Describe leasehold estate Study guides, Class notes & Summaries

Title - ANSWER-Condominium owners hold ______ to their private living space (unit) and share ownership jointly of the common areas (common elements) with other owners in the condominium corporation. A legal entity that represents the collective interests of its property owners. - ANSWER-What is the definition of a 'Condominium Corporation'? The condominium board - ANSWER-Who establishes the rules and bylaws in a condominium? To secure the assets of the corporation and ensure residents...

Rockwell Real Estate Questions and Answers Already Passed 3 methods of legal description Metes and Bounds - Local. Describes the property location in the location itself Government Survey method - Used to identify the location of the property in reference to the united states survey map. Meridian and Baselines, Range and township lines The lot and black method is the standard method for describing downs and cities. - Map showing lots and blocks in the subdivision is called a plat or a plat map...

Pearson VUE Real Estate - National & Idaho Exam Questions And Correct Answers Real Property Real Estate plus the interests, benefits, and rights inherent in the ownership of real estate Personal Property is moveable (chattels) Fixture Personal property that has been affixed to land or a building that it is part of the real property Trade fixtures An article owned by a tenant and attached to rented space or a building for use in operating a business Emblements Annual plantings of crop...

Fred bought a new boat and hired a contractor to build a dock on his lakefront property. Fred did not pay the contractor. In an attempt to get paid, the contractor may file a: Select one: A. Mechanics lien against the boat B. Mechanics lien against the property C. General lien against Fred D. All of the above - Answer-B What type of legal description will most accurately describe an irregularly shaped parcel of land? Select one: A. Lot and block B. Metes and bounds C. Recorded plat o...

Pearson Vue Real Estate Exam Study Guide Based on Outline Fixture An item of personal property that has been converted to real property by being permanently affixed to the realty. Trade Fixture An article installed by a tenant under the terms of a lease that is removable by the tenant before the lease expires. Emblement Growing crops, such as corn, that are produced annually through labor and industry; also called 'fructus industriales' Attachment The act of taking a person's proper...

National Real Estate Exam: Leases and Property Management-Questions and Answers | 100% Correct | Latest Update 2024 Lease - Answer ️️ -Transfers possession, giving tenant right to exclusive possession of property against all other parties. Both a conveyance and contract. Lease Conveyance - Answer ️️ -It conveys a leasehold estate to a tenant Lease Contract - Answer ️️ -Gives tenant right to exclusive possession including landlord. Quiet Enjoyment - Answer ️️ -use of the pro...

Humber Real Estate - Course 3, Module 1, Introducing Residential Condominiums Questions and Answers Graded A Condominium owners hold ______ to their private living space (unit) and share ownership jointly of the common areas (common elements) with other owners in the condominium corporation. Title What is the definition of a 'Condominium Corporation'? A legal entity that represents the collective interests of its property owners. Who establishes the rules and bylaws in a condominium? The co...

An adequate legal description of real estate is one: - ANSWER-by which a reasonable person can determine what property is described - the legal description is legally "adequate" if a reasonable person could identify the property based on the description. Ownership of real estate includes: a.) Rights to use the surface, subsurface and airspace over the land b.) Fixtures c.) Naturally growing tree growing on the land d.) All of the above - ANSWER-D.) All of the above Subsurface rights...

PSI national real estate exam practice test 1| Actual exam answered 100% Correctly| Latest 2024 All of the following would be considered real property EXCEPT a leasehold estate The servient estate in an easement appurtenant is the property on which the easement is placed Which of the following statements concerning encumbrances is NOT true All encumbrances are liens Which of the following is NOT a specific lien State inheritance taxes You have entered into a lease that requires you to p...

Which of the following would NOT be considered Real Property? 1. Mineral Rights 2. A Leasehold Estate 3. Fixtures 4. Air - Answer- 2. A Leasehold Estate The servient estate in an easement appurtenant is the property 1. owned by the landlord 2. on which the easement is placed 3. owned by the tenant 4. that benefits from the easement - Answer- 2. on which the easement is placed Which of the following statements concerning encumbrances is NOT true 1. All encumbrances are liens ...