Encumbrances - Study guides, Class notes & Summaries

Which of the following would NOT be considered Real Property? 1. Mineral Rights 2. A Leasehold Estate 3. Fixtures 4. Air o :## 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 o :## 2. on which the easement is placed Which of the following statements concerning encumbrances is NOT true 2 | P a g e : 2 0 2 4 / 2 0 2 5 G r a d e A + ...

Certified Pennsylvania Evaluator Exam (CPE) Questions And Answers 2023 Assessor - Correct Answer-Any person responsible for the valuation of real property for ad valorum taxation purposes Duties and Responsibilities of an Assessor - Correct Answer-Discovering, Listing, Valuing Clean & Green - Act 319 - Correct Answer-Has two values, Value in Use and Value in Exchange An Assessor is accountable to whom? - Correct Answer-Himself, taxpayers and all taxing authorities In order for an asses...

Written documents affecting a title to real estate are recorded: A. where the titleholder resides B. where the titleholder has legal residence C. at the county clerk's office where the property is located D. at any county clerk's office in Texas (Ans - C. at the county clerk's office where the property is located A person appointed by a court to settle the estate of a deceased person when the executor cannot perform or refuses to perform is: A. another executor B. a legatee C. an administrato...

ad valorem - Answer- According to Value The basic responsibilities of an Appraiser to all taxable property. - Answer- 1. Discovery 2. Listing 3. Valuation The taxable location of personal property is referred to as its' - Answer- Situs The type of value usually estimated by an Appraiser is the - Answer- Market Value The effective tax rate reflects the ratio between what - Answer- The current tax bill and the property value Assessment level times the tax rate equals - Answer- Th...

Abstract of Title: (Ans- An abbreviated history of a property, including info on any transfers, grants, wills, conveyances, liens, and encumbrances. Example: Before Alice purchases the house on 1701 J J Solice Drive, she should ask for the property's abstract of title. Addendum: (Ans- An additional form attached to a real estate contract Example: Percy is adding an Addendum for Reservation of Oil, Gas, and Other Minerals to his ranch home sale because he wants to retain the rights ...

Encumbrance CORRECT ANSWER Any interest or right to land held by third persons which affects the title and possibly the value of the property Effects of Encumbrance CORRECT ANSWER 1. Physical condition of the property, or use of property (deed restrictions, easements, and encroachments) 2. Financial, like liens. Lien CORRECT ANSWER Charge against property, making that property security for payment of a debt Nonmonetary Encumbrances CORRECT ANSWER Deed restrictions/several types of ease...

covenant against encumbrances - no encumbrances except as noted in deed .. ex liens or easements actual notice - open, continuous, actual possession of property affirmative easements appurtenant - easements give the dominant parcel some intrusive use of the servient parcel ex. shared driveways, parking baselines vs principal lines - baselines (east to west) RANGE LINES principal (north to south) TIER LINES building codes - preserves real estate value addresses the issue of incomplete in...

Ch. 5 - ANSWERDeeds and Titles All RE contracts must be in ______ - ANSWERwriting 6 Essential Elements of a Deed - ANSWER1. Grantor [Giver] 2. Grantee [Receiver] 3. Consideration [something of economic value] 4. Legal Description [metes/bounds, plats, etc] 5. Signatures [once have both, then it is considered executed] 6. Delivered [title not transferred UNTIL delivery to Grantee, filed with county] Covenants vs Warranties - ANSWERCovenant: agreement or promise [4] Warranty: guar...

Which of the following are NOT included in the description of land? a. The earth's surface extending downward to the center of the earth. b. A sewer system. c. Trees and water on the earth's surface. d. Formations such as hills and plateaus. (Ans- b. A property is owned as joint tenants. If one of the owners dies, a. his share of the property passes to the surviving owner immediately. b. the surviving tenant has to wait for the property to go through probate. c. the owner who died ...

Real Estate Broker License Exam Vocabulary (IL) (A Composite List of Vocabulary Terms And Definitions)Real Estate Broker License Exam Vocabulary (IL) (A Composite List of Vocabulary Terms And Definitions)Real Estate Broker License Exam Vocabulary (IL) (A Composite List of Vocabulary Terms And Definitions)Real Estate Broker License Exam Vocabulary (IL) (A Composite List of Vocabulary Terms And Definitions) Abstract and attorney's opinion of title - ANSWER-An opinion of title status based on a r...