Real Estate EXAM 4 (law and practice)
D. writ of attachment Here is a good definition of writ of attachment from Wikipedia. BTW, Wikipedia is a great resource for the national side of the test, not so much for the State side. Here ya go: "A writ of attachment is a court order to "attach" or seize an asset. It is issued by a court to a law enforcement officer or sheriff. The writ of attachment is issued in order to satisfy a judgment issued by the court. A prejudgment writ of attachment may be used to freeze assets of a defendant while a legal action is pending. Common grounds for obtaining a prejudgment writ of attachment are that a defendant has committed fraud or that a defendant is prepared to hide assets from a court." When a writ of attachment is issued to secure a property prior to a judgment, the plaintiff obtaining the writ must file a bond to protect the defendant against any loss caused by the attachment in the event the plaintiff loses the case.
An encumbrance issued by a court on a property of a defendant in a pending lawsuit for money damages is called a/n: A. writ of seizure B. writ of security C. lis pedens D. writ of attachment
D. writ of attachment Here is a good definition of writ of attachment from Wikipedia. BTW, Wikipedia is a great resource for the national side of the test, not so much for the State side. Here ya go: "A writ of attachment is a court order to "attach" or seize an asset. It is issued by a court to a law enforcement officer or sheriff. The writ of attachment is issued in order to satisfy a judgment issued by the court. A prejudgment writ of attachment may be used to freeze assets of a defendant while a legal action is pending. Common grounds for obtaining a prejudgment writ of attachment are that a defendant has committed fraud or that a defendant is prepared to hide assets from a court." When a writ of attachment is issued to secure a property prior to a judgment, the plaintiff obtaining the writ must file a bond to protect the defendant against any loss caused by the attachment in the event the plaintiff loses the case.
An encumbrance issued by a court on a property of a defendant in a pending lawsuit for money damages is called a/n: A. writ of seizure B. writ of security c. Lis pendens D. writ of attachment
A. a lien A lien is a charge against a property -- a financial encumbrance. The other easements listed here do not deal with finances, but are considered usage encumbrances and affect the way in which the land may be USED. Alternatively, they may be divided into those that affect title (ex: lien, legal or equitable charge) or those that affect the use or physical condition of the encumbered property (ex: restrictions, easements, encroachments).
An encumbrance that affects the title, usually related to money, is known as: A. a lien B. a easement in gross C. an easement by necessity D. an easement by prescription
A a lien A lien is a charge against a property -- a financial encumbrance. The other easements listed here do not deal with finances, but are considered usage encumbrances and affect the way in which the land may be USED. Alternatively, they may be divided into those that affect title (ex: lien, legal or equitable charge) or those that affect the use or physical condition of the encumbered property (ex: restrictions, easements, encroachments).
An encumbrance that affects the title, usually related to money, is known as: A. a lien B. an easement in gross C. an easement by necessity D. an easement by prescription
A. mechanic's lien A mechanic's lien does not exist unless it is recorded. The mechanic's lien is one of the few documents that must be recorded to be legally effective. Deeds are almost always recorded to make it difficult for someone to contest that the transfer of ownership occurred and to make it easier to prove ownership. It's just that it is not legally required to record a deed. For a deed to be valid it must have the grantor's signature (the seller), consideration (payment), a description of the property, words of conveyance and the deed must be delivered within the lifespan of the grantor.
An instrument, which requires recordation to be legally effective, is a(n): A. mechanic's lien B. agreement to sell real estate C. will
D. eminent domain Eminent domain is an action of the state to seize a citizen's private property, expropriate property, or seize a citizen's rights in property with due monetary compensation, but without the owner's consent. The property is taken either for government use or by delegation to third parties who will devote it to public or civic use or, in some cases, economic development. The most common uses of property taken by eminent domain are for public utilities, highways, and railroads, however it may also be taken for reasons of public safety, such as in the case of Centralia, Pennsylvania. Some jurisdictions require that the government body offer to purchase the property before resorting to the use of eminent domain.
Condemnation of private property for public use is called the right of: A. lis pendens B. acquisition C. escheat D. eminent domain
C. all three properties A judgment lien is general, involuntary lien, affecting all properties owned by a debtor in the county where the judgment was recorded, as well as any he acquires subsequent to the judgment
If a debtor owns three pieces of real estate located in the same county, and a judgment is entered against him, it will be a lien against: A. the property first acquired B. the property last acquired C. all three properties D. homestead property only
D. an assessment Because it's for a particular property or properties' benefit only, it's called a special assessment. Special assessment is the term used in the United States to designate a unique charge that government units can assess against real estate parcels for certain public projects. This charge is levied in a specific geographic area.
A charge levied by a local government to finance improvements such as repairing sidewalks in a neighborhood is: A. an ad valorem tax B. a zoning charge C. an equalizer D. an assessment
A. an encumbrance Remember that an encumbrance is any claim against a property. Restrictions, liens, and buyer's claims (also known as a vendee's lien) are all FORMS of encumbrances
A claim or liability attached to a property is called: A. encumbrance B. an easement C. a buyer's claim
D. writ of execution A writ of execution is a court ordered sale. This can be used in foreclosures by courts to order the sale of a property. A writ of execution (also known as an execution) is a court order granted to put in force a judgment of possession obtained by a plaintiff from a court. When issuing a writ of execution, a court typically will order a sheriff or other similar official to take possession of property owned by a judgment debtor.
A court orders real property sold, to satisfy an unpaid lien, is an action known as a(n): A. easement B. encumbrance c. Attachment D. writ of execution
A. foreclosure A lien on a property gives the lienee (the lender) a right of foreclosure if the lien is not paid. Foreclosure is a specific legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan. Eviction is the removal of a tenant from rental property by the landlord or from premises that were foreclosed and then sold to the highest bidder.
A lien is a monetary claim that if unpaid awards the lien holder the right of: A. foreclosure B. eviction C. ownership D. possession
A. involuntary lien An involuntary lien is created by law without any action on the owner's part. A voluntary lien, just the opposite, is created by the owner -- this includes a mortgage lien or deed of trust lien. involuntary lien—a lien arising without the lienor's consent. voluntary lien—a lien created with the lienor's consent. An involuntary lien is a claim made against property to which the property owner did not consent or agree. Due to some action or inaction by the property owner, a third party places a lien on the property to secure money owed to the third party by the property owner. Common types of involuntary liens include local, state, and federal government tax liens, and contractor's or mechanic's liens for improvements made on the real estate. In each of these types of involuntary liens, the property owner did not consent to having the lien placed on the property; however, the third party was able to place a lien on the property due to the property owner's failure to pay tax bills, or pay for services or materials provided by a builder or contractor. An involuntary lien is the opposite of a voluntary lien, such as a mortgage lien; in the case of a voluntary lien, the property owner takes some affirmative action to have a lien placed on the property.
A lien placed on the property without the consent of the owner is known as a(n): A. involuntary lien B. deed of trust lien C. voluntary lien D. mortgage lien
B. judgment lien A lien that covers all real and personal property of the debtor within the county where recorded is a:
A lien that covers all real and personal property of the debtor within the county where recorded is a: A. mechanic's lien B. judgment lien C. writ of execution D. lis pendens
D. the date the lien is recorded determines priority except mechanic's liens The date that the lien is recorded determines its priority, except for a mechanic's lien. The priority for a mechanic's lien is determined by the date the work commenced or the materials delivered.
A lien's priority is determined by: A. the size of the lien determine priority B. a mechanic's lien always has first priority C. the date of the lien determines priority D. the date the lien is recorded determines priority except mechanic's liens
D. All of the above Mechanics liens are levied against a specific parcel of land, not all the owners assets. It is involuntary because the owner has no choice. It is equitable because the lien holder does not have possession of the property the lien is against. Mechanic's Lien: The right of a craftsman, laborer, supplier, architect or other person who has worked upon improvements or delivered materials to a particular parcel of real estate (either as an employee of the owner or as a sub-contractor to a general contractor) to place a lien on that specific property for the value of the services and/or materials if not paid. With certain exceptions, the Colorado Mechanic's Lien Act requires that a mechanic's lien be recorded within four months of the date that the contractor, subcontractor or supplier performed its last work or last supplied material or equipment. The priority date is as of the date material was delivered or work began, rather than the date recorded. Recording a mechanic's lien assists in securing the real property upon which improvements were made as collateral. The lien claimant has six months from the date that last work was performed or material supplied to file a lawsuit to foreclose its lien and to record notice of its lawsuit (this notice is called a "lis pendens") with the Clerk and Recorder of the County where the real property is located. Mechanics' Liens are classified as an Involuntary lien because the owner has no choice. They are also classified as an Equitable lien because the lien holder does not have possession of the property the lien is against.
A mechanic's lien is properly classified as a(n): A. equitable lien B. involuntary lien C. specific lien D. all of the above
D. all of the above Mechanics liens are levied against a specific parcel of land, not all the owners assets. It is involuntary because the owner has no choice. It is equitable because the lien holder does not have possession of the property the lien is against. Mechanic's Lien: The right of a craftsman, laborer, supplier, architect or other person who has worked upon improvements or delivered materials to a particular parcel of real estate (either as an employee of the owner or as a sub-contractor to a general contractor) to place a lien on that specific property for the value of the services and/or materials if not paid. With certain exceptions, the Colorado Mechanic's Lien Act requires that a mechanic's lien be recorded within four months of the date that the contractor, subcontractor or supplier performed its last work or last supplied material or equipment. The priority date is as of the date material was delivered or work began, rather than the date recorded. Recording a mechanic's lien assists in securing the real property upon which improvements were made as collateral. The lien claimant has six months from the date that last work was performed or material supplied to file a lawsuit to foreclose its lien and to record notice of its lawsuit (this notice is called a "lis pendens") with the Clerk and Recorder of the County where the real property is located. Mechanics' Liens are classified as an Involuntary lien because the owner has no choice. They are also classified as an Equitable lien because the lien holder does not have possession of the property the lien is against.
A mechanic's lien is properly classified as a(n): A. equitable lien B. involuntary lien C. specific lien D. all of the above
D. lis pendens Lis pendens is Latin for "litigation pending," which will help you to remember that while a lis pendens isn't a lien, it is notice that litigation is pending, let the buyer beware (caveat emptor).
A recorded legal document that gives constructive notice that an action affecting a certain property has been filed in court is called: A. habendum clause B. general warranty deed C. estoppel certificate D. lis pendens
C. Judgment All of the rest apply to a specific property, while a judgment is against an individual and all of their property.
All of the following are examples of a specific lien, EXCEPT: A. mortgage B. mechanic's lien C. judgment D. property taxes
C. judgment All of the rest apply to a specific property, while a judgment is against an individual and all of their property.
All of the following are examples of a specific lien, EXCEPT: A. mortgage B. mechanic's lien C. judgment D. property taxes
D. dominant tenement The person whose land is benefited by the easement, and therefore is the DOMINATING PARTY, is considered the dominant tenement. The servient tenement is the land on which the easement lies. A dominant estate is the parcel of real property that has an easement over another piece of property (the servient estate). The type of easement involved is almost always an appurtenant easement. Likewise, it is almost always an affirmative easement, that is, one that permits a person to do something. Estate is a common law concept. A dominant estate is also called a dominant tenement, as noted in a section of an article on easements. In real estate law, it is the property retained when the original owner (the seller or grantor) splits off a property and conveys part of the original property; the owner retains an easement for an access (such as a driveway or utilities).
In an appurtenant easement, the party that benefits is known as the: A. lessee B. leaser C. servient tenement D. dominant tenement
B. the day the work first began Mechanic's liens have priority as of the date material was delivered or work began, rather than the date recorded. Mechanic's Lien: The right of a craftsman, laborer, supplier, architect or other person who has worked upon improvements or delivered materials to a particular parcel of real estate (either as an employee of the owner or as a sub-contractor to a general contractor) to place a lien on that real property for the value of the services and/or materials if not paid. With certain exceptions, the Colorado Mechanic's Lien Act requires that a mechanic's lien be recorded within four months of the date that the contractor, subcontractor or supplier performed its last work or last supplied material or equipment. The priority date is as of the date material was delivered or work began, rather than the date recorded. Recording a mechanic's lien assists in securing the real property upon which improvements were made as collateral. The lien claimant has six months from the date that last work was performed or material supplied to file a lawsuit to foreclose its lien and to record notice of its lawsuit (this notice is called a "lis pendens") with the Clerk and Recorder of the County where the real property is located.
Mechanic's liens have a priority date of: A, the day the judgment was issued B. the day the work first began C. halfway through the work D. The day the judgment was recorded
A. as valorem Ad valorem means according to value. The higher the value the higher the amount of tax.
Property taxes are also referred to as: A. ad valorem B. lis penden C. lien pendens D. ad valium
D. specific - involuntary liens If the property tax is unpaid, the tax can be satisfied only from the sale of the specific property upon which the tax is levied. The only voluntary liens are mortgages and deed of trust.
Real estate property taxes are: A, general-involuntary liens B. general - voluntary liens C. specific - voluntary liens D. specific - involuntary liens
D. 3123.75 255,000 x .35 = 89,250.00, 89,250 x .035 = 3,123.75
The current value of a property is $255,000, and it is assessed at 35% of its current market value. What is the amount of the real estate tax due on the property if the tax rate is $3.50 per $100 of assessed value? A. 2039.99 B. 2499 C. 1115.63 D. 3123.75
A. easement in gross An easement in gross is not created for the benefit of the land owned by the owner of the easement, but that attaches personally to the easement owner. An easement in gross benefits an individual or a legal entity, rather than a dominant estate. The easement can be for a personal use (for example, an easement to use a boat ramp) or a commercial use (for example, an easement to a railroad company to build and maintain a rail line across property). Historically, an easement in gross was neither assignable nor inheritable, but today commercial easements are freely transferable.
The easement that is not created for the benefit of the land owned by the owner of the easement, but that attaches personally to the easement owner is known as an: A. Easement in gross B. easement by condemnation C. easement by necessity D. easement by prescription
A. easement in gross An easement in gross is not created for the benefit of the land owned by the owner of the easement, but that attaches personally to the easement owner. An easement in gross benefits an individual or a legal entity, rather than a dominant estate. The easement can be for a personal use (for example, an easement to use a boat ramp) or a commercial use (for example, an easement to a railroad company to build and maintain a rail line across property). Historically, an easement in gross was neither assignable nor inheritable, but today commercial easements are freely transferable.
The easement that is not created for the benefit of the land owned by the owner of the easement, but that attaches personally to the easement owner is known as an: A. easement in gross B. easement by condemnation C. easement by necessity D. easement by prescription
B. a appurtenant easement An appurtenant easement is one that benefits the dominant estate and "runs with the land", i.e., an easement appurtenant generally transfers automatically when the dominant estate is transferred. Conversely, an easement in gross benefits an individual or a legal entity, rather than a dominant estate. The easement can be for a personal use (for example, an easement to use a boat ramp) or a commercial use (for example, an easement to a railroad company to build and maintain a rail line across property). Historically, an easement in gross was neither assignable nor inheritable, but today commercial easements are freely transferable.
The permanent right to use another's land for the benefit of a neighboring parcel is known as: A. an easement in gross B. an appurtenant easement C. an easement by necessity D. a license
B. an appurtenant easement An appurtenant easement is one that benefits the dominant estate and "runs with the land", i.e., an easement appurtenant generally transfers automatically when the dominant estate is transferred. Conversely, an easement in gross benefits an individual or a legal entity, rather than a dominant estate. The easement can be for a personal use (for example, an easement to use a boat ramp) or a commercial use (for example, an easement to a railroad company to build and maintain a rail line across property). Historically, an easement in gross was neither assignable nor inheritable, but today commercial easements are freely transferable.
The permanent right to use another's land for the benefit of a neighboring parcel is known as: A. an easement in gross B. an appurtenant easement C. an easement by necessity D. a license
B. assessed valuation of the property The assessed value of property is the County Assessor's determination of a percentage of the true and fair market value of the property.
The tax on a given piece of real property is always determined by multiplying the mill levy by the: A. selling price B. assessed valuation of the property C. mortgage loan value D. book value
B. an easement An easement grants the right to use another's land for a specific purpose. Remember that an EASEMENT is one type of encumbrance, and liens are another type of encumbrance. An easement is a certain right to use the real property of another without possessing it. It is "best typified in the right of way which one landowner, A, may enjoy over the land of another, B.
The term for something that grants the right to use another's land for a specific purpose, and is considered an incorporeal interest in land is: A. an encumbrance B. an easement C. an encroachment D. an equitable lien
D. a specific lien The type of lien that is secured by specific property and only affects that property is known as:
The type of lien that is secured by specific property and only affects that property is known as: A. a statutory lien B. a voluntary lien C. an equitable lien D. a specific lien
A a property tax lien Tax liens for property taxes generally take priority over all other liens, whereas a tax lien for income taxes do not. The priority for income tax liens is as of the date they were recorded. A tax lien is a lien imposed by law upon a property to secure the payment of taxes. A tax lien may be imposed for delinquent taxes owed on real property or personal property, or as a result of failure to pay income taxes or other taxes.
The type of lien which takes priority over all other liens, and has the first claim against a property is called A, a property tax lien B. a judgment lien C. a mechanic's lien D. a mortgage lien
A. a statutory lien An equitable lien comes from a court order. You could argue that courts are enforcing the laws. However, the reason for the judgment is to satisfy a civil matter and not directly a mandate by law. Statutory liens are mandates by law and as such do not require a court order to enforce. Here are some definitions that might help: equitable lien n. A lien on property imposed by a court in order to achieve fairness, particularly when someone has possession of property which he/she holds for another. statutory lien: Involuntary lien created by the operation of law. Statutory liens (such as a tax lien) do not require the consent of any party or a court order to be enforceable. voluntary lien: A claim that one person has over the property of another as security for the payment of a debt. Liens are attached to the property and not to a person. A voluntary lien is contractual or consensual, meaning that the lien is created by an action taken by the debtor, such as a mortgage loan to buy real estate. specific lien: Charge that (unlike a general lien) does not cover all fixed and floating assets of a lienee but binds only a specific asset or property. Also called particular lien.
This type of lien is created by law. It is known as: A. a statutory lien B. a voluntary lien C. an equitable lien D. a specific lien
A. a statutory lien An equitable lien comes from a court order. You could argue that courts are enforcing the laws. However, the reason for the judgment is to satisfy a civil matter and not directly a mandate by law. Statutory liens are mandates by law and as such do not require a court order to enforce. Here are some definitions that might help: equitable lien n. A lien on property imposed by a court in order to achieve fairness, particularly when someone has possession of property which he/she holds for another. statutory lien: Involuntary lien created by the operation of law. Statutory liens (such as a tax lien) do not require the consent of any party or a court order to be enforceable. voluntary lien: A claim that one person has over the property of another as security for the payment of a debt. Liens are attached to the property and not to a person. A voluntary lien is contractual or consensual, meaning that the lien is created by an action taken by the debtor, such as a mortgage loan to buy real estate. specific lien: Charge that (unlike a general lien) does not cover all fixed and floating assets of a lienee but binds only a specific asset or property. Also called particular lien.
This type of lien is created by law. It is known as: A. statutory lien B. a voluntary lien C. a equitable lien D. a specific
B. after 18 years In Colorado an easement by prescription can be exercised in 18 years. Easement by prescription can vary by state from a period of 7 years up to 21 years. The similarities between adverse possession and prescriptive easements far outweigh the differences. Both result from the operation of the statute of limitations for trespass. In addition, both require that the following elements are satisfied: open and notorious, adverse, continuous and uninterrupted, for the statutory period. The differences lie primarily in determining what is accomplished by satisfying those elements. With adverse possession, the goal is to acquire title to real property. For that reason, in addition to the elements above, an additional element is actual and exclusive possession of the property. If x has actual and exclusive possession which is open and notorious, adverse, continuous and uninterrupted for the statutory period, and the owner of the property does not take action to eject x within that time, then title to the property will vest in x. Acquiring an easement by prescription, however, is not directed towards the goal of acquiring title to property. Rather, it's directed towards acquiring an easement, even though the formalities usually required to create an easement (for example a writing signed by the grantor) are not present. So, if x uses (rather than possesses) the land of y, and the use is open and notorious, adverse, continuous and uninterrupted, for the statutory period, the x has acquired an easement and can continue to use that land in the same manner as his previous use.
Unauthorized use of land may mature into an easement by prescription: A. after 8 years B. after 18 years C. after 19 years
B A general lien affects all of an individual's property, a specific lien does not Specific liens are judgments against a specific individual or property, a general lien affects all properties owned, real and personal.
What is the difference between a specific and a general lien? A. a general lien is less binding than a specific lien B. a general lien affects all of an individual's property, a specific lien does not C. general and specific liens are the same as a judgment lien D. a specific lien affects all of an individual's property, a general lien does not
C. general liens ( against everything the lienee owns) Judgments are general liens issued by a court and are against everything the debtor owns. Judgments are usually collected through the lien mechanism. The creditor will place a lien on the debtor's real and personal property (by recording the judgment with the county recorder's office or entering it with the Secretary of State), and the lien will be satisfied when the property is sold by the debtor or foreclosed upon by the creditor. Once the underlying judgment is satisfied, the lien must be released. Judgments continue to exist for 10 years from the date of the entry of the judgment. Judgments may be renewed for additional terms of 10 years. A specific lien is against one property. Examples would be: A trust deed or mortgage, property tax, assessment, and Mechanics Lien.
What kind of liens come from judgments (i.e. courts)? A. specific lien (Against property the lienee owns) B. fiduciary encumbrances C. general liens (against everything the lienee owns) D. limited liens
B. a lis pedens notice Lis pendens means "suit pending".
When a lien against a parcel of real estate may result from a lawsuit currently before the courts, one examining the public records would look for: A. constructive notice B. a lis pendens notice C. the chain of title D. a suit to quiet title
B. a lis pendens notice Lis pendens means "suit pending".
When a lien against a parcel of real estate may result from a lawsuit currently before the courts, one examining the public records would look for: A. constructive notice B. a lis pendens notice C. the chain of title D. a suit to quiet title
B. involuntary lien A judgment is a general involuntary lien. An involuntary lien is a claim made against property to which the property owner did not consent or agree. Due to some action or inaction by the property owner, a third party places a lien on the property to secure money owed to the third party by the property owner. Common types of involuntary liens include local, state, and federal government tax liens, and contractor's or mechanic's liens for improvements made on the real estate. In each of these types of involuntary liens, the property owner did not consent to having the lien placed on the property; however, the third party was able to place a lien on the property due to the property owner's failure to pay tax bills, or pay for services or materials provided by a builder or contractor. An involuntary lien is the opposite of a voluntary lien, such as a mortgage lien; in the case of a voluntary lien, the property owner takes some affirmative action to have a lien placed on the property
When duly recorded in the county where the real property of the defendant is located, a judgment becomes a(n): A. voluntary lien B. involuntary lien C. attachment lien D. specific
C. mortgage A mortgage loan is a loan secured by real property through the use of a mortgage note or promissory note which evidences the existence of the loan and the encumbrance of that real estate. A mortgage is a lien, an encroachment and an easement may be encumbrances.
Which of the following is a lien on real estate? A. encroachment B. easement C. mortgage D. License
C. mortgage A mortgage loan is a loan secured by real property through the use of a mortgage note or promissory note which evidences the existence of the loan and the encumbrance of that real estate. A mortgage is a lien, an encroachment and an easement may be encumbrances.
Which of the following is a lien on real estate? A. encroachment B. easement C.mortgage D. license
C real estate taxes Real estate property tax liens automatically attach to the property as of January 1 of the current year. All other liens do not attach to the property automatically.
Which of the following is a lien that does not need to be recorded? A. money judgements B. a tax deed C. real estate taxes D. voluntary lien
A. Mortgage A mortgage is voluntary: taxes are assessed whether or not we want them.
Which of the following is a voluntary lien? A. Mortgage B. Estate tax C. Special assessment D. Ad valorem tax
C. Lis pendens A lis pendens is a written notice filed in the public records for the purpose of preventing any sale of the property which otherwise thwart the purpose of a pending lawsuit. A lis pendens and a writ of attachment have the same effect: the difference is an attachment is a court ordered holding of the property, while a Lis Pendens is only a recorded notice of pending litigation. In current practice, a lis pendens is a written notice that a lawsuit has been filed concerning real estate, involving either the title to the property or a claimed ownership interest in it. The notice is usually filed in the county land records office. Recording a lis pendens against a piece of property alerts a potential purchaser or lender that the property's title is in question, which makes the property less attractive to a buyer or lender.
Which of the following is recorded notice of a pending lawsuit? A. ad valorem B. nolo contendre C. lis pendens D. prima facie
C. lis pendens A lis pendens is a written notice filed in the public records for the purpose of preventing any sale of the property which otherwise thwart the purpose of a pending lawsuit. A lis pendens and a writ of attachment have the same effect: the difference is an attachment is a court ordered holding of the property, while a Lis Pendens is only a recorded notice of pending litigation. In current practice, a lis pendens is a written notice that a lawsuit has been filed concerning real estate, involving either the title to the property or a claimed ownership interest in it. The notice is usually filed in the county land records office. Recording a lis pendens against a piece of property alerts a potential purchaser or lender that the property's title is in question, which makes the property less attractive to a buyer or lender.
Which of the following is recorded notice of a pending lawsuit? A. ad valorem B. nolo contendre C. lis pendens D. prima facie
D. an easement is an encumbrance An easement in gross is a personal easement usually given to utility companies. An easement is not an estate because an estate must be possessed and an easement is the right to use not the right to possess. By definition an easement is the right of another to use your land.
Which of the following is true regarding easements? A. an easement in gross is the right of use an owner of an adjacent piece of property B. an easement is an estate in land C. an owner can be the holder of an easement on his or her own property D. an easement is an encumbrance
17200 The selling price is 115% of what the seller paid for it. To find out what the seller paid for it divide $197,800 by 115% = $172,000Let's use the IRV method we discuss in the classes. Since the property sold for the listing price, the income generated (the top number in the circle) was $197,800, since this represented 15% over the original purchase price of the property, the Rate (bottom left side of the circle) is 115%. This is because the Rate and Income Generated are always the same value, only one is expressed in dollars and the other as a percentage. Since the $197800 represents the original price + 15%, then that number as a percentage would be 115% of the original price. Divide the rate into the income generated and it will give you the unknown part of the circle Value (bottom right) or $172,000. Remembering these formulas can be tricky, so in the classes we teach the IRV method.
You have listed a house for $197,800. If the house sells for the listed price, the seller will make a profit of 15%. What price did the seller pay for the house? A. 167900 B. 172000 C. 168130 D. 176500
D. servient tenement B. Dominant vs. Servient:1. The "holder" of an easement right, or the party that is benefiting from the easement, is referred to as the "dominant tenant". Likewise, the property benefiting from an easement is referred to as the "dominant estate" or "dominant tenement".2. The party "burdened" by the easement is referred to as the "servient tenant". Likewise, the property burdened by the easement is the "servient estate" or "servient tenement".
Your neighbors use your driveway to reach their garage on their property. Your attorney explains that ownership of the neighbors' real estate includes an easement appurtenant giving them the driveway right. Your property is the: A. dominant tenement B. tenement C. leasehold D. servient tenement
