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Real Estate Michigan 2023 updated already passed
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Real Estate Michigan 2023 updated already passed
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Real Estate Michigan 2023There are various ways to take ownership of a "Real Property" Which type of ownership includes the
right of Survivorship? - correct answer ✔✔Joint Tenancy
Joint Tenancy - correct answer ✔✔A form of co-ownership that includes the right of survivorship.
Linda Purchased a fee simple interest for the private use of a residential property for one week every
single year. What did Linda Purchase? - correct answer ✔✔Resort TimeShare
resort timeshare - correct answer ✔✔the exclusive use of a property for a specified number of days each
year
What is the status of the contract when all the terms have been fulfilled and the transaction has been
closed? - correct answer ✔✔Fully Executed
Fully executed - correct answer ✔✔When a sale finally closes, the contract
Severable Rights - correct answer ✔✔Land can be laterally severed into surface rights, air rights, and
subsurface rights.
Easment Appurtenant - correct answer ✔✔most common type of easement - benefits a neighboring
property - (attaches itself to a piece of property, it's said to run with the land)
**access to travel over the property to access another property when the lots of property are adjoining
What is the highest form of land ownership? - correct answer ✔✔Fee simple absolute
Fee Simple Absolute - correct answer ✔✔The maximum possible estate one can possess in real property;
also referred to as fee simple or fee.
, Fee Simple Determinable - correct answer ✔✔An ownership in which the estate is held " so long as" or
"during the period" a condition or limitation is maintained.
Fee Simple Defeasible - correct answer ✔✔A type of ownership of real property that grants the owner
all the incidents of a fee simple absolute except that it may be taken away if a specified condition occurs
or does not occur
Tenancy in Common - correct answer ✔✔A form of concurrent ownership where two or more persons
hold separate titles in the same estate. May have equal or unequal shares. Right of partition.
Tenancy in severalty - correct answer ✔✔real estate ownership by only one
Four Public Limitations On Private Property - correct answer ✔✔Police Power
Eminent Domain
Taxes
Escheat
What is the purpose of cities to require building permits? - correct answer ✔✔To require a minimum
level of security and standards for the city
Emenant Domain - correct answer ✔✔Allows the government to take possession of the private owner as
long as the owner is compensated.
When someone passed and has no heirs to the property what would this doctrine be called? - correct
answer ✔✔Escheat
Escheat - correct answer ✔✔The state takes property upon an owners death if there is no will & no heirs
exist.
Comparative Market Analysis (CMA) - correct answer ✔✔A comparison of the prices of recently sold
homes that are similar to a listing seller's home in terms of location, style, and amenities.
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