior lien? Special assessment lien Real estate tax lien Federal and state inheritance tax lien Judgment lien

Judgment lien

Which of the following does NOT receive revenues from property taxes? Parks Fire services School districts Private enterprises

Private enterprises

A court orders transfer of a mortgaged property to the lender in a ___________ foreclosure.

Strict

A buyer has signed a contract to purchase a property, but is uncertain of the condition of the title. Who is legally responsible for knowing the condition of the title?

The Buyer

What guarantees the right of individual land ownership?

The US Constitution

What is a tax levy?

The amount of money the municipality must raise through the property tax.

What is "escheat?"

The process by which ownership of real estate reverts to the state when there are no legal owners.

How many sections are there in a township, and what are their dimensions?

Thirty-six sections of one mile in length.

What is One difference between a condition and a covenant is that? breach of a covenant leads to forfeiture of ownership. a covenant can be enforced in court. a condition can be created at any time. a condition can be created only when there is a transfer of ownership.

a condition can be created only when there is a transfer of ownership.

A deed in lieu of foreclosure

avoids public notice of a foreclosure.

Title can be voluntarily transferred by

grant, deed, and will.

Real Estate Definition

is that it is air, water, land, and everything affixed to the land

Parcel Definition

land is a portion of land delineated by boundaries.

Personal property Definition

ownership of anything that is not real estate, and the rights associated with owning the personal property item.

Real property Definition

ownership of real estate and the bundle of rights associated with owning the real estate.

Tangible property definition

physical, visible, and material.

Encumbrances are examples of illegal interests. eminent domain. public interests. private interests. private interests.

private intrests