Unit 5 RE exam

Which of the following describes a right-of-way easement?

Land that a railroad company runs its track through

Which of the following is an easement?

A path providing neighborhood access to a pond cuts through part of Bill's property.

Which of the following is NOT a type of encumbrance?

Appreciation

Kurt bought a vacant lot in a development that was 85% completed. When he started working with the builder to lay out where the house and driveway would be, they found he would need an easement because his driveway would spill over onto the adjacent lot by a few feet. Kurt owns the _______ estate or tenement.

Dominant

A part of your property is used by the local utility company to maintain its power lines. What's this an example of?

Easement

What is it called when one party has the right to use land owned by another party for a special purpose?

Easement

An easement is one type of encumbrance that can affect a property. Which of these statements about easements is true?

Easements are often established by a written agreement between the parties.

Sandra and Dwight are neighbors who share a common driveway, but the driveway is on Dwight's property. What kind of ownership rights does Dwight have of the driveway?

Possessory

A property has just been foreclosed on. Which of the following describes the rules regarding lien priority?

Property tax liens take priority, with all others following a "first in time" rule.

An easement dictates that property owner A gives the right to property owner B to use a portion of the property. Which term describes property A?

Servient estate

What type of lien funds public property improvements?

Special assessment

Which of the following liens would take priority over the others?

Tax lien