Principles of real estate 1 chapter 10 quiz

The order in which liens are given legal precedence or preference is known as...? Assessment of liens Lien ladder Rank of liens Priority of liens

Priority of liens

The increasing in land area resulting from the deposit of soil by the natural action of the water is known as...? Accretion Avulsion Erosion Accession

Accretion

Real property ownership rights in the United States are based on this legal system...? Feudal system Allodial system Spanish system European system

Allodial system

The gradual increase of earth on a shore of an ocean or bank of a stream resulting from the action of the water is known as...? Accretion Erosion Avulsion Alluvium

Alluvium

The taking of private property for public use, with fair compensation to the owner is known as...? Escheat Novation Condemnation Police Power

Condemnation

Absolute ownership of real property is considered this type of estate...? Leasehold estate Land Estate Fee simple estate Estate in reversion

Fee simple estate

A lien on all the property of a debtor is referred to as a...? Specific lien General lien Universal lien Special lien

General lien

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...? Easement Grant Prescription Lien

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...? Judgment lien General lien Mechanic's lien Voluntary lien

Mechanic's lien

Building codes are an example of...? Police Power Novation Escheat Eminent Domain

Police Power

Mortgage lenders typically require a...? Involuntary lien General lien Tax lien Preferred lien

Preferred lien

A limitation on the use of real property is known as a...? Restriction Prescription Rescission Novation

Restriction

Which of the following acronyms describes the various ways a lien can be created...? VISE CATTL PETE OLD CAR

VISE

Restrictive covenants are typically found in which of the following documents...? Mortgage Plot map Deed All of the above

Deed

This type of easement exists when a landowner has no access to roads and is landlocked...? Easement by necessity Easement appurtenance Easement in gross Easement by prescription

Easement by necessity

A claim, charge, or liability that attaches to, and is binding on real estate is known as a...? Prescription Rescission Encumbrance Novation

Encumbrance

A legal life estate in land that is owned and occupied as a family home is known as a...? Easement Reversionary interest Homestead Fee simple determinable

Homestead

A legal claim on all of the property of a judgment debtor which enables the judgment creditor to have the property sold for payment of the amount of the judgment is known as a...? Mechanic's lien Voluntary lien Judgment lien Tax lien

Judgment lien

A freehold estate created for the duration of the life, or lives, of certain named persons is known as a...? Life estate Leasehold estate Fee simple estate Land estate

Life estate

When the government exercises its power of eminent domain, the owner...? Will not be compensated Must be fairly compensated Will not be notified Must forfeit the property within 14 days

Must be fairly compensated

A lien that attaches to one specific property only is referred to as a...? General lien Universal lien Specific lien Special lien

Specific lien

A form of action taken to impose a tax is known as a...? Tax lien Tax proposal Tax levy Eminent domain

Tax levy

The amount of money needed by a municipality to meet budgetary requirements divided by the taxable assessed and nonexempt value of all real property within that jurisdiction is known as the...? Tax levy Yield rate Cap rate Tax rate

Tax rate

In Texas, what is the limitation on homesteads in urban areas...? 10 acres 15 acres 50 acres 100 acres

10 acres

In Texas, what is the limitation on homesteads of a family in rural areas...? 10 acres 50 acres 100 acres 200 acres

200 acres

If a property is assessed at $100,000, what would be the amount of taxes owed assuming a tax rate of $1.50 per 100 dollars of value...? $150 $1,500 $15,000 $100,000

$1,500

An addition to property through the efforts of man or by natural forces is known as...? Accretion Accession Erosion Avulsion

Accession

Which of the following is an example of a taxing entity...? Water districts Hospital districts School districts All of the above

All of the above

An estate of indeterminable duration is known as a...? Leasehold Estate Freehold Estate Land Estate All of the above

Freehold Estate

An inheritable estate in land providing the greatest interest of any form of title is known as a/an...? Leasehold estate Estate in Remainder Fee simple absolute Fee simple determinable

Fee simple absolute

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 Involuntary lien Subordinate lien Owner lien

Voluntary lien