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Types of Limitations on Legal Ownership Interests

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Types of Limitations on Legal Ownership Interests

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Questions and Answers

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?

Liens

Easements (correct)

Licenses

Deed restrictions

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?

Affirmative (B) Signup and view all the answers

Under what circumstances does a lien convey ownership?

When part of a mortgage in a title theory state (D) Signup and view all the answers

What happens to a lien upon payment and recording satisfaction?

It terminates its attachment to the property (A) Signup and view all the answers

Which type of lien can be created voluntarily by a debtor?

Personal lien (D) Signup and view all the answers

What is the purpose of a negative easement?

Prohibits use on servient tenement by dominant tenement (B) Signup and view all the answers

What happens to an easement upon the death of the easement holder?

Not transferable, it terminates (B) Signup and view all the answers

What type of enclosure is a party wall easement?

Negative easement (A) Signup and view all the answers

What is the main difference between a voluntary lien and an involuntary lien?

A voluntary lien is imposed by the debtor without legal intervention, while an involuntary lien is imposed by law without the debtor's consent. (A) Signup and view all the answers

What is the security interest that has the highest priority called?

Superior lien (C) Signup and view all the answers

When it comes to lien priority ranking, what comes before junior liens?

Superior real estate tax liens (A) Signup and view all the answers

Which type of lien is achieved through a lawsuit by the creditor followed by court-ordered public sale?

Judicial Foreclosure (D) Signup and view all the answers

In which situation does a borrower have the option to reclaim their property before or after a foreclosure sale?

Mortgage Lien Foreclosure (C) Signup and view all the answers

What do superior liens include in terms of priority ranking?

Real estate tax liens (A) Signup and view all the answers

In which type of foreclosure is there no deficiency judgment or redemption period after the sale?

Judicial Foreclosure (A) Signup and view all the answers

What does a deed in lieu of foreclosure allow sellers to do?

Avoid actual foreclosures through loan concessions provided by lenders (A) Signup and view all the answers