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Questions and Answers
What type of lien applies specifically to a certain property?
What type of lien applies specifically to a certain property?
A Voluntary Lien is created without any action taken by the debtor.
A Voluntary Lien is created without any action taken by the debtor.
False
What is a Mechanics Lien?
What is a Mechanics Lien?
A lien on behalf of those who have supplied labor or materials that improve the property.
An _______ Lien is imposed on an individual, such as taxes and judgment liens.
An _______ Lien is imposed on an individual, such as taxes and judgment liens.
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Match the following terms with their definitions:
Match the following terms with their definitions:
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Which act eliminated kickbacks and referral fees in settlement services?
Which act eliminated kickbacks and referral fees in settlement services?
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Actual Notice refers to information given to someone personally.
Actual Notice refers to information given to someone personally.
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What does TILA stand for and what is its purpose?
What does TILA stand for and what is its purpose?
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Which of the following is NOT an essential element of a valid contract?
Which of the following is NOT an essential element of a valid contract?
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A voidable contract cannot be rescinded.
A voidable contract cannot be rescinded.
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What is the term for a contract that has been fully performed?
What is the term for a contract that has been fully performed?
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The principle that states certain contracts must be in writing is known as the __________.
The principle that states certain contracts must be in writing is known as the __________.
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What type of authority is expressly conferred by a principal to an agent?
What type of authority is expressly conferred by a principal to an agent?
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Match the following contract types with their definitions:
Match the following contract types with their definitions:
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An exclusive listing allows only one broker to be compensated without showing procuring cause.
An exclusive listing allows only one broker to be compensated without showing procuring cause.
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What is a codicil?
What is a codicil?
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What does Title Insurance ensure?
What does Title Insurance ensure?
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A servient tenement suffers the burden of an easement.
A servient tenement suffers the burden of an easement.
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What is the term for sole ownership of property?
What is the term for sole ownership of property?
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An easement that is granted after using the property openly for a statutorily required number of years is called an __________.
An easement that is granted after using the property openly for a statutorily required number of years is called an __________.
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Which type of easement represents a right to use adjoining property that transfers with the land?
Which type of easement represents a right to use adjoining property that transfers with the land?
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Title insurance policies do not cover defects found in public records.
Title insurance policies do not cover defects found in public records.
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Name the four government powers represented by PETE.
Name the four government powers represented by PETE.
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What type of loan replaces short-term financing like a construction loan?
What type of loan replaces short-term financing like a construction loan?
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The seller is liable if a loan is assumed by the buyer.
The seller is liable if a loan is assumed by the buyer.
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What does it mean to hypothecate an asset?
What does it mean to hypothecate an asset?
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A _____ clause ensures that current debts take priority over future debts.
A _____ clause ensures that current debts take priority over future debts.
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Which organization insures lenders but does not make loans?
Which organization insures lenders but does not make loans?
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Match the following loan types with their characteristics:
Match the following loan types with their characteristics:
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Insurance companies prefer non-income producing properties.
Insurance companies prefer non-income producing properties.
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The _____ market is where lenders make mortgage loans directly to borrowers.
The _____ market is where lenders make mortgage loans directly to borrowers.
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Which appraisal method is best for determining the value of new buildings?
Which appraisal method is best for determining the value of new buildings?
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The term 'depreciation' refers to an increase in value over time.
The term 'depreciation' refers to an increase in value over time.
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What is the formula to calculate Gross Multipliers?
What is the formula to calculate Gross Multipliers?
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The total area of one acre is ______ square feet.
The total area of one acre is ______ square feet.
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Match the following types of liens with their definitions:
Match the following types of liens with their definitions:
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What does a higher Cap Rate indicate?
What does a higher Cap Rate indicate?
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What is the purpose of a construction loan?
What is the purpose of a construction loan?
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Economic obsolescence is caused by poor planning.
Economic obsolescence is caused by poor planning.
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What is the main difference between an Exclusive Agency Listing and an Exclusive Authorization and Right to Sell Listing?
What is the main difference between an Exclusive Agency Listing and an Exclusive Authorization and Right to Sell Listing?
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A Hold Harmless Clause ensures that one party can hold the other responsible for any losses that may arise.
A Hold Harmless Clause ensures that one party can hold the other responsible for any losses that may arise.
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What does a Contingency Clause define?
What does a Contingency Clause define?
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The principle that states no prudent person would pay more for a property than another that is available for less is called the _______.
The principle that states no prudent person would pay more for a property than another that is available for less is called the _______.
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What does the Protection Period Clause (Safety Clause) allow an agent to do?
What does the Protection Period Clause (Safety Clause) allow an agent to do?
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The Essential Elements of Value are represented by the acronym STUD.
The Essential Elements of Value are represented by the acronym STUD.
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What is a Net Listing?
What is a Net Listing?
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Study Notes
Bundle of Rights
- Bundle of rights include possession, control, exclusion, sell, and enjoyment of property.
Real Property
- Real property involves immovable property.
Personal Property
- Personal property is generally movable property.
Chattel Real
- Chattel real is personal property, like a leasehold interest.
Fixture
- A fixture was personal property, but is now real property.
- The MARIA method (Method, Adaptability, Relationship, Intention, Agreement) can determine if something is a fixture.
Trade Fixture
- Trade fixtures are personal property because they go with a business.
Riparian Rights
- Riparian rights pertain to moving bodies of water (rivers).
Littoral Rights
- Littoral rights pertain to standing bodies of water (lakes).
Accretion
- Accretion describes additional land due to water.
Avulsion
- Avulsion is the sudden tearing away of land.
Reliction
- Reliction is the gradual recession of water, leaving land uncovered.
Appurtenances
- Appurtenances run with the land.
Freehold Estate
- A freehold estate has no fixed duration of ownership.
- Fee simple absolute is the highest possible ownership.
Fee Simple Defeasible
- Fee simple defeasible involves ownership with a condition.
Life Estate
- A life estate involves ownership for the duration of a person's life.
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Description
Test your knowledge on the various concepts surrounding real and personal property, including the bundle of rights, fixtures, and water rights. This quiz covers essential definitions and principles that are critical for understanding property laws.
