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Champions School of Real Estate Exam Prep National Chapter 1 & 2 -Solved
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Champions School of Real Estate Exam Prep National Chapter 1 & 2 -Solved
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Champions School of Real Estate Exam Prep National Chapter 1 & 2 -Solved____________ is the most common example of police power. - ANS-Zoning
(squatter's rights) occurs when property is acquired from the rightful owner through the Statute Of Limitations. 10 years in Texas. - ANS-Adverse Possession
A _________ zone allows for a higher population density with houses clustered together, leaving more green space open for parks and recreation - ANS-Planned Unit Development
A __________ is any instrument or document that transfers an interest in real property. Ownership is most often transferred by deed, patent, power of attorney, or will. - ANS-
Conveyance
A _________________ attaches to one or more specific or named properties
(Example: a mortgage). - ANS-Specific Lien
A deed that gives NO warranties or guarantees and offers the least protection. It is used
to clear a cloud on the title or to cure a defect in title. - ANS-Quitclaim Deed
a deed with only one covenant. - ANS-Bargain and Sale Deed
A general lien attaches to all the property of the debtor, not exempt from forced sale (Example: a judgment or IRS lien) - ANS-General Lien
a lease that can be terminated by either party at will without notice. - ANS-Estate at Will
a lease with a fixed period that is automatically renewed unless the
tenant or landlord acts to terminate it. A month-to-month lease is this type. Notice to Terminate is usually required, typically 30 days' notice - ANS-Periodic Tenancy
A legal Description is created and determined by a surveyor - ANS-Surveyor
A Procedure to divide the co-tenant's interests in real property. It can be a court or voluntary action. ___________ would divide the property into pieces and end the joint tenancy - ANS-Partition
A short sale will result in a _______________ on the credit report of a defaulting borrower, but it is better than a foreclosure. - ANS-Negative Note
A single woman dies without will, is this Escheat? - ANS-False A theory of water law based on the idea that "first in time is first in right." The first landowner to claim water rights has the exclusive right to take all the water for specific beneficial uses. - ANS-Prior Appropriation
Access - ANS-Grant
agrees to compensate or reimburse the insured against any losses
sustained as a result of defects in the title, other than those exceptions listed in the policy. - ANS-A title insurance policy
Also known as Government survey system that uses base lines, meridians, townships, and sections. - ANS-Rectangular Survey System
An area of land separating one land use from another, such as residential from commercial. - ANS-Buffer Zone
Any excess money left over from the forced sale is given to the _________ - ANS-
Debtor
Are an investments for residents. The land and buildings are owned by a
corporation. Residents must buy shares in the corporation in exchange for a "proprietary
lease" on their unit. - ANS-Cooperative or "Co-ops"
As mentioned previously, __________________ are the highest priority lien. These are an automatic unrecorded lien and will always be paid first in the event of foreclosure. All
other liens have priority determined by date of recording. - ANS-Property Taxes
Assert your knowledge of encroachment as soon as you know - ANS-Doctrine of Laches
At any time up to the moment of the foreclosure, the borrower has the right to step in and pay what is owed and reclaim property forfeited due to mortgage default.
Most Favorable - ANS-Redemption
can divide property to end joint tenancy. It can also result in the court ordered sale of property with multiple owners unable to agree on the division, use or sale of the property. - ANS-Partition
Change of ownership of real property - ANS-Alienation
Charge against property as a security for debt Limit on your rights Encumbrance Cloud on the title - ANS-Lien
Class of Property owned by the lender - ANS-Real Estate Owned
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