Real Estate Exam

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Section 16 is reserved for: School District
Location of an individual parcel is indicated on a map of the subdivision, which is divided into numbered blocks and lots this is called: Subdivision Plat
Informal reference inaccurate for a legal description is: Street Address
Professional process by which boundaries are measured and areas determined - determination of encroachments: Survey

who pays is negotiable - stated in contract who pays
A charge, claim, or liability that attaches to and is binding on real estate, such as a lien, mortgage, easement, and/or restriction on use of land is: Encumbrances
This may diminish the value of prpoerty and put a cloud against clear or free title to property: Encumbrances
A charge against property that provides security for a debt or obligation of the property owner is a: Lien
A lien that relates to a specific property is called what type of lien: Specific lien

(ex. real estate taxes, mortgages, and mechanics' liens)
A lien, such as a judgment or court decree, applies to all the debtor's property is what type of lien: General lien
What type of liens take priority over all other liens, regardless of date (always in Texas): Real estate and special assessments
Which lien reverts to the date the work was started, not to when the lien was recorded: Mechanics' lien
A private limitation that affects the use of the land is a: Deed Restriction or covenant
A right acquired by one party to use the land of another for a specific purpose is an: Easement
An easement annexed to ownership for the benefit of such parcel of land and requires that there be 2 tracts of land, either contiguous or noncontiguous, owned by different parties is called an: Easement Appurtenant
The tract over which the easement runs is known as the: Servient tenement
The tract that benefits from the easement is known as the: dominant tenement
What easement "runs with the land" and are not terminated by the sale of either the servient or dominant tenement: Easement Appurtenant
A personal interest in or right to use the land of another, such as the right of way for a pipeline / power line: Easement in Gross

(no dominant tenement only a servient)
When there is No access to a street or public way - must be necessary not just convenient is an: Easement by Necessity
When the claimant has made use of another's land for prescriptive period, (10 yrs in Texas). Use must have been w/o the owner's approval, visible, open, and notorious is: Easement by Prescription
Successive periods of use by different parties may establish a claim for an easement by prescription - this process is called: Tacking
Permission to enter the land of another for a specific purpose, parking in a neighbor's driveway/ hunting on another's property / tickets to a sports event is a: License

(Unlike other easements in CAN be terminated by the licensor at any time)
Illegal extension of a building or some other improvment - wall or fence - beyond the boundaries of the land of its owner and onto the land of an adjoining owner is an: Encroachment
System of land ownership in which the king or gov. held title to the land is called: Feudal
System in which an individual can hold land free and clear of any rent or service due the gov. - USA: Allodial
Right of the state to establish legislation to protect public health, safety and general welfare: Police Power
Right to acquire private property for public use is called: Eminent Domain
Paying just compensation to the owner for public use of private property is called: Condemnation
Reversion of real estate ownership to the state when an owner dies and leaves no heirs or no will disposing of the real estate or when property is abandoned is called: Escheat
Charge on real estate to raise funds to meet the public needs of the government is: Taxation
Refers to degree, quantity and nature of interest that a person has in real property for a lifetime or forever: Estates in Land
"Ownership" - estates of indeterminable length existing for either a lifetime or forever is called: Freehold Estates
"Lease" - Leasehold estates that can be measured in calendar time is called: Non Freehold Estates
Highest type of interest in real estate recognized by law - holder entitled to all rights incident to property - continues for indefinite period and is inheritable by heirs or owner: Fee Simple Estate
Interest is qualified - conditional - based on - continues for an indefinit period and may be inherited.: Defeasible / Determinable Fee
Limited in duration to life of life tenant or some other designated person - not an estate inheritance - terminates at death of life tenant - may be created for the life of another person (pur autre vie): Life Estate
If the deed or will names a third party to whom title will pass on the death of the life estate owner is called: Remainder Interest
If the deed does NOT convey remainder interest to a third party - then on the death of the life estate owner full ownership rights reverts to the original fee simple owner or to their heirs: Reversionary Interest
Interest in real property is time-ownership interest - limited rights - may be sold, leased, mortgaged or gifted.: Life Tenant
Husband's life estate in all inheritable real estate of the deceased wife is called: Curtesy
Wife's life estate in all inheritable real estate of the deceased husband is called: Dower
Land owned and/or occupied as the family home is called the: Homestead

(10 acres urban / 200 acres rural in Texas)
Definite period of time of lease (6 mo. would suffice). Predetermined date for termination of lease is called an: Estate / Tenancy for Years
Period to period - based on payment of rent - week to week / month to month until notice given by either party to cancel (must be of same period) - renews on payment / acceptance of rent is called a: Periodic Estate / Tenancy
Legal tenancy - lasts for indefinite period: Estate / Tenancy at Will
Illegal tenancy - lowest estate - w/o landlord approval is called: Estate / Tenancy at Sufferance
Property owned solely and separately by one person or one entity is called an: Estate in Severalty
(Sole Ownership / Severalty)
Association of two or more persons to carry on business as co-owners and share in profits and losses of that business is called: Partnerships
All partners participate in the operation of the business and usually are jointly and personally liable for business losses and obligations is called: General Partnerships

They run the business
Includes general partners as well as limited or silent partners is known as: Limited Partnerships

They do NOT participate in operation of buisness, but may be held liable to only their extent of investments
Considered by law to be a single entity. Thus, ownership is severalty are: Corporations
Joining together of two or more parties to create and operate a real estate investment - ownership is severalty: Syndicates
Holds individual interest and can sell, convey or transfer w/o consent of co-owners and interest can be passed to heirs is: Tenancy in Common
Right of survivorship - interest passes to surviving tenant - equal shares: Joint Tenancy
What are the Four unities of Joint Tenancy: Title, Time, Interest and Possession
Owners must be husband and wife - right of survivorship: Tenancy by the Entirety
Husband and wife may have sole ownership of the separate or individual property if owned before marriage or acquired by gift. Income from separate property is this unless agreement to contrary is called: Community Property (Marital Property)
Third person (Trustee) holds for the benefit of another (Beneficiary): In Trust
Acquiring the title to additions or improvements to real property as a result of accretion of alluvium or annexation of fixtures is: Accession
Increase in land resulting from soil's being deposited by the natural force of water is called: Accretion
actual soil increase resulting from accretion is called: Alluvion
Substitution of parties - transfer of rights and/or duties under a contract is: Assignment
procedure by which property of debtor is placed in the custody of the law and is held as security pending the disposition of a creditor's suit is called: Attachement
permanent metal marker embedded in cement used as a reference to measure the elevation above sea level: Benchmark
and claim that may impair the title to a property is called a: Cloud on Title
horizontal plane from which elevations are measured is called a: datum
washing away of land caused by flowing water is: erosion
court doctrine that bars a legal claim b/c of undue delay to assert the claim is called: laches
"Action Pending" recorded document that creates constructive notice that an action relating to a specific property has been filed in court is called a: Lis Pendens
Court action to establish the title to a specific property when there is a cloud on title is known as a: Quiet Title
law that required that certain contracts be in writting before they can be enforced -: Statue of Frauds

(sale of land and leases more than 1 yr. MUST be in writting - State of Texas)
law that refers to the length of time w/in which a party may sue: Statute of Limitations
Consideration with a monetary measure of value is: Value Consideration
tenant abuse that results in permanent injury to the land or property is called: Waste
filing in lawsuit preventing the debtor from transferring property involved in the suit is called a: Writ of Attachment
Rights granted to owners along a non-navigable river or stream is called: Riparian Rights
Rights granted to owners along an ocean or large lake is called: Littoral Rights
Right to use water is controlled by the state rather than by the adjacent landowner is called the: Doctrine of Prior Appropriation
Sudden loss of land caused by act of nature such as an earthquake is called: Avulsion
Based on police power, each state has the authority to adjust regulations required for protecting public health, safety, and the general welfare is called: Pulic Land Use Controls
local laws that regulate and control use of land in the community generally pertaining to the height, bulk, and use of buildings.: Zoning
Use in extistence prior to the passage of a zoning ordinace and allowed to continue even though it does not conform is: Nonconforming Use
If property exists as a nonconforming and is destroyed, it cannot be rebuilt w/o the approval of the zoning authority called: Variance
Allows for a use that does not conform w/ existing zoning but is necessary for the common good, ex. medical clinic in primary residental neighborhood: Conditional Use Permit
applies to changes from dense to less-dense usage. State generally is not responsible for compensating owners unless the courts finds that a "taking" of value has occurred.: Downzoning
Less dense to more dense: Upzoning
Land area that separates one land use from another; part that separates residental neighborhood from a shopping center - PUD: Buffer Zone
reclassification of a small area of land for use that does not conform to the zoning of the rest of the area is: Spot Zoning

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Number of cards 88