La Real Estate Exam

Tenant at Sufferance

A lessee who refuses to surrender the premises upon expiration of the lease.

lot and block system

A system for the legal description of land that refers to parcels' lot and block numbers, which appear on recorded maps and plats of subdivided land; may also be used for assessment maps.

metes and bounds system

A system of land surveying east of the Appalachian Mountains. It is a system that relies on descriptions of land ownership and natural features such as streams or trees. Because of the imprecise nature of metes and bounds surveying, the U.S. Land Office Survey abandoned the technique in favor of the rectangular survey system.

What is not a requirement for determining a fixture?

Cost of replacemnet

A promissory note is NOT

Evidence of a title. The promissory note is only evidence of the debt

Examples of fixtures

If personal property is affixed or fastened to real estate, it becomes a fixture. Fixtures become real property when they are attached to the property: plants with roots firmly in the ground, anything custom.

Two unrelated people buy property together. They want to make sure that if one dies the other gets the property. How should they acquire the title?

Joint tenancy

A salesperson would use the following as a legal description in a purchase agreement:

Lot and block, metes and bounds, government survey

The term "oak tree" is used in the property description, it is most likely:

Metes and Bounds

An olographic will is:

One that is handwritten

Straight payment plan

Plan allowing for periodic payments of interest only with the principal due as a lump sum at maturity

Which of the following is a major advantage of owning property jointly with right of survivorship?

Property avoids probate

Describe a buffer zone

Residential subdivision, garden home, commercial property

Easements are discovered through?

Survey

Common areas in condominiums are owned under?

Tenancy in common

The only way a person can will their property after they die is?

Tenancy in common

Servient Estate

The tract of land burdened by an easement. Example: sally owned lot A and lot B. She sold lot B to Fred and gave him servitude to cross her land to get to the highway.

real estate financing are correct All of the following statements concerning EXCEPT

a promissory note is security for a mortgage. FALSE (in some states the mortgage created s lein on ybe property; the note is the promise to repay the debt)

encroachment

intrusion on a person's territory, rights, etc. example: tree hanging over your fence or your fence crossing 3 feet onto neighbors property