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Chapter 2 Continued Questions &Exam (elaborations) answers 100% satisfaction guarantee
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Chapter 2 Continued Questions &Exam (elaborations) answers 100% satisfaction guarantee
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STUVIAChapter 2 Continued
(also referred to as real property tax or ad valorem taxes) and special assessment
taxes are liens on property to secure the payment of taxes. - ✔✔Real estate taxes
(materialman or laborer liens) are liens claimed by someone who has supplied labor
and/or material for improvements, maintenance, or repairs on real estate but has not
been paid. In North Carolina, the lien can be filed against the property on which the
work or materials was provided any time up to 120 days after the last day the later or
material was furnished - ✔✔Mechanic Liens
A confession of judgment is when someone who owes money permits judgment to be
entered against him or her by written statement without any legal proceedings. -
✔✔Voluntary Judgment Liens
a gas company digging up part of your backyard to fix a leak. - ✔✔An example of an
easement in gross is
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A license - ✔✔revocable, non-assignable permission to enter another's land for a
particular purpose, such as the right to fish or hunt on someone else's property. They
terminate at the sale of the property or the death of either the licensee or the licensor.
A person transferring a fee simple interest can put no limitations on new owners. Even
when the current owner holds the property as fee simple absolute, he or she can put
limitations on the property that the new owner must follow. - ✔✔Which statement
about a fee simple absolute estate is FALSE?
A type of property ownership under which residents have the right to occupy a unit by
purchasing stock shares in the corporation that owns the property. - ✔✔Cooperative
A unique deed held by a unit owner of a condominium that documents the ownership of
that specific unit. - ✔✔Unit Deed
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abandonment - ✔✔Instead, let's say that Chris hits the lottery for $350 million before
he harvests the corn. He calls Carmen and tells her that he has no interest in
harvesting the corn. What's the most likely way his easement will be terminated?
also known as the developer, is the person, corporation, or other entity that is part of
the sale and development of condo property. Sponsors establish a condominium by
filing a condominium declaration. They also file bylaws and establish the CC&Rs for
the unit owners association. - ✔✔Sponsor
An affirmative easement allows the owner of the easement to do something, while a
negative easement forbids something. This is an affirmative easement. - ✔✔The gas
company's easement in gross is a negative easement.
An easement by express grant means a landowner divides land and includes language
in the deed so the seller retains an easement across his former land. This can also be
part of the deed transfer or be in a separate document conveying only the easement. -
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✔✔Express Grant:
An easement may NOT be expanded to serve nondominant (unbenefited) land.
An easement may NOT be relocated by the servient estate owner without permission
of the dominate estate owner nor may it be expanded by width without permission.
Once established, the dominant estate easement holder may NOT change an
easement nor greatly increase its use to increase the burden of the servient estate. -
✔✔Real estate agents should know the following about easements:
an encroachment. - ✔✔After a buyer purchases a property, he has a survey made
and finds that his neighbor recently built a fence 10 feet over onto the buyer's land.
This is an example of
appurtenant easement, where Darrell's property is the dominant tenement and Lin's
property is the servient tenement. - ✔✔Darrell bought a new house, which includes
the right to drive across Lin's property to get to his own. This is an example of a(n
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are taxes levied only against properties that benefit from a public improvement (e.g., a
sewer or street light) to cover the cost of the improvement; creates a special
assessment lien (an involuntary lien). To be enforceable, the taxes creating the lien
must be legitimate, which requires them to be properly levied, used for legal purposes,
and equitably applied to all landowners. - ✔✔Special assessment taxes
Carly's deed gives her access to the beach. If it's a deed to provide access over
someone else's property, it's more likely to be an easement, not a license. The other
choices could more reasonably be called licenses. An answer choice that is wrong is
Brenda buys a ticket to a rock concert. - ✔✔Which of the situations described would
LEAST LIKELY be an example of a license?
Cooperative - A cooperative sells shares in the co-op, which are personal property.
Oscar would have a proprietary lease, but he would not own real property. - ✔✔Oscar
is looking to buy a low maintenance residence. Which option will NOT give Oscar
ownership of real property?
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dominant - ✔✔Jared has an easement to drive across his neighbor Vicky's property to
get to his barn. Jared's property is known as the ______________ tenement.
easement - ✔✔A nonpossessory interest and an encumbrance on property that grants
the right to use another person's real property for a particular purpose is an
Easement Appurtenant - ✔✔The right acquired by the owner of one parcel of land to
use another's adjacent land for a specific purpose. There must be two tracts of land;
one becomes the dominant tenement (it benefits from the easement), and the other
becomes the servient tenement.
easement by agreement - ✔✔Jacob and Jeremy share part of a driveway. To ensure
that each can enjoy use of the driveway and share the maintenance costs, they most
likely have what type of easement?
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