Exam (elaborations)
MISSISSIPPI REAL ESTATE EXAM 1 QUESTIONS AND ANSWERS
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MISSISSIPPI REAL ESTATE EXAM 1 QUESTIONS AND ANSWERS
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1-103 of 1031. the lien's categorization as superior or junior
2. the date of recordation of the lien
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Lien Priority
North-south lines 6miles apart
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Meridian
A condition can only be created within a transfer of ownership. If a condition is later
violated, a suit can force the owner to forfeit ownership to the previous owner.
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Deed Condition
Novation: Parties to a contract can agree to terminate the contract. If the parties wish
to create a new contract to replace the cancelled contract, they must comply with the
validity requirements for the new contract.
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Novation
To the client: Skill, care, diligence; loyalty; obedience; confidentiality; disclosure;
accounting
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Fiduciary Responsibilities to client
,Transfer of one's entire interest in an item of
real or personal property. The assignor transfers the
interest to the assignee.
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Assignment
Datum: standard elevation reference point
Benchmark: officially surveyed and registered elevation marker
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Describing Elevation
Shortcut method for estimating the value of an income property. The procedure
involves multiplying the property's gross monthly rent times a multiplier that reflects
the ratio between gross monthly rent and sale price that is typical for similar
properties in the area.
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Gross rent/income multiplier
Interest in real property that gives the holder the right to use portions of real
property in a defined way.
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, Easement
Bargain and sale deed containing the assurance that the grantor will defend against
any and all claims to the title.
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General Warranty Deed
Acts as a blueprint for subsequent zoning ordinances and rulings uses intensive
research and public opinion
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Master Plan
properties abutting moving water such as streams and rivers. If a property abuts a
stream or river, the owner's riparian rights are determined by whether the water is
navigable or not navigable. Navigable to water's edge
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Riparian Rights
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