Bermuda Real Estate UPDATED ACTUAL Questions and CORRECT Answers
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Course
Bermuda Real Estate
Institution
Bermuda Real Estate
Bermuda Real Estate UPDATED ACTUAL
Questions and CORRECT Answers
Defect/Cloud in the title - CORRECT ANSWER- Conflicting claims that prevent the
absolute legal conveyance of CLEAR TITLE
Period to Period is a type of leasehold that: - CORRECT ANSWER- Has no specific
expiration but the length...
Bermuda Real Estate UPDATED ACTUAL
Questions and CORRECT Answers
Defect/Cloud in the title - CORRECT ANSWER✔✔- Conflicting claims that prevent the
absolute legal conveyance of CLEAR TITLE
Period to Period is a type of leasehold that: - CORRECT ANSWER✔✔- Has no specific
expiration but the length is specified (like a month to month lease)
Net Lease - CORRECT 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 - CORRECT 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 - CORRECT ANSWER✔✔- Legal bar that prevents contradictions. Often a
document that 'stops' prevents people from contradicting earlier agreements or statements
Conformity appraisal method - CORRECT ANSWER✔✔- Orchard in the midst of a housing
development
Anticipation value - CORRECT ANSWER✔✔- Valued on future income.
nonrecourse loan - CORRECT ANSWER✔✔- a loan that carries neither a penalty nor
further obligation to repay if not paid back
Government Rectangular Survey System - CORRECT ANSWER✔✔-
Land (Definition) - CORRECT ANSWER✔✔- immobility, permanence, uniqueness,
indestructablity
,Annexation - CORRECT ANSWER✔✔- term by attachment becomes real property
Severance - CORRECT ANSWER✔✔- term by separating a fixture from real property
becomes personal property
Monument - CORRECT ANSWER✔✔- landmark natural or stake to mark a boundry
Fee Simple Absolute - CORRECT ANSWER✔✔- No conditions on use or transfer
alienation of title - CORRECT ANSWER✔✔- A change of ownership. May be voluntary
(sold the property) or involuntary (foreclosure sale).
testate - CORRECT ANSWER✔✔- having a will
Intestate Succession - CORRECT ANSWER✔✔- the method used to distribute property
owned by a person who dies without a valid will
nuncupative will - CORRECT ANSWER✔✔- an oral will
Holographic Will - CORRECT ANSWER✔✔- A will written entirely by the testator with his
own hand.
devise - CORRECT ANSWER✔✔- real property disposed of in a will
Adverse Possession - CORRECT ANSWER✔✔- The actual, open, notorious, hostile, and
continuous possession of another's land under a claim of title, must be 20 years.
Redemption - CORRECT ANSWER✔✔- mortgage default then payoff and claim back
property
balance app - CORRECT ANSWER✔✔-
, Friendly Foreclosure - CORRECT ANSWER✔✔- deed in lieu of foreclosure
forebearance - CORRECT ANSWER✔✔- work out loan for debt
Tenants in Common - CORRECT ANSWER✔✔- shared ownership of a single property
among two or more persons; interests need not be equal and no right of survivorship exists.
FRACTIONAL
Joint Tenancy - CORRECT ANSWER✔✔- A form of co-ownership that includes the right of
survivorship. EQUAL
foreshore encroachments - CORRECT ANSWER✔✔- docks
foreshore lease - CORRECT ANSWER✔✔- 21 years
Non-conforming use - CORRECT ANSWER✔✔- Use after a zoning change - grandfathered
(BEFORE ZONING)
Variance - CORRECT ANSWER✔✔- Added after zoning in place - granted (AFTER
ZONING)
Conditional use - CORRECT ANSWER✔✔- permitted use that can be revoked
Spot zoning - CORRECT ANSWER✔✔- a change in the zoning ordinance for a particular
area
buffer zone - CORRECT ANSWER✔✔- new industrial park and zone space between
Special assessment - CORRECT ANSWER✔✔- Tax only on property directly benefiting
from an improvement
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