CH 5 NV Encumberance

Any claim, lien charge or liability attached to and binding on real property that may lessen the value, burden, obstruct or impair the use of a property but not necessarily prevent transfer of title

An Encumbrance

Protect persons furnishing labor or materials for the improvement of real property in the even it is not paid.

Construction or mechanics lien

An interest that entitles one party to some limited use of another party's land

Easement

Legal right to enter and use the land of another. Not possessory right and does not create an estate

Easement

NON Financial Encumbrance

Easement Profit License Nuisance Restrictive Covenants

Gives the owner of the easement the right to use real property for a particular purpose and does not attach to or benefit a parcel of land

Easement in gross

Involuntary lien created by way of court-ordered monetary award - must be paid to release lien

Judgement liens

Monetary encumbrances are called

Liens

Legal instrument given to lender by a property owner which contractually creates a voluntary specific lien on the property for repayment of loan amount

Mortgage

Tor F: Is foreclosure an option if judgment lien is not paid

No it is not, creditor must file a writ of execution with the court

Involuntary specific lien, Once levied become a lien on the property and they remain a lien until paid

Property Tax

Lien Priority

Property Tax Special Assessment Contruction Lien and determined by the date the lien was recorded

Charge against the property for benefit that a property owner receives that differs significantly from a benefit received by the public

Special Assessment, for example Sewer line, street lights

Which is a provision in a deed that limits the use of private property

deed restriction

A lien is a type of

financial encumbrance

Minimum of two parcels of land, one parcle of land will benefit or receive the right of use and is known as the dominant tenement or estate

Easement appurtenant

Private restriction contained within a subdivision's CC&R can be terminated by

a majority vote of the landowners within the subdivision

A deed of trust is

a security instrument similar to a mortgage

Running with the land is often used when describing

an easement appurtenant

An easement is

an encumbrance on real property

When teh easement in gross is commercial it can be

assigned

Court order known as writ of attachment preventing the transfer of any property during litigation

attachment lien

The difference between a profit and an easement is that an easement

creates a right of use and profit allows the removal of something from the land

Right of way easement such as those acquired by public utilities are

easement in gross

Primary benefit of the deed of trust as opposed to a mortgage is the

foreclosure process

Unsecured liens do not attach to a specific property but rather it attaches to any real or personal property owned by the judgement debtor aka

general lien

When a portion of a property is sold to another and is found to be landlocked, the property is likey

get an easement by necessity over the adjoining property

To pledgeproperty as security to a creditor without delivering possesion of the purpose of the debt is to

hypothecated

Involuntary liens are those placed against property without the consent of owner

judgement lien

A monetary encumbrance is also known as a

lien

This is less powerful than a writ of attachment because it creates a cloud on the title than actual lien

lis pendens

A person who provides labor, material or professional services for the improvement of real property is entitiled to fil a ____ against the property

mechanic lien

Financial lien types

mortgage trust deed construction/mechanic lien judgment lien property tax lien special assessment liens

Deed restricitons, easement and encroachment are

non monetary

Two types of encumbrances

non monetary and monetary

In Nevada, teh homeowener exemption exempts teh residence from attachement and execution or forces sale resulting unpaid debts of the homeowner and extends only to that amount of equity in the property held by the owner

not in excess of $500,000

This is not a encumbrance to real property rather it is a violation of an owner's possessory

nuisance

The right to sever or take something from land belonging to someone else is known as

profit

In Nevada, special lien priority is given to

property tax liens and special assessment liens

A distinguishing factor between a license and an easement is that a license can be

revoked

A lien for property taxes is an involuntary ___ lien against the property

specific

Generally, lien priority is determined by

the date the lien is recorded

The property interest was pledged as security to a creditor is

to hypothecated

Used to secure debt, voluntary specific and have three parties

trust deed

Voluntary liens are contractual liens placed on the property by an owner, example

trust deed

The servient estate in an easement appurtenant is the property

upon which the easement is placed

A document executed by a court ordering a property be sold to satified a debt is

writ of execution

Which document is issued by the court to order the sale of real estate in order to satify debt

writ of execution