Easement by necessity - Study guides, Class notes & Summaries

Objectives of Federal Reserve System - To counteract inflationary and deflationary trends, to create a favorable economic climate, to maintain sound credit conditions but NOT to control the secondary mortgage market Remainder Interest - A fee simple holder of a parcel of real estate grants a life estate to her daughter and stipulates that upon the daughters death, the property will pass to her grandson. The second estate is called A property buyer obtains a term loan to finance a home purc...

Easement by prescription - ANSWER Easement acquired by continuous open and hostile use of the property for the period of time prescribed by state law Easement by necessity - ANSWER Easement allowed by law as necessary for the full enjoyment of parcel of real estate .(right of ingress and egress over a grantors land) Rescission - ANSWER The practice of one party canceling or terminating a contract. Mortgagee - ANSWER The bank(receiving the house) Tax prorations - ANSWER Taxes are paid...

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...

The earth's surface extending downward to the center of the earth and upward into space, including all things permanently attached, is known as: A) Real Property B) Real Estate C) Land D) A bundle of legal rights - D) A bundle of legal rights Moveable objects, which are not considered real estate, are known as: A) Real property B) Personal property C) Fixtures D) Emblements - B) Personal Property The permanent right to use another's land for the benefit of a neighboring parcel is kn...

ASREB Exam Practice Questions and Answers types of loans - Correct Answer ️️ -FHA loan, Conventional loan, VA loan FHA loan - Correct Answer ️️ -MIP (Mortgage Insurance Premium) Two types (Upfront and Monthly) Conventional loan - Correct Answer ️️ -PMI (Private Mortgage Insurance) Drops off automatically at 78% loan to value (LTV) Ask for removal at 80% loan to value VA Loan - Correct Answer ️️ -Funding Fee based on value USDA loan - Correct Answer ️️ -loan is zero do...

What is not a specific lien? judgment Lien What is not a specific lien? judgment Lien What is not an encumbrance on real property? homestead right What is not an encumbrance on real property? homestead right the physical characteristics of land include: indestructibility the physical characteristics of land include: indestructibility what restrictive covenants is most likely to be enforceable? prohibits use for anything other than single-family dwelling. what restrictive cov...

Illinois Real Estate Practice Exam Questions and Answers Objectives of Federal Reserve System - Answer- To counteract inflationary and deflationary trends, to create a favorable economic climate, to maintain sound credit conditions but NOT to control the secondary mortgage market Remainder Interest - Answer- A fee simple holder of a parcel of real estate grants a life estate to her daughter and stipulates that upon the daughters death, the property will pass to her grandson. The second es...

Arizona Real Estate State Exam with 100% Correct Answers |latest| Which of the following is NOT a specific lien? a. an unrecorded mortgage b. a mechanic's lien c. a judgement lien d. a blanket mortgage *Ans* c. a judgement lien Which of the following is NOT an encumbrance on real property? a. lease b. easement c. homestead right d. restrictive convenant *Ans* c. homestead right Which of the following is NOT an appurtenance? a. easement right b. mineral right c. water rights d. ...

Nebraska Real Estate SAMPLE Test Questions with 100% Correct Answers The earth's surface extending downward to the center of the earth and upward into space, including all things permanently attached, is known as: A) Real Property B) Real Estate C) Land D) A bundle of legal rights - Answer- D) A bundle of legal rights Moveable objects, which are not considered real estate, are known as: A) Real property B) Personal property C) Fixtures D) Emblements - Answer- B) Personal Property T...

Real Property - The legal interests in land and things attached to, or growing on land. Personal Property - Referred to generally as chattel, the rights, powers, and privileges a person has in things that are not real property, may be transferred by sale, gift, or will. Chattels Real - An interest in land, such as a leasehold. Chattels Personal - Moveable personal property. Chattel Personal in Action - Something to which one has a right to possession, but concerning which one which m...