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Real Estate 306 Midterm 1 Questions And Answers With Verified Solutions Graded A+
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covenant against encumbrances - no encumbrances except as noted in deed .. ex liens or easements actual notice - open, continuous, actual possession of property affirmative easements appurtenant - easements give the dominant parcel some intrusive use of the servient parcel ex. shared driveways...

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  • August 2, 2024
  • 19
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • Real Estate 306
  • Real Estate 306

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Real Estate 306 Midterm 1
covenant against encumbrances - no encumbrances except as noted in deed .. ex liens or
easements



actual notice - open, continuous, actual possession of property



affirmative easements appurtenant - easements give the dominant parcel some intrusive use of
the servient parcel

ex. shared driveways, parking



baselines vs principal lines - baselines (east to west) RANGE LINES

principal (north to south) TIER LINES



building codes - preserves real estate value

addresses the issue of incomplete information

buyers may be unaware of risks (ex. dont know about wind tolerance in event of a hurricane, safety of
electrical or gas systems)

constantly evolving



capital markets - allocate financial resources among households and firms requiring funds

ex. stocks, bonds, mortgage contracts... anything that will give a financial return

provides equity and debt



capitalization rate - ratio of property's annual net income from rental operations to its value

net income/price of property



comprehensive plan - REQUIRED BY LAW TO HAVE THIS PLAN

,projected future population growth

requirements for water and waste disposal

projected needs for public services, utilities, schools, safety

projected demands for various land uses... public, residential and non residential



condemnation - legal procedure for exercising the right of eminent domain

- just compensation based on highest and best use.... this means that government will pay you for your
property based on the highest possible findings for what it's worth

acknowledgement and delivery - necessary to confirm that grantor acted voluntarily to give
interest

some are notorized



delivery must be observable and verifiable intent that the deed is to be given to the grantee



conditional use permit (CUP) - conditional land uses subject to case by case review

customized condition

politicized proecess



condominium - form of ownership combining single person ownership with the tenancy in
common

owner holds fee simple interest to a certain space.



covenant definition - legally binding promises for which the grantor becomes liable



covenant of quiet enjoyment - nobody with a higher claim to the title will take the property
instead



covenant of seizin - grantor has good title and right to convey it

, declaration of covenants - series of restrictions on the use of lots in order to improve the
perceived quality, stability and value of the lots



deed - special WRITTEN contract for conveying permanent interest in real property

must meet certain requirements such as name of grantor and grantee, covenants and clauses,



deed of bargain and sale - no covenants, implies claim of ownership, used by businesses

grantee has to figure out liens, restrictions etc



deed restriction - the owner who created the restriction or that owner's heirs are the only persons
who can enforce the restriction



doctrine of constructive notice - Cannot be bound by what you cannot know



OR - can be bound by what you COULD know



easement - right to use land for a specific and limited purpose

- run with the land; the rights are inseparable from the affected parcels



easement appurtenant - involves a relationship between two adjacent parcels of land

(dominant and servient parcel)

(affirmative and negative)



easement in gross - right to use land for a specific, limited purpose unrelated to any adjacent
parcel

ex. fishing, hunting, boating, put up a power line, run an irrigation ditch, harvest timber or crops

transferrable separately from land title owner or ownership

ex. lakeshore path

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