RealEstateExpress Course Exam | Course Cue Cards
Easements can be terminated by: - answ 1. The purpose of the easement no longer exists. (a new road is built, etc.)
2. The holder of the easement abandons it for the statutory time period.
3. A merger of the properties occurs so an easement is...
Easements can be terminated by: - answ 1. The purpose of the easement no longer
exists. (a new road is built, etc.)
2. The holder of the easement abandons it for the statutory time period.
3. A merger of the properties occurs so an easement is not needed.
4. Destruction of the property or the easement (such as being at the bottom of a new
dam filled with water.)
5. The owner of the easement issues a Quit Claim deed back to the property owner that
granted the easement.
6. Excessive use occurs as determined by the courts.
An instrument that records the history of the property is called - answ The Abstract of
Title
A person died intestate. His property would pass according to - answ Decent and
Distribution
Another name for a Lender Policy is - answ Mortgagee's policy. Protects the lender as
a condition of obtaining the loan.
The way to determine the identity of a property - answ is called a legal description
How should a legal description be written? - answ so that "a reasonably competent
surveyor could find it."
What is the starting point in a Metes and Bounds description? - answ point of
beginning (POB)
Metes and Bounds - answ One method of "legal description". The oldest of all the
measuring systems used in the United States. It relies on monuments and point of
beginning POB. Degrees are compass headings, based on a 360° circle.
3 forms of legal descriptions - answ -Metes and bounds
-Rectangular Government survey
-Lot and Block number on a plat map
Rectangular Government Survey - answ A form of "legal description"
Arranged in a series of grids. Principal Meridians run North and South and Base lines
run East and West.
How many square miles is a township? - answ 36 square miles
,How many acres are in a section? - answ 640
How many miles long and how many miles wide is a section? - answ A section is 1
mile wide and 1 mile long
How many feet in a mile? - answ 5,280 feet
How many acres would 1/4 section be? - answ The amount of land would be 1/4 of
640 acres= 160 acres. (.25*640=160)
Plat Map - answ legal descriptions in residential lots of less than 1 acre.
bench marks - answ a short cut surveyors use to speed up the surveying process. The
bench mark is a permanent brass plate, placed in the ground and it notates the feet
above sea level at that location.
Datum - answ is the level plain which is used by the bench mark to determine
elevation and from which surveyors measuring begins.
1 square yard = - answ 9 square feet
1 cubic yard = - answ 27 cubic feet
1 square mile = - answ 640 acres
1 acre = - answ 43,560 square feet.
Area is always expressed in - answ square feet or square yards
Area of a rectangle is - answ Area = length x width
Area of a triangle is - answ Area = 1/2 base x height
Volume is always expressed - answ in cubic feet or cubic yards
Volume of a rectangle is - answ Volume = length x width x depth
Volume of a triangular prism is - answ Volume = 1/2 base x height x depth
What is The Statute of Frauds ? - answ Old English law to protect consumers from
fraud. Says all contracts must be in writing to be enforceable and that all leases for
more than one year must be in writing to be enforceable.
, What is The Statute of Limitations? - answ provides a time frame which court cases
must be filed on certain offenses. If the Statute of Limitations runs out, the case cannot
be heard.
Certain essentials must be present to make a contract valid. These are? - answ
1.Legally Competent parties
2.Offer and Acceptance
3.Consideration
4.Legality of Object
Is an "offer to purchase" a contract? - answ No. When an offer or counter offer is
accepted and the seller and/or buyer is notified of the acceptance, the offer becomes a
valid contract.
Earnest Money - answ Part of the consideration is paid in an earnest money deposit.
This is not all of the consideration; it is only a good faith deposit to insure the seller that
the buyer will honor his promises and complete the sale.
Equitable Title - answ The interest a buyer has in a property between the time of
acceptance (notification) of the contract and the actual closing. When the transaction
closes, the buyer receives legal or actual title to the property.
Actual Title - answ Is the time when the title actually changes hands- after the delivery
and acceptance phase of the deed. All the property rights are now in the hands of the
buyer unless otherwise stated in the deed.
Bilateral Contract - answ When both parties agree to do something.
Unilateral Contract - answ When only one person promises to do something, the other
person pays the promiser "option money" to be able to hold that person to their promise.
Expressed Contract - answ Is a contract of certain conditions like, the house must be
paid by this date.
Implied Contract - answ The contract is implied by the person's actions, like getting
into a taxi you are implying you will pay the taxi driver
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