Bermuda Real Estate UPDATED Exam Questions and CORRECT Answers
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Course
Bermuda Real Estate
Institution
Bermuda Real Estate
Bermuda Real Estate UPDATED Exam
Questions and CORRECT Answers
Defect/Cloud in the title - CORRECT ANSWER- Conflicting claims that prevent the absolute
legal conveyance of CLEAR TITLE
Period to Period is a type of leasehold that: - CORRECT ANSWER- Has no specific
expiration but the length i...
Bermuda Real Estate UPDATED Exam
Questions and CORRECT Answers
Defect/Cloud in the title - CORRECT ANSWER- Conflicting claims that prevent the absolute
legal conveyance of CLEAR TITLE
Period to Period is a type of leasehold that: - CORRECT ANSWER- Has no specific
expiration but the length is specified (like a month to month lease)
Net Lease - CORRECT ANSWER- lease in which the tenant pays some or all of the
operating expenses of the property in addition to rent. Often commercial.
Adverse Possession - CORRECT ANSWER- A person takes possession & use of a property
belonging to another. Possession must be open, notorious, hostile & uninterrupted for a
certain period of time.
Estoppel - CORRECT ANSWER- Legal bar that prevents contradictions. Often a document
that 'stops' prevents people from contradicting earlier agreements or statements
Conformity appraisal method - CORRECT ANSWER- Orchard in the midst of a housing
development
Anticipation value - CORRECT ANSWER- Valued on future income.
nonrecourse loan - CORRECT ANSWER- a loan that carries neither a penalty nor further
obligation to repay if not paid back
Government Rectangular Survey System - CORRECT ANSWER-
Land (Definition) - CORRECT ANSWER- immobility, permanence, uniqueness,
indestructablity
Annexation - CORRECT ANSWER- term by attachment becomes real property
,Severance - CORRECT ANSWER- term by separating a fixture from real property becomes
personal property
Monument - CORRECT ANSWER- landmark natural or stake to mark a boundry
Fee Simple Absolute - CORRECT ANSWER- No conditions on use or transfer
alienation of title - CORRECT ANSWER- A change of ownership. May be voluntary (sold
the property) or involuntary (foreclosure sale).
testate - CORRECT ANSWER- having a will
Intestate Succession - CORRECT ANSWER- the method used to distribute property owned
by a person who dies without a valid will
nuncupative will - CORRECT ANSWER- an oral will
Holographic Will - CORRECT ANSWER- A will written entirely by the testator with his own
hand.
devise - CORRECT ANSWER- real property disposed of in a will
Adverse Possession - CORRECT ANSWER- The actual, open, notorious, hostile, and
continuous possession of another's land under a claim of title, must be 20 years.
Redemption - CORRECT ANSWER- mortgage default then payoff and claim back property
balance app - CORRECT ANSWER-
Friendly Foreclosure - CORRECT ANSWER- deed in lieu of foreclosure
, forebearance - CORRECT ANSWER- work out loan for debt
Tenants in Common - CORRECT ANSWER- shared ownership of a single property among
two or more persons; interests need not be equal and no right of survivorship exists.
FRACTIONAL
Joint Tenancy - CORRECT ANSWER- A form of co-ownership that includes the right of
survivorship. EQUAL
foreshore encroachments - CORRECT ANSWER- docks
foreshore lease - CORRECT ANSWER- 21 years
Non-conforming use - CORRECT ANSWER- Use after a zoning change - grandfathered
(BEFORE ZONING)
Variance - CORRECT ANSWER- Added after zoning in place - granted (AFTER ZONING)
Conditional use - CORRECT ANSWER- permitted use that can be revoked
Spot zoning - CORRECT ANSWER- a change in the zoning ordinance for a particular area
buffer zone - CORRECT ANSWER- new industrial park and zone space between
Special assessment - CORRECT ANSWER- Tax only on property directly benefiting from an
improvement
Constructive Notice - CORRECT ANSWER- Notice given by recorded documents. Revealed
in Due Diligence search.
Escalator Clause Lease - CORRECT ANSWER-
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