Limitations on Real Property

Question 1

Re: time frames, what are 3 types of leases?

Answer 1

weekly; month to month; short / long term

Question 2

How much notice is required to vacate month to month lease?

Answer 2

7 days

Question 3

Two entities that can assess real property taxes?

Answer 3

local and county governments

Question 4

Name 1 way to create a lien on real property.

Answer 4

lender records mortgage lien

Question 5

What are the three parts to the definition of eminent domain?

Answer 5

Govt takes property - for the ‘good of the people’ - fair compensation for what is taken

Question 6

Give 2 examples of when a LL may keep a security deposit.

Answer 6

remedy damage; early termination

Question 7

What is annexation?

Answer 7

A city engulfs an unincorporated area

Question 8

Name 3 of the Dirty Dozen housing defects.

Answer 8

faulty wiring; standing water; structural damage –> rats

Question 9

How much notice is needed to vacate a week to week lease?

Answer 9

2 days

Question 10

What are ordinances?

Answer 10

laws passed by local govts that control items w/in the jurisdiction

Question 11

Give an example of mineral rights.

Answer 11

Extracting naturally occurring things from ground

Question 12

How is tax rate calculated?

Answer 12

required operating revenue / total RP value in city

Question 13

How is individual tax bill calculated?

Answer 13

tax rate*value of property

Question 14

Which type of property can be real property or personal property?

Answer 14

a mobile home

Question 15

What type of deed gives the most marketable title?

Answer 15

general warranty

Question 16

What type of debt has the highest priority for payment?

Answer 16

county taxes

Question 17

What are 3 types of zoning?

Answer 17

residential; industrial; commercial

Question 18

What is adverse possession?

Answer 18

taking land of another against her will

Question 19

“Non conforming use”?

Answer 19

“grandfathered in”

Question 20

“Variances”?

Answer 20

to apply for a change in how property is zoned

Question 21

“Conditional use”?

Answer 21

special use otherwise not allowed

Question 22

Describe the term ‘runs with the land’.

Answer 22

Easement runs with the land because it stays with property even when conveyed.

Question 23

Give an example of an encumbrance on real property.

Answer 23

Encroachment example - fence goes onto neighbor’s property line

Question 24

What are the 2 types of general liens?

Answer 24

judgment and income tax

Question 25

Name one way of creating a lien on RP.

Answer 25

Contract - DOT

Question 26

Is a county property tax lien general or specific?

Answer 26

Specific

Question 27

When are county taxes assessed and past due?

Answer 27

September 1 and January 1

Question 28

How long do IRS liens last?

Answer 28

10 years

Question 29

What are 3 ways an easement is created?

Answer 29

prescription; necessity; contract

Question 30

What are 3 ways an easement is ended?

Answer 30

Purpose ends; is blocked; released

Question 31

Give an example of a dedication easement.

Answer 31

person owns property but puts playground on it for general public to enjoy

Question 32

Give an example of an easement.

Answer 32

accessing neighbor's driveway to drive onto your landlocked property

Question 33

What does an underwriter do?

Answer 33

evaluate credit worthiness of applicant by reviewing various documents

Question 34

What is an ARM loan?

Answer 34

interest rate is fixed for a specific period of time then adjusts usu. upward for successive periods

Question 35

What does 'amortization' mean?

Answer 35

breakdown of how principal and interest are paid over life of the loan