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Bermuda Real Estate QUESTIONS & ANSWERS(2024 LATEST UPDATE) $13.49   Add to cart

Exam (elaborations)

Bermuda Real Estate QUESTIONS & ANSWERS(2024 LATEST UPDATE)

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  • Course
  • Bermuda Real Estate
  • Institution
  • Bermuda Real Estate

Defect/Cloud in the title - ANSWER Conflicting claims that prevent the absolute legal conveyance of CLEAR TITLE Period to Period is a type of leasehold that: - ANSWER Has no specific expiration but the length is specified (like a month to month lease) Net Lease - ANSWER lease in which the ten...

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  • August 10, 2024
  • 26
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • bermuda real estate
  • Bermuda Real Estate
  • Bermuda Real Estate
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shantelleG
Bermuda Real Estate
QUESTIONS &
ANSWERS(2024 LATEST
UPDATE)
Defect/Cloud in the title - ANSWER Conflicting claims that prevent the absolute legal conveyance of
CLEAR TITLE



Period to Period is a type of leasehold that: - ANSWER Has no specific expiration but the length is
specified (like a month to month lease)



Net Lease - ANSWER lease in which the tenant pays some or all of the operating expenses of the
property in addition to rent. Often commercial.



Adverse Possession - ANSWER A person takes possession & use of a property belonging to another.
Possession must be open, notorious, hostile & uninterrupted for a certain period of time.



Estoppel - ANSWER Legal bar that prevents contradictions. Often a document that 'stops' prevents
people from contradicting earlier agreements or statements



Conformity appraisal method - ANSWER Orchard in the midst of a housing development



Anticipation value - ANSWER Valued on future income.

,nonrecourse loan - ANSWER a loan that carries neither a penalty nor further obligation to repay if not
paid back



Government Rectangular Survey System - ANSWER



Land (Definition) - ANSWER immobility, permanence, uniqueness, indestructablity



Annexation - ANSWER term by attachment becomes real property



Severance - ANSWER term by separating a fixture from real property becomes personal property



Monument - ANSWER landmark natural or stake to mark a boundry



Joint Tenancy - ANSWER A form of co-ownership that includes the right of survivorship. EQUAL



foreshore encroachments - ANSWER docks



foreshore lease - ANSWER 21 years



Non-conforming use - ANSWER Use after a zoning change - grandfathered (BEFORE ZONING)



Variance - ANSWER Added after zoning in place - granted (AFTER ZONING)



Conditional use - ANSWER permitted use that can be revoked



Spot zoning - ANSWER a change in the zoning ordinance for a particular area



buffer zone - ANSWER new industrial park and zone space between

, Special assessment - ANSWER Tax only on property directly benefiting from an improvement



Constructive Notice - ANSWER Notice given by recorded documents. Revealed in Due Diligence search.



Escalator Clause Lease - ANSWER



Actual Notice - ANSWER Personally given to somebody/ signed for



Priority of Liens - ANSWER Based on time or date of recording



Equitable liens - ANSWER Court order



Fee Simple Absolute - ANSWER No conditions on use or transfer



alienation of title - ANSWER A change of ownership. May be voluntary (sold the property) or involuntary
(foreclosure sale).



testate - ANSWER having a will



Intestate Succession - ANSWER the method used to distribute property owned by a person who dies
without a valid will



nuncupative will - ANSWER an oral will



Holographic Will - ANSWER A will written entirely by the testator with his own hand.



devise - ANSWER real property disposed of in a will

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