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WRA Chapter 8 Questions & answers with Complete solutions | Latest edition
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WRA Chapter 8 Questions & answers with Complete solutions | Latest edition
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WRA Chapter 8Easement by Prescription - CORRECT ANSWER-An easement created by
adverse use of a property over a statutory period.
Chain of Title - CORRECT ANSWER-Chronological record of a property's
ownership.
Specific Lien - CORRECT ANSWER-A claim against a piece of property.
Gap Endorsement - CORRECT ANSWER-When a title company will provide
coverage for liens that occur between the title commitment and the recording of
the deed.
Warranty Deed - CORRECT ANSWER-A deed in which the grantor warrants
clear title to the property.
Personal Representative's Deed - CORRECT ANSWER-A deed used by a
personal representative when conveying property from an estate.
Recording - CORRECT ANSWER-A written instrument affecting any estate, right,
title, or interest in land that is recorded in the public records in the county where
the land is located.
Abstract of Title - CORRECT ANSWER-A condensed history of a property's title
showing, in chronological sequence, matters such as conveyances, liens, and
encumbrances that have been recorded against the title in the office of the
register of deeds or other public recording place.
Encroachment - CORRECT ANSWER-To advance upon, or trespass upon the
property of another as in the extension of some improvement or object across the
boundary of a neighboring tract.
Dominant Estate/Tenement - CORRECT ANSWER-A party to an easement who
received an easement right to use another's property.
,Gap Period - CORRECT ANSWER-The time between the effective date of a title
commitment and the recording of the owner's interest.
Constructive Notice - CORRECT ANSWER-Knowledge that the law presumes a
person has because of documents that have been recorded as a matter of public
record.
Equitable Title - CORRECT ANSWER-The right to obtain absolute ownership of
a property when legal title is held in another's name.
General Lien - CORRECT ANSWER-A claim on both real and personal property
owned by an individual.
Lis Pendens - CORRECT ANSWER-A notice filed on public record to give
constructive notice that a property is in litigation and there may be a forthcoming
lien.
Use-value Assessment - CORRECT ANSWER-A method of assessing Wisconsin
agricultural land for property tax purposes.
Easement in Gross - CORRECT ANSWER-An interest to use another's land that
usually ends with the death of the grantee or transfer of property.
Deed - CORRECT ANSWER-A document that transfers ownership of title.
Encumbrance - CORRECT ANSWER-Any claim against a property that may
diminish its value.
Lien - CORRECT ANSWER-A legal right to place a claim or encumbrance on
property or have it sold for payment of a debt.
Appurtenant Easement - CORRECT ANSWER-An easement that exists between
two adjacent property owners where one is the dominant estate and the other is
the servient estate.
Title Insurance Policy - CORRECT ANSWER-An insurance policy that protects
the insured against loss or defects that may occur in the title.
, Ad Valorem - CORRECT ANSWER-Latin for according to valuation.
Easement by Necessity - CORRECT ANSWER-An easement that is acquired
through the operation of law allowing a purchaser of land ingress and egress.
Special Assessment - CORRECT ANSWER-A tax on property owners in the area
of an improvement such as new curbs and gutters.
Construction Lien - CORRECT ANSWER-A specific, involuntary lien placed
against real property for securing a debt.
Servient Estate/Tenement - CORRECT ANSWER-The landowner who grants or
serves the right to use property to another in an appurtenant easement.
Writ of Attachment - CORRECT ANSWER-The method by which the court gains
custody of a deed to assure that the collateral will not be sold without satisfaction
of a court ordered judgment.
Property Taxes - CORRECT ANSWER-Taxes levied by the government against
real estate.
Party Wall Easement - CORRECT ANSWER-A wall that is located on a boundary
line between two adjoining parcels of land.
Easement - CORRECT ANSWER-An incorporeal right held by one party to make
use of the land of another for a limited purpose.
Judgment Lien - CORRECT ANSWER-A lien binding the real estate of one who
is in debt to the holder of a judgment, giving the holder a right to foreclose on the
land for the satisfaction of the judgment.
Marketable Title - CORRECT ANSWER-A title that is free from defects and
encumbrances and may be transferred to another party.
Quitclaim Deed - CORRECT ANSWER-A deed that conveys title to real property
without making warranties or representations regarding the quality of the deed.
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