Chapter Eight: Knowing the Limitations of Real Estate Ownership

Question 1

Definition- An Easement?

Answer 1

The right of another person or entity to use someone’s property for his or her benefit.

Question 2

Name four types of Liens?

Answer 2

Mortgage Lien

Tax Lien

Mechanic Lien

Judgement Lien

Question 3

What are Tax Liens?

Answer 3

They are involuntary and specific.

Question 4

When property is sold for nonpayment of mortgage debt, what is the lien priority of payment?

Answer 4

1. Tax lien
2. Mortgage lien
3. Mechanic lien
4. Judgement lien

Question 5

Definition- Lien

Answer 5

A right to keep possession of a property belonging to another person until the debt is paid.

Question 6

Definition-Encumbrance

Answer 6

It’s a right of interest on a property that, belongs to someone other than the property owner. For example: A lien.

Question 7

A __________ lien attaches to only one property.

Answer 7

Specific Lien

Question 8

A __________ lien attaches to a number of property.

Answer 8

General Lien

Question 9

If you finance a piece of property. What type of lien will the property hold automatically?

A. Mechanic Lien
B. Mortgage Lien
C. Judgement Lien
D. Tax Lien

Answer 9

Mortgage Lien

Question 10

Dominant Estate or Tenement

Answer 10

The person or property receiving the benefit.

Question 11

Servant Estate or Tenement

Answer 11

The property on which the easement was granted.

Question 12

What are several appurtenant easement?

Answer 12

1. A surface easement-driveway
2. An underground easement-waterline
3. An overhead or aerial easement-electrical line

Question 13

Whats an easement by necessity?

Answer 13

It’s an easement granted by a court order because someone else refused to permit someone to gain access to a property. For Example: Driveway.

Question 14

Whats an easement by prescription?

Answer 14

It’s an adverse possession. Nevada has several requirements to meet the adverse possession law.

Question 15

What are four ways an easement can be terminated?

Answer 15

1. An agreement or release
2. By merger
3. By abandonment
4. The need no longer exist

Question 16

Definition- Encroachment

Answer 16

The unauthorized or illegal use of someone’s property by another person.

Question 17

Definition-Eminent Domain

Answer 17

The right the government can exercise to obtain ownership of your land against your will.

Question 18

Definition-Suit of Condemnation

Answer 18

Taking by the government of private land.

Question 19

The government must meet three requirements to be able to obtain a property through eminent domain.

Answer 19

1. Public purpose
2. Fair price paid to the owner
3. Exercise due process

Question 20

What are judgment Liens?

Answer 20

Involuntary and General

Question 21

Definition-Landlock

Answer 21

Has no direct access to the road.

Question 22

Definition-Laches

Answer 22

The loss of a right to enforce a deed restriction because of a failure to enforce that right within a time frame.

Question 23

Definition-Escheat

Answer 23

The government getting your property after you have die

because you have no heir or no will.