Conventional life estate - Study guides, Class notes & Summaries

Bundle of rights - correct answer PUTEE - Possession, Use, Transfer, Exclusion, Encumbrance Real property - correct answer Real estate (land + manmade attachments) + bundle of rights Legal Title - correct answer Full ownership of property + bundle of rights Equitable Title - correct answer Interest that gives the buyer the right to acquire legal title to a property if certain contractual conditions occur. Homestead - correct answer Rights to principal residence Fee simple - correc...

Functional obsolescence - Answer- Refers to the loss in desirability of the style, layout or function of an element of a property over time Sales comparison - Answer- best indicator of value for existing properties highest and best use - Answer- the legal use for property that gives the greatest return in money and/or amenities external obsolescence - Answer- the loss in value of a property caused by factors outside the property itself principle of contribution - Answer- suggests the...

A farmer temporarily installs produce coolers in a leased farm stand in order to prevent spoilage. The coolers would be considered which of the following? a) Trade fixtures that are real property. b) Trade fixtures that are personal property. c) Temporary real property. d) Emblements. correct answer: b) Trade fixtures that are personal property. Property can be converted from real to personal property and from personal property to real property by means of which processes respectively?...

A lien is an example of a/an...? - Encumbrance - Entitlement - Estoppel - Escheatment Encumbrance If a property has both a tax lien and a mortgage lien against it, which lien has priority (generally speaking)? - Tax lien - Mortgage lien - They have equal priority - Whichever lien was filed first Tax lien A lien that is not tied to a specific piece of real estate is called a...? - General lien - Non-specific lien - Statutory lien - Tax lien General lien T...

conventional life estate - ️️created intentionally by the owner and may be established by deed at the time the ownership is transferred, during the owners life, or by a provision of the will after his or her death. The estate is is conveyed to an individual known as the LIFE TENANT and they may enjoy the the ownership until the death of the person whose life the estate is measured. defeasible fee estate - ️️An estate in which the holder has a fee simple title that may be divested u...

A farmer temporarily installs produce coolers in a leased farm stand in order to prevent spoilage. The coolers would be considered which of the following? a) Trade fixtures that are real property. b) Trade fixtures that are personal property. c) Temporary real property. d) Emblements. - b) Trade fixtures that are personal property. Property can be converted from real to personal property and from personal property to real property by means of which processes respectively? a) Assemblage a...

Accession - Increase of land or property, due to man-made or natural causes Accretion - Water carries rock, sand, & soil, causing land buildup Act of Waste - Abuse of property by a person who holds interest through life estate Actual Possession - Possessor must physically occupy property Adaptability of Item to Land's Use - How the item is situated or adapted to real property. If a fireplace is part of an outdoor entertainment center, it can be considered real property, because of how it ...

NC Real Estate Exam Questions With 100% Correct Answers 2024 land - answerEarth's surface extending downward to the center of the earth and upward to infinity, including things permanently attached by nature, such as trees and water. real estate - answerLand at, above, and below the earth's surface, including all things permanently attached to it (natural or artificial) real property - answerThe land itself, the improvements thereon, and the interests, benefits, and rights inherent in t...

Land rights Surface, all natural things attached to it, subsurface, and air above the surface Real estate rights Land + man made permanent attachments Real property rights Real estate + bundle rights Bundle of Rights PUTEE (possess, use, transfer, exclude, encumber) Riparian rights (rivers and streams) = R Navigable: own land to water's edge Not navigable: own underlying land to midpoint of stream Littoral rights (lakes and seas) = L Own to high water m...

A farmer temporarily installs produce coolers in a leased farm stand in order to prevent spoilage. The coolers would be considered which of the following? a) Trade fixtures that are real property. b) Trade fixtures that are personal property. c) Temporary real property. d) Emblements. Correct Answer b) Trade fixtures that are personal property. Property can be converted from real to personal property and from personal property to real property by means of which processes respectively? ...