Perry Real Estate College Final
Questions & Complete Solutions | Real
Estate Licensing Study Guide
Injunction - ANSWER An order which legally prevents something- how an
owner can enforce restrictions in their subdivision
Trustee - ANSWER legal arrangement in which title to property is held for the
benefit of a third party
Condo laws - ANSWER Horizontal property laws
Syndicate - ANSWER Partnership for a long term arrangement
Fee simple estate - ANSWER person who has complete control over a parcel of
real estate
Condemnation - ANSWER The process by which the government exercises its
right of eminent domain and can acquire ownership of private land for public use
Conditional use permit - ANSWER (aka special use permit) Allows a land use
that does not conform within existing zoning
Interstate Land Sales Full Disclosure Act - ANSWER for 25 lots
,Escheat - ANSWER if a property owner dies with no heirs and no will, the
property reverts to the ownership of the state
town house vs condo - ANSWER Condo owners can share floors and ceilings
Monument - ANSWER could tree stream or rock
Private property - ANSWER Owners property extends only to the high water
mark and the public may use the land beyond this point
Living trust - ANSWER Way for owners can avoid probate
Tenancy by the Entirety - ANSWER special ownership by married couple
Fee estate subject to condition subsequent - ANSWER A person who acquired
ownership that can be inherited, with the provision that the land must always be
used for recreational purposes
Metes and Bounds - ANSWER points of beginning, tangible and intangible
monuments, degrees, minutes and seconds
Tenants in common - ANSWER A form of ownership by two or more persons
each having an equal or unequal interest and passing the interest to heirs, not to
surviving tenants.
fee simple estate - ANSWER The complete ownership of a property; may be
either absolute or conditional.- will be willed to children
,Trustor - ANSWER beneficiary of a land trust
The mortgagor
Bulk zoning - ANSWER A special type of zoning used to control density by
imposing restrictions, such as setbacks
escheat - ANSWER The state takes property upon an owners death if there is no
will & no heirs exist.
time share use vs time share estate - ANSWER time share use sells only right of
occupancy not a fee simple estate
Legal life estate - ANSWER Dower, Curtesy, or Homestead
Township units - ANSWER 36 square miles
Zoning ordinances - ANSWER density, natural resources, and setbacks
Time share estate - ANSWER A fee simple interest in a time-share property.
Homestead - ANSWER statutory right that a family has in its residence
Syndicate - ANSWER may be set up as a corporation, a trust, a partnership
encumbrance examples - ANSWER An encumbrance is any claim, liability, or
charge attached to real property that may lessen
, the owner's bundle of rights or the value of the property. "Some common examples
of encumbrances are liens, easements, encroachments, and convenants.
Community Property State - ANSWER property acquired during a marriage is
owned equally by both parties, and can be used to satisfy the debts of either part to
the marriage- you own one half of remaining property
deed restriction example - ANSWER private land use control
variance - ANSWER if a landowner wants to use his land in a prohibited manner,
he must obtain
point of beginning - ANSWER The starting and end point in a metes and bounds
description
Severalty - ANSWER Ownership of real property by one person only, also called
sole ownership.
After a joint tenant dies and you own solo
HUD - ANSWER Department of Housing and Urban Development; regulates the
interstate land sales full disclosure act
Survivorship - ANSWER benefit of owning property as tenants in the entirety
prior of appropriation - ANSWER water rights are determined by priority of
beneficial use
Questions & Complete Solutions | Real
Estate Licensing Study Guide
Injunction - ANSWER An order which legally prevents something- how an
owner can enforce restrictions in their subdivision
Trustee - ANSWER legal arrangement in which title to property is held for the
benefit of a third party
Condo laws - ANSWER Horizontal property laws
Syndicate - ANSWER Partnership for a long term arrangement
Fee simple estate - ANSWER person who has complete control over a parcel of
real estate
Condemnation - ANSWER The process by which the government exercises its
right of eminent domain and can acquire ownership of private land for public use
Conditional use permit - ANSWER (aka special use permit) Allows a land use
that does not conform within existing zoning
Interstate Land Sales Full Disclosure Act - ANSWER for 25 lots
,Escheat - ANSWER if a property owner dies with no heirs and no will, the
property reverts to the ownership of the state
town house vs condo - ANSWER Condo owners can share floors and ceilings
Monument - ANSWER could tree stream or rock
Private property - ANSWER Owners property extends only to the high water
mark and the public may use the land beyond this point
Living trust - ANSWER Way for owners can avoid probate
Tenancy by the Entirety - ANSWER special ownership by married couple
Fee estate subject to condition subsequent - ANSWER A person who acquired
ownership that can be inherited, with the provision that the land must always be
used for recreational purposes
Metes and Bounds - ANSWER points of beginning, tangible and intangible
monuments, degrees, minutes and seconds
Tenants in common - ANSWER A form of ownership by two or more persons
each having an equal or unequal interest and passing the interest to heirs, not to
surviving tenants.
fee simple estate - ANSWER The complete ownership of a property; may be
either absolute or conditional.- will be willed to children
,Trustor - ANSWER beneficiary of a land trust
The mortgagor
Bulk zoning - ANSWER A special type of zoning used to control density by
imposing restrictions, such as setbacks
escheat - ANSWER The state takes property upon an owners death if there is no
will & no heirs exist.
time share use vs time share estate - ANSWER time share use sells only right of
occupancy not a fee simple estate
Legal life estate - ANSWER Dower, Curtesy, or Homestead
Township units - ANSWER 36 square miles
Zoning ordinances - ANSWER density, natural resources, and setbacks
Time share estate - ANSWER A fee simple interest in a time-share property.
Homestead - ANSWER statutory right that a family has in its residence
Syndicate - ANSWER may be set up as a corporation, a trust, a partnership
encumbrance examples - ANSWER An encumbrance is any claim, liability, or
charge attached to real property that may lessen
, the owner's bundle of rights or the value of the property. "Some common examples
of encumbrances are liens, easements, encroachments, and convenants.
Community Property State - ANSWER property acquired during a marriage is
owned equally by both parties, and can be used to satisfy the debts of either part to
the marriage- you own one half of remaining property
deed restriction example - ANSWER private land use control
variance - ANSWER if a landowner wants to use his land in a prohibited manner,
he must obtain
point of beginning - ANSWER The starting and end point in a metes and bounds
description
Severalty - ANSWER Ownership of real property by one person only, also called
sole ownership.
After a joint tenant dies and you own solo
HUD - ANSWER Department of Housing and Urban Development; regulates the
interstate land sales full disclosure act
Survivorship - ANSWER benefit of owning property as tenants in the entirety
prior of appropriation - ANSWER water rights are determined by priority of
beneficial use
