Chapter 5- Quiz

A lien is an example of a non-monetary encumbrance...?

(False)

This is a form of involuntary alienation of title...?

Adverse Possession

Equitable title equals...?

Benefit

A general lien is also called a...?

Blanket Encumbrance

The vendee refers to the...?

Buyer

Legal title equals...?

Control

A deed to real property accepted by a lender from a defaulting borrower to avoid the necessity of foreclosure proceedings by the lender is known as...?

Deed in Lieu of Foreclosure

The land benefiting from an easement appurtenant is referred to as the...?

Dominant Tenement

The right to use the property of another generally for ingress and egress is known as a/an...?

Easement

A right of use in the adjoining land of another that moves with the title to the property benefiting from the easement is known as a/an...?

Easement Appurtenance

This exists when a landowner has no access to roads and is landlocked...?

Easement by Necessity

This is obtained by use of the land of another for the legally prescribed length of time...?

Easement by Prescription

Anything which affects or limits the fee simple title to, or value of property, is known as a...?

Encumbrance

A mechanic's lien is an example of a/an...?

Involuntary Lien

A form of encumbrance which usually makes specific property security for the payment of a debt or discharge of an obligation is known as a...?

Lien

A lien created by statute which exists against real property in favor of persons who have performed work or furnished materials for the improvement of the real property is known as...?

Mechanic's Lien

An agreement to convey title to real property upon satisfaction of specified conditions which does not require conveyance within one year of formation of the contract is known as...?

Real Property Sales Contract

A vendor is also known as the...?

Seller

The land encumbered by an easement is referred to as the...?

Servient Tenement

A lien that attaches to one specific property only is known as a...?

Specific Lien

One who holds property in trust for another to secure the performance of an obligation is known as a...?

Trustee

The following is a third party under a deed of trust...?

Trustee

A lien on all the property of a debtor is known as a...?

General Lien

To pledge a thing as security without the necessity of giving up possession of it is known as...?

Hypothecate

An easement in gross is also known as a utility easement...?

(True)

Encumbrances can be monetary or non-monetary...?

(True)

The effective date of a mechanic's lien is the date the work began or the date the materials were provided...?

(True)

This occurs when a grantor conveys the right to use the grantor's land to a grantee for the purpose of ingress and egress...?

Easement by Voluntary Grant

A right of use in the land of another without the requirement that the holder of the right own adjoining land is known as...?

Easement in Gross

Any lien placed on property with consent of, or as a result of, the voluntary act of the owner is known as a...?

Voluntary Lien