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Utah Real Estate Sales General Exam (Sales Agent) questions with answers.
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Utah Real Estate Sales General Exam (Sales Agent) questions with answers.
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Utah Real Estate Sales General Exam(Sales Agent) questions with answers.
What's the difference between real and personal property? ANS -Real property is immovable,
indestructible, and no two parcels are the same. It's also scarce, it can be improved upon and it's
location affects its value
Fixtures ANS -Always considered real property. The test is how it was attached; whether the property
was adapted around it; and the intent of the owner
Trade Fixtures ANS -Never considered real property. Owned by the business. They may be removed
Metes & Bounds ANS -Most accurate form of property measuring. Most likely used to establish the
property's boundary lines
Subdivisions ANS -Described using the Lot, Block, & Plat method
Freehold Estate ANS -Simply means that you have an ownership interest in the property
Fee Simple Absolute ANS -Also called 'fee title', or just 'fee
Type of Freehold Estate
Def: Highest form of holding title in real estate in which the property owner has unconditional and
absolute ownership of real property
Fee Simple Defeasible ANS -Type of Freehold Estate
Means that the fee can be defeated because of an attached condition. Different defeasible fees include:
,Fee simple determinable - carries an automatic reversion (automatically goes back to grantor)
Fee simple with condition subsequent - carries a right of re-entry (Grantor must act in order to exercise)
Fee Simple with Condition Precedent ANS -This is a future interest
Def: This is related to condition subsequent, except in this type of fee simple estate, ownership can't
pass to the grantee until a condition is met.
Life Estate ANS -An ownership interest that is based on the life of the grantee; it can be SOLD, but
cannot be inherited.
Life Estate Pur Autre Vie ANS -Life Estate "for another's life"
Based on the life of someone other than the original grantee and it cannot be inherited
Non-Freehold Estate ANS -This is a LEASE. No ownership
the FOUR property rights you need to know ANS -Possession
Use (utility)
Quiet Enjoyment - has to do with claims against Title, not against your ears!
Disposition
Title to property can be taken in one of the following ways: ANS -Severalty (one person, regardless fo
how title started; corporate entities)
Joint Tenancy (must be established by PITT - Possession, Interest, Time, & Title. Rights of survivorship - if
you die it goes to other owners NOT to heirs)
Tenants in Common (think roommates - you can sell your share)
,Tenancy by the Entirety (must be established by married PITT)
Can a joint tenant sell his/her interest without the consent of the other joint tenant(s)? ANS -A co-
tenant may not sell their shares of the property without the consent of all other tenants.
Instead of selling, a joint tenant can transfer their shares to another person. However, transferring
shares terminates the joint tenancy agreement, forcing the new co-owner to enter a new ownership
arrangement with the remaining co-tenant(s). The new arrangement, known as a tenancy in common,
will be discussed in more detail in the next section of this article.
Can a joint tenant sell the property without the consent of the other joint tenant(s)? ANS -NO
They would file a partition action (type of lawsuit)
Can a tenant by the entirety sell their interest without the consent of the spouse? ANS -NO
With both spouses having full ownership of the property under TBE (Tenants by Entirety), neither one
can sell their share of the property or, in some states, place a lien against the property without mutual
consent. Creditors cannot go after the property if only one spouse is sued for unpaid debt.
To claim title by adverse possession, the possessor must show COHEN: ANS -Continuous
Open
Hostile
Exclusive
Notorious
What is a Quiet Title Action? ANS -Lawsuit to settle the ownership claims against the title.
A party with a claim of ownership to land can file an action to quiet title, which serves as a sort of
lawsuit against anyone and everyone else who has a claim to the land.
, Eminent Domain ANS -One of the ways that the Government controls property
(Requires just compensation)
Eminent domain refers to the power of the government to take private property and convert it into
public use.
Most common examples are ROADS - The path runs through a private property but the gov takes it in
order to build the road.
Police Power ANS -One of the ways that the Government controls property
(Such as licensing, and laws concerning emergencies on the property)
Zoning ANS -One of the ways that the Government controls property
Zoning laws regulate the use of land within a municipality. It controls the ways in which the land can be
developed and what purposes the zoned land can serve. Zoning is what keeps a residential district
residential, a commercial district commercial, an industrial district industrial, and so on.
Buffer Zones (Zoning) ANS -A buffer is found between two lots, such as a fence, wall, or row of trees. A
buffer zone is a space of land between two use districts, and may be something like a park, playground,
or highway.
Legal Non-Conforming Use (Zoning) ANS -Generally refers to a type of zoning variance wherein a
person's property is exempt or excepted from city zoning ordinances.
This occurs because the owner had made improvements to the land prior to the current zoning laws
being put into effect.
Variance (Zoning) ANS -Essentially, a property owner requests a variance when their planned use of their
property deviates from local zoning laws designed to protect property values. If granted, a variance acts
as a waiver to some aspect of the zoning law or regulations. Stays with the land even if sold.
Examples:
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