REVIEW OF LIENS AND COMM. OWNERSHIP

Question 1

LIENS ARE CREATED AS A MEANS OF

Answer 1

SECURING A DEBT

Question 2

LIENS MAY BE CREATED BY

Answer 2

1. ACTS OF PARTIES

2. OPERATION OF LAW

Question 3

LIENS WHICH ARE CREATED BY OPERATION OF LAW ARE CALLED

Answer 3

STATUTORY LIENS AND

INVOLUNTARY LIENS

Question 4

Voluntary Liens are created

Answer 4

by agreement of the parties

Question 5

A lien which attaches to ALL property owned by a lienee is a

Answer 5

VOLUNTARY LIEN

Question 6

A SPECIFIC LIEN is one which attaches to

Answer 6

A Particular Property

Question 7

Which of the following liens have the highest priority?

Answer 7

REAL PROPERTY TAX LIENS

Question 8

GENERAL LIENS ARE 
1. Federal Income Tax liens.
2. Judgments Liens
3. Deficiency Judgement liens.
BUT

Answer 8

Real Property Liens is NOT a general lien.

Question 9

All of the these are SPECIFIC LIENS:
MORTGAGE LIEN
MECHANIC’S LIEN
REAL PROPERTY LIEN

Answer 9

DEFICIENCY JUDGEMENT LIENS ARE GENERAL LIENS

Question 10

A JUDGEMENT AGAINST A BORROWER WHEN THE PROCEEDS FROMA foreclosure sale are insufficient to satisfy the indebtedness is a

Answer 10

DEFICIENCY JUDGMENT LIEN.

Question 11

A lien in favor of a person who has furnished work or materials in the erection or repair of a building is

Answer 11

A MECHANIC’S LIEN AND

CAN SOMETIMES GIVEN PRIORITY OVER A MORTGAGE

Question 12

TITLE to real property which is subject to a lien may be transferred how?

Answer 12

1. SATISFYING THE LIEN
   OR
   2.ASSUMPTION OF THE LIEN BY THE GRANTEE

Question 13

IN A CONDOMINIUM DEVELOPMENT, individual owners own

Answer 13

1. FEE TITLE TO THEIR UNITS.

2. A SHARE OF THE LAND.

Question 14

ALL of the following can be organized as a CONDOMINIUM

Answer 14

1. A SHOPPING CENTER.
2. A RETIREMENT COMMUNITY
3. A GARDEN APARTMENT COMPLEX

Question 15

EACH UNIT IN A CONDOMINIUM DEVELOPMENT

Answer 15

1. OCCUPIES AN AIR LOT
   AND
2. IS PART OF A HORIZONTAL PROPERTY REGIME (A horizontal property regime allows units within one building to be sold and owned separately and owners of those units to own a common right in common areas of the building and property.

Question 16

All of the following are true of Condominium ownership :

Answer 16

1. Own units whose title is derived from a “master deed”
2. Hold Fee Simple Title to their units
3. Hold an undivided interest in the land.

It is NOT true that the individual unit owners have no interest in the land under the units. THEY DO!

Question 17

THE SPACE BETWEEN THE INTERIOR SURFACE OF THE WALLS IN A CONDOMINIUM UNIT IS

Answer 17

SEPARATE PROPERTY

Question 18

A CONDOMINIUM “OWNERS ASSOCIATION”

Answer 18

1. PROVIDES A MEANS OF INTERNAL GOVERNMENT OF THE DEVELOPMENT
   AND
   SERVES TO CONTROL, REGULATE, AND MAINTAIN THE COMMON ELEMENTS.

Question 19

CONDOMINIUM FEES ARE DETERMINED BY

Answer 19

1. THE ASSOCIATION’S BOARD OF DIRECTORS
   AND
2. ASSESSING EACH OWNER A PROPORTIONATE SHARE OF THE ASSOCIATION’S EXPENSES.

Question 20

THE OWNER OF A CONDO UNIT

Answer 20

RECEIVES A SEPARATE TAX BILL FOR THE TAXES ON HIS UNIT.

Question 21

In the COOPERATIVE form of ownership, the title to units in the building is held by

Answer 21

a corporation

Question 22

Rules governing Cooperative living:

Answer 22

are made by cooperative “tenants’ association” AND the tend to be more stringent than in a condo

Question 23

The expenses of operating a cooperative development are met by charging the cooperators:

Answer 23

a PROPORTIONATE SHARE OF THE EXPENSES

NOT rent on the unit they occupy

Question 24

PUD (planned unit development)

Answer 24

unit owners do NOT old direct interest in common areas

Question 25

PUD (Planned unit developments) are created under what augority?

Answer 25

Local Zoning

Question 26

Owners of units in a Planned unit development own

Answer 26

1. THE LAND BENEATH THEIR UNITS AND 2. THE AIR ABOVE THEIR UNITS.

Question 27

VERTICAL STACKING of units in a PUD

Answer 27

are not possible

Question 28

What is true about a PUD:

Answer 28

1. Owners provide all maintenance of their homes. 2. The community assoc. maintains the common ares. 3. Owners pay dues to the community association

Question 29

A timeshared resort may be organized in all the following formats:

Answer 29

1. right - to-use 2. fee simple ownership. 3. Club plan

Question 30

A timeshare resort may be organized in all the following formats:

Answer 30

1. right - to-use 2. fee simple ownership. 3. Club plan

Question 31

THE "RIGHTS OF OWNERSHIP" IS THE DEFINITION FOR

Answer 31

PROPERTY

Question 32

The rights to use, possess, enjoy and dispose of something are the rights of

Answer 32

Ownership

Question 33

The rights of ownership of property are often referred to as the

Answer 33

BUNDLE OF RIGHTS

Question 34

Any property that can be moved is

Answer 34

PERSONAL PROPERTY

Question 35

RIGHTS in real property that are eld for less than a lifetime are called

Answer 35

Personal Property

Question 36

Leases are called estates

Answer 36

less than freehold.

Question 37

The rights of a tenant under a lease of real property are classified as

Answer 37

Personal Property

Question 38

Feudal

Answer 38

the system where individuals can own land for their own lifetime but cannot pass it on to heirs

Question 39

Allodial

Answer 39

the system where individuals can own land for their own lifetime as well as pass it on to heirs

Question 40

Estate in Land

Answer 40

the degree, quantity, nature and extent of one's interest in land

Question 41

The Two types of estates in land are

Answer 41

FREEHOLD ESTATES AND LESS THAN FREEHOLD

Question 42

"OWNERSHIP" interest in property is called

Answer 42

freehold estate

Question 43

Freehold estates are held for lifetime or longer or NOT?

Answer 43

yes! freehold estates are held for a lifetime or longer

Question 44

Rental interest in property is called

Answer 44

estate less than freehold

Question 45

An interest is land which is for less than a lifetime is called a

Answer 45

Estate less than freehold

Question 46

An estate less than freehold is

Answer 46

Personal property

Question 47

EMINENT DOMAIN

Answer 47

Eminent domain refers to the power of the government to take private land for public use under certain circumstances. For example, the government may sometimes take someone's house to make room for a new highway or a bridge.

Question 48

AN INDIVIDUALS RIGHTS IN LAND ARE LIMITED BY THE RIGHTS OF THE

Answer 48

GOVERNMENT

Question 49

THE PROCESS used to acquire property under the right of eminent domain is called

Answer 49

CONDEMNATION

Question 50

POLICE POWER

Answer 50

Police power is the state's inherent right to regulate an individual's conduct or property to protect the health, safety, welfare, and morals of the community. Some common examples of police power, as it relates to real estate, are Zoning, Building codes and Rent control.

Question 51

THE right of the state to assume ownership of property when the owner dies without a valid will or heirs is called

Answer 51

ESCEAT

Question 52

The Right of the state to assume ownership of property when it is abandoned is called

Answer 52

Escheatment : is a government’s right to property if it is unclaimed for any reason after a period of time. Escheat rights can be granted by a court of law or given following a standard time period. In the case of death with no will or heirs, escheat rights may be granted to a state in a probate decision.

Question 53

The state MAY NOT exercise its powers of escheat when an individual

Answer 53

fails to pay taxes on time.

Question 54

A Trade fixture is considered

Answer 54

PERSONAL PROPERTY

Question 55

A FIXTURE

Answer 55

is real property

Question 56

Real Property is conveyed by means of a

Answer 56

DEED

Question 57

Trees and Uncultivated vegetation are called

Answer 57

FRUCTUS NATURALES AND IS REAL PROPERTY

Question 58

Landscaping for a house is an example of

Answer 58

Fructus Naturales

Question 59

Plants that are cultivated annually are called

Answer 59

fructus industriales and they are PERSONAL PROPERTY

Question 60

EMBLEMENTS ARE THE SAME THING AS

Answer 60

FRUCTUS INDUSTRIALES | EMBLEMENTS ARE PERSONAL PROPERTY

Question 61

EMBLEMENTS EXAMPLES

Answer 61

CORN AND WHEAT

Question 62

APPURTENANCE

Answer 62

A RIGHT OR IMPROVEMENT ASSOCIATED WITH LAND

Question 63

An assigned parking space for a condominium unit is called

Answer 63

an Appurtenance

Question 64

Rights associated with ownership of land adjoining a flowing body of water are called

Answer 64

Riparian rights.

Question 65

Rights associated with ownership of land adjoining a stationary body of water are called

Answer 65

Littoral rights.

Question 66

Riparian Rights are

Answer 66

Limited

Question 67

Under riparian rights, an owner of land adjoining a navigable boy of flowing water owns land to the

Answer 67

Low water mark If a boat is NOT navigable then owning land to the middle of the waterway

Question 68

An Item of CHATTEL IS

Answer 68

PERSONAL PROPERTY ONLY

Question 69

AN item of personal property which is moveable and NOT associated with real property is called ( like boats or tools)

Answer 69

Chattel Personal

Question 70

An Item of personal property which is NOT moveable or is associated with real property is called

Answer 70

Chattel REAL

Question 71

Leases and mortgages and option and easements are all examples of

Answer 71

Chattel REAL

Question 72

Trade fixtures are personal property: Like Anita bringing in her fan and or boards for use in the store during the leased time

Answer 72

Trade fixtures are removable personal property that a tenant attaches to leased land for business purposes, such as a display counter.