Podcast
Questions and Answers
What are the two categories of limitations on legal ownership interests that impact the legal owner's rights?
What are the two categories of limitations on legal ownership interests that impact the legal owner's rights?
- Encumbrances impacting use and ownership, value, and transferability (correct)
- Easements and liens
- Deed conditions and licenses
- Encumbrances impacting possession and value
Which of the following is an example of encumbrances impacting use?
Which of the following is an example of encumbrances impacting use?
- Liens
- Easements (correct)
- Licenses
- Deed restrictions
What is the impact of liens on the equity of a property?
What is the impact of liens on the equity of a property?
- Have no effect on equity
- Reduce the equity by the amount of the lien recorded on title (correct)
- Convert the lien into ownership
- Increase the equity
Which type of easement grants permission for use?
Which type of easement grants permission for use?
Under what circumstances does a lien convey ownership?
Under what circumstances does a lien convey ownership?
What happens to a lien upon payment and recording satisfaction?
What happens to a lien upon payment and recording satisfaction?
Which type of lien can be created voluntarily by a debtor?
Which type of lien can be created voluntarily by a debtor?
What is the purpose of a negative easement?
What is the purpose of a negative easement?
What happens to an easement upon the death of the easement holder?
What happens to an easement upon the death of the easement holder?
What type of enclosure is a party wall easement?
What type of enclosure is a party wall easement?
What is the main difference between a voluntary lien and an involuntary lien?
What is the main difference between a voluntary lien and an involuntary lien?
What is the security interest that has the highest priority called?
What is the security interest that has the highest priority called?
When it comes to lien priority ranking, what comes before junior liens?
When it comes to lien priority ranking, what comes before junior liens?
Which type of lien is achieved through a lawsuit by the creditor followed by court-ordered public sale?
Which type of lien is achieved through a lawsuit by the creditor followed by court-ordered public sale?
In which situation does a borrower have the option to reclaim their property before or after a foreclosure sale?
In which situation does a borrower have the option to reclaim their property before or after a foreclosure sale?
What do superior liens include in terms of priority ranking?
What do superior liens include in terms of priority ranking?
In which type of foreclosure is there no deficiency judgment or redemption period after the sale?
In which type of foreclosure is there no deficiency judgment or redemption period after the sale?
What does a deed in lieu of foreclosure allow sellers to do?
What does a deed in lieu of foreclosure allow sellers to do?
