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Questions and Answers
What does a riparian right easement primarily concern?
What does a riparian right easement primarily concern?
- Water rights (correct)
- Earthquake safety regulations
- Natural gas pipeline regulations
- Transmission of electric power
How are water and streams classified in property law?
How are water and streams classified in property law?
- Movable property like personal effects
- Private property under individual ownership
- Real property subject to taxation
- Public property accessible to all (correct)
What must occur if an easement issue is not covered in the escrow instructions?
What must occur if an easement issue is not covered in the escrow instructions?
- The transaction must be re-evaluated by a third party
- An amendment to the escrow must be made (correct)
- Automatic cancellation of the escrow agreement
- The buyer must accept the terms as they are
What does a 'first deed' signify?
What does a 'first deed' signify?
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Where should the county of the property be indicated?
Where should the county of the property be indicated?
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What happens if pest control work is not completed before closing escrow?
What happens if pest control work is not completed before closing escrow?
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When adjusting for unpaid property taxes by the seller, what should be assessed?
When adjusting for unpaid property taxes by the seller, what should be assessed?
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When should interest on an existing loan be prorated?
When should interest on an existing loan be prorated?
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What is the implication of a riparian right easement?
What is the implication of a riparian right easement?
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If pest control work is not finalized before escrow closes, what is the likely outcome?
If pest control work is not finalized before escrow closes, what is the likely outcome?
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Study Notes
Riparian Rights and Easements
- Riparian right easements pertain to water rights, allowing landowners to utilize water from a nearby source.
Property Classification
- Water and streams are categorized as public property, meaning they are accessible for public use rather than private ownership.
Escrow Instructions
- If an easement issue is not specified in escrow instructions, it necessitates an escrow amendment to address the matter.
Deeds and Recording
- A first deed signifies it was recorded first in public records, which can affect its legal standing and priority.
County Listing
- The county of property location must be indicated on both the trust deed and the escrow memo for clarity regarding jurisdiction.
Pest Control Work
- Completion of pest control before escrow closes is not mandatory; if unfinished, it does not automatically delay or nullify closing.
Property Tax Adjustments
- When dealing with unpaid property taxes, the process involves determining the amount owed, charging the seller, and crediting the buyer, comprising all necessary adjustments.
Loan Interest Proration
- Interest on existing loans should be prorated until the day before closing, ensuring accurate financial settlements.
Monthly Interest Payment
- If the monthly interest payment on a loan is unpaid before closing, the seller incurs the charge, impacting their financial responsibility.
Escrow Disbursement Protocol
- Disbursement checks from escrow companies can be accompanied by any form of communication, such as a letter, note, or phone call, to ensure proper notification.
Riparian Rights and Easements
- Riparian right easements pertain to water rights, allowing landowners to utilize water from a nearby source.
Property Classification
- Water and streams are categorized as public property, meaning they are accessible for public use rather than private ownership.
Escrow Instructions
- If an easement issue is not specified in escrow instructions, it necessitates an escrow amendment to address the matter.
Deeds and Recording
- A first deed signifies it was recorded first in public records, which can affect its legal standing and priority.
County Listing
- The county of property location must be indicated on both the trust deed and the escrow memo for clarity regarding jurisdiction.
Pest Control Work
- Completion of pest control before escrow closes is not mandatory; if unfinished, it does not automatically delay or nullify closing.
Property Tax Adjustments
- When dealing with unpaid property taxes, the process involves determining the amount owed, charging the seller, and crediting the buyer, comprising all necessary adjustments.
Loan Interest Proration
- Interest on existing loans should be prorated until the day before closing, ensuring accurate financial settlements.
Monthly Interest Payment
- If the monthly interest payment on a loan is unpaid before closing, the seller incurs the charge, impacting their financial responsibility.
Escrow Disbursement Protocol
- Disbursement checks from escrow companies can be accompanied by any form of communication, such as a letter, note, or phone call, to ensure proper notification.
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Description
Test your knowledge on property law concepts with this activity quiz. Topics include riparian rights, easements, and property classifications. Perfect for students diving into real estate law.
