Ownership
an item that is attached to a building
A fixture would be defined as:
personal property
Harvesting of crops that require annual planting means that the crops are considered to be:
estate at sufferance
If a tenant stays over without the landlord's permission, this is called:
A property zoned for a 6-story office building
If all factors regarding zoning, supply, demand, etc., were the same, for what type of property would a parking lot be the most valuable?
special assessment tax
Six miles of curbs and gutters were installed to improve the properties in a certain area. The properties that were improved would most likely pay for the improvements through a:
An easement
Which of the following would transfer legal use but not ownership of a property?
The purpose of a deed is to convey title
Which statement would be true regarding a deed?
Garden apartments between a residential area and shopping center
Which would be the best example of a buffer zone?
Avulsion
With regards to water rights and prior appropriation concepts, which of the following terms might be applicable?
recording date of the lien
With the exception of real estate taxes, liens generally are repaid at a foreclosure sale based on the:
the servient tenement
T gave a neighbor the right to cross over T's property. T's property would be referred to as:
constructive notice
A judgment against a seller has been recorded on the public record. A buyer is interested in purchasing the seller's property but does not know about the judgment. The buyer is said to have:
easement by prescription
A neighbor had encroached on a property but the owner did not complain within the legally specified time period. The neighbor would obtain rights to the land by:
$39,950 x 1.5% = $599.25 divided by 12 = $49.94.
A person bought a rental property for $43,750. It was assessed for tax purposes at a value of $39,950 with an assessment rate of $1.50 per $100 (15 mills). What would be the monthly tax assessment amount to the nearest cent?
The city would make the person tear the building down
A person builds a building without a building permit. What is the worst thing that could happen in this situation?
riparian
A person owned a property next to a stream. The owner's rights to use the stream are referred to as:
this property will be subject to a special assessment tax
A person owns a property in an improvement district. An assessment roll has been confirmed for that area. The owner is in the process of selling the property. A buyer should be informed that:
cooperative
A person that has stock ownership in an apartment and a proprietary right to lease that space would be participating in a:
Go to the neighbor and negotiate an easement
A property did not abut a waterway. The owner established a beneficiary use through the state under prior appropriation. How could the owner gain access to the water
dominant tenement
A property that has added value making it a better buy due to the benefit of an easement is called:
servient tenement NOTE:A servient tenement is the land burdened by the easement
A property that has an easement crossing it is called:
Assessed value of $39,950 / $1,000 = 39.95 thousands x $3 per $1,000 = $119.85. But I did it as $39,950/.03%= 11.985=119.85
A property was purchased for $43,950 with an assessed value of $39,950. If the tax rate was $3 per $1000, what were the annual taxes?
$73,500 x .15% = $110.25 for yearly taxes / 12 months = $9.19 per month
A property with a value of $73,500 had a loan of $72,500. If the mill rate was 1 1/2, what were the monthly taxes?
servitude
A right or privilege one has to use the land of another is best referred to as a(n):
bill of sale
A seller sold a property to a buyer with the seller also transferring the refrigerator to the buyer as a personal propertyitem. The document needed for the transfer of the refrigerator would be a:
non-conforming use
A six-unit apartment complex in an area that is zoned R-1 for single family residential property only would be an example of a:
tenancy at sufferance
A tenant illegally stayed past the expiration date on a lease agreement. This would be called a:
tenancy at sufferance
A tenant was in possession of leased property. The landlord gave a written notice to the tenant to quit. The tenant, however, remained in the property and continued to send rent payments to the landlord. The landlord refused to accept the rent checks. This situation would be described as a:
all recorded defects against the title
A title insurance policy lists:
Encroachment
A trespass of an improvement is which of the following?
Easement appurtenance NOTE: An appurtenant easement would give the buyer access to the lake, thereby making the property more valuable
A builder owns a large piece of property. The builder decides to turn the property into a subdivision of homes but decides to keep the lake frontage on all the lots for himself. What would a buyer of one of the lots prefer to have?
If it was included in the contract
A buyer made an offer on a house and the seller accepted the offer as written. The buyer wanted some of the seller's personal property to remain with the house. The personal property would transfer to the buyer under which of the following conditions?
month-to-month lease
A buyer was moving to a city. The buyer wanted to wait a little while and look around the city before purchasing a home. In the meantime, the buyer wanted to just rent. The best thing for this buyer would be a:
It ends when the child dies NOTE: A life estate can be sold; however, the person who bought the property will eventually lose it when the life tenant dies (in this case, the child).
A child owns a life estate and sells the property to a friend. Which of the following statements is true regarding the friend's estate?
condemnation NOTE: Condemnation is the PROCESS used to take private property for the public good.
A city wanted to take land as the space was needed to install a cloverleaf, allowing easier access to an interstate highway. The owner of the property refused to sell to the city. As a result of this, the city started the process of acquiring the property against the owner's wishes. This process is referred to as:
association of unit owners
A condominium development with a long standing established homes association would be governed by the:
File a mechanic's lien on the improved property
A contractor failed to pay subcontractors for work performed on a property. What could the subcontractors do?
present and future owners
A deed restriction would apply to the:
covenant in the deed
A developer would like to restrict the usage of the land in a particular development. He would do this through a:
merger of the properties
An appurtenant easement can be terminated by:
appurtenance NOTE: An "appurtenant" easement gives a neighboring property owner the right to go in and out (ingress and egress)
An easement giving a person the right of ingress and egress would be BEST classified as an:
encroachment
An improvement which crosses over the property line without permission is:
personal property
An owner of a property built a free standing bookshelf to fit in an alcove in the basement. If the owner were to sell the property, the bookshelf would be considered:
special assessment tax
Improvements that benefit certain properties where only those improved property owners pay for the improvements are normally paid through a:
The current title holder or heirs would get the property
In a life estate situation, what happens to ownership of the property when the life tenant dies?
legal or complete description of the property
In order for a deed to be valid, there must be a(n):
A cooperative apartment
Condominium ownership would NOT be used on which of the following?
severance NOTE: A severance is going from real to personal property
Converting real property into personal property would be called a(n):
File a private suit in court
Mr. X bought a house in an area that restricted fences. He then bought a dog and began constructing a fence. What remedies do the neighbors have?
water rights
Riparian, littoral and prior appropriation all relate to:
July 1 A mechanic`s lien takes priority based on the date the work was started. It can be filed for either work OR materials that are unpaid.
On July 1, a contractor started work. On August 15, the work was completed. The general contractor was paid but the material vendor was not. On Oct. 1, the material vendor filed a mechanic's lien. What is the effective date for the mechanic's lien?
an easement gives the right to cross over another's property to the holder of the easement
One main difference between an easement and a lien is that:
private deed covenants
Private land uses are normally dictated by:
police power
The authority the government has to require that all buildings for human living have restrooms is called:
tenancy in common
The common areas in a condominium are owned by the unit owners under:
A park between a high-rise apartment building and an industrial area
Which of the following would be the BEST example of a buffer zone?
If not paid, the property could be sold at a foreclosure sale
Which of the following would be true regarding special assessment taxes?
Escheat
The government telling people how to use their property in order to protect the public would be an example of:
fee simple
The highest quality of ownership for a person to obtain in real property is:
the people who reside there are unit owners
The main difference a manager would need to realize between managing a condominium and an apartment complex is that in a condominium:
a condominium owner owns and finances their own unit
The main difference between a cooperative and condominium is that
carries the right of survivorship
The main difference between joint tenancy and tenancy in common is that joint tenancy:
prevent land from becoming ownerless
The purpose of laws allowing for the state to take property through escheat is to:
police power
The right of the government to keep things in order and provide for the health, safety and welfare of the general public is called:
tenancy in common
Time share ownership would be most evidenced by:
The heirs of the deceased would inherit the property
Two persons own a property under tenancy in common. Which statement would be correct assuming one of the owners dies?
prior appropriation
Water rights are generally covered under federal guidelines. Some states cover water rights under riparian and littoral laws. In the absence of specific guidelines, water rights are generally governed by:
An abstract NOTE: An abstract is a history of all recorded documents that affect the title.
What document would be a condensed history of all records that affect the title?
Recorded title defects and liens
What does a standard title insurance policy cover?
Any recorded title defects or liens
What does a standard title insurance policy insure against?
Undivided interest in the common areas
What interest does a condominium owner have in common with other condominium owners?
A freehold estate always involves ownership NOTE: Freehold estates (fee simple, fee tail, life estate) = ownership "bundle"/O retains "record title" = real propertyNon-freehold estates = tenant/lessee "bundle"/right to exclusive and actual possession = personal property
What is the main difference between a freehold estate and a non-freehold estate?
To guide in the future development of cities
What is the purpose of a master plan?
To control permitted uses of the property
What is the purpose of a private deed restriction?
To implement the master land plan
What is the purpose of zoning regulations?
Reversion
What is used to describe the right of the lessor to reclaim a property once a lease expires?
Assessed value NOTE: An assessed value is used in applying a tax rate and raising money for the government.
What kind of value does the government use in raising money for operations?
cooperative
When ownership is conveyed through the transfer of shares of stock, this is:
Zoning ordinances
Where would one look to find out what type of structure is allowed to be built on a certain piece of ground?
Bill Of Sale
Which document would be used to transfer ownership of a free standing appliance?
Mortgage Lien
Which is a voluntary lien against a person's property?
Quitclaim
Which of the following deeds would give the seller the LEAST amount of liability?
Reversion NOTE: simply define the 3 elements of an appurtenance: Right, Privilege or Improvement permanently attached to the land.
Which of the following items would NOT be an appurtenance?
Plumbing fixtures NOTE: Plumbing fixtures would be considered fixtures or real property and would transfer with the sale of property.
Which of the following items would automatically transfer with the sale of property?
A fence that crosses over the property line between two different owners
Which of the following items would be considered an encroachment?
An owner was landlocked and could not gain access to his property
Which of the following scenarios would require an easement by necessity?
They pass to the grantee unless specifically noted
Which of the following statements BEST describes the effect on mineral rights when the land is sold?
The owners have an undivided interest in the common areas
Which of the following statements is true regarding a condominium?
Mortgage lien
Which of the following would NOT be an appurtenance?