Limitations on Real Estate Pt. 1

Question 1

CC&R’s aka

Answer 1

Deed restrictions

Question 2

CC&R’s is

Answer 2

Declarations of covenants, conditions, and restrictions

Question 3

Deed

Answer 3

A written legal document that transmits the title of real property from one owner to the other. Delivered to the buyer at closing.

Question 4

Grantor is the

Answer 4

Seller

Question 5

Grantee is the

Answer 5

Buyer

Question 6

Deed restrictions do what?

Answer 6

restrict or limit certain rights on the real property and binds with the land regardless of future owners.

Question 7

CC&R Examples

Answer 7

Building density, style of properties allowed, and just property use in general.

Question 8

The Lessor is the

Answer 8

Owner/Landlord

Question 9

The Lessee is the

Answer 9

You/Tenant

Question 10

Leasehold Estate owned by the

Answer 10

lessee, in which they possess all or some of the property’s rights, EXCEPT actual ownership, for a specific length of time.

Question 11

Leased Fee Estate owned by the

Answer 11

lessor, in which they have ownership interest and can convey by lease to others

Question 12

Unencumbered Fee Estate means

Answer 12

there is no lease on the property, therefore it is unencumbered

Question 13

Mortgage is

Answer 13

a document guaranteeing a real estate asset as collateral (security) for a real estate loan.

Question 14

This mortgage will create a ___ against the property until the property is _____.

Answer 14

lien, paid-off

Question 15

Deed of trust is

Answer 15

a document that gives a lender the right to foreclose on the property if the borrower defaults on the loan.

Question 16

Mortgagee is the

Answer 16

lender (the one securing the loan)

Question 17

Mortgagor is the

Answer 17

borrower (the one receiving the loan)