PERRY REAL ESTATE ACTUAL FINALS QUESTIONS
AND ANSWERS SET A+
✔✔Tenancy with survivorship means - ✔✔the tenancy interest will pass to the surviving
tenant(s) upon the death of one party
✔✔PITT includes - ✔✔Unity of Possession, interest, time, and title
✔✔Plat - ✔✔recorded and detailed map that draws the boundaries of individual lots in a
subdivision
✔✔appurtenant easement - ✔✔Runs with the land
✔✔Survivorship - ✔✔allows a person to take title to a property without going through
probate
✔✔acre - ✔✔43560 square foot
✔✔License - ✔✔Someone hunting on someone's land and they are no longer given
access
Storing camper in a neighbors yard without rent
✔✔Enabling acts - ✔✔state confers zoning powers to a municipality through
✔✔Certificate of Occupancy - ✔✔Upon satisfactory completion of a building project, the
seller should apply for
✔✔Injunction - ✔✔An order which legally prevents something- how an owner can
enforce restrictions in their subdivision
✔✔Trustee - ✔✔legal arrangement in which title to property is held for the benefit of a
third party
,✔✔Condo laws - ✔✔Horizontal property laws
✔✔Syndicate - ✔✔Partnership for a long term arrangement
✔✔Fee simple estate - ✔✔person who has complete control over a parcel of real estate
✔✔Condemnation - ✔✔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 - ✔✔(aka special use permit) Allows a land use that does not
conform within existing zoning
✔✔Interstate Land Sales Full Disclosure Act - ✔✔for 25 lots
✔✔Escheat - ✔✔if a property owner dies with no heirs and no will, the property reverts
to the ownership of the state
✔✔town house vs condo - ✔✔Condo owners can share floors and ceilings
✔✔Monument - ✔✔could tree stream or rock
✔✔Private property - ✔✔Owners property extends only to the high water mark and the
public may use the land beyond this point
✔✔Living trust - ✔✔Way for owners can avoid probate
✔✔Tenancy by the Entirety - ✔✔special ownership by married couple
✔✔Fee estate subject to condition subsequent - ✔✔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 - ✔✔points of beginning, tangible and intangible monuments,
degrees, minutes and seconds
✔✔Tenants in common - ✔✔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 - ✔✔The complete ownership of a property; may be either
absolute or conditional.- will be willed to children
✔✔Trustor - ✔✔beneficiary of a land trust
, The mortgagor
✔✔Bulk zoning - ✔✔A special type of zoning used to control density by imposing
restrictions, such as setbacks
✔✔escheat - ✔✔The state takes property upon an owners death if there is no will & no
heirs exist.
✔✔time share use vs time share estate - ✔✔time share use sells only right of
occupancy not a fee simple estate
✔✔Legal life estate - ✔✔Dower, Curtesy, or Homestead
✔✔Township units - ✔✔36 square miles
✔✔Zoning ordinances - ✔✔density, natural resources, and setbacks
✔✔Time share estate - ✔✔A fee simple interest in a time-share property.
✔✔Homestead - ✔✔statutory right that a family has in its residence
✔✔Syndicate - ✔✔may be set up as a corporation, a trust, a partnership
✔✔encumbrance examples - ✔✔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 - ✔✔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 - ✔✔private land use control
✔✔variance - ✔✔if a landowner wants to use his land in a prohibited manner, he must
obtain
✔✔point of beginning - ✔✔The starting and end point in a metes and bounds
description
✔✔Severalty - ✔✔Ownership of real property by one person only, also called sole
ownership.
After a joint tenant dies and you own solo
AND ANSWERS SET A+
✔✔Tenancy with survivorship means - ✔✔the tenancy interest will pass to the surviving
tenant(s) upon the death of one party
✔✔PITT includes - ✔✔Unity of Possession, interest, time, and title
✔✔Plat - ✔✔recorded and detailed map that draws the boundaries of individual lots in a
subdivision
✔✔appurtenant easement - ✔✔Runs with the land
✔✔Survivorship - ✔✔allows a person to take title to a property without going through
probate
✔✔acre - ✔✔43560 square foot
✔✔License - ✔✔Someone hunting on someone's land and they are no longer given
access
Storing camper in a neighbors yard without rent
✔✔Enabling acts - ✔✔state confers zoning powers to a municipality through
✔✔Certificate of Occupancy - ✔✔Upon satisfactory completion of a building project, the
seller should apply for
✔✔Injunction - ✔✔An order which legally prevents something- how an owner can
enforce restrictions in their subdivision
✔✔Trustee - ✔✔legal arrangement in which title to property is held for the benefit of a
third party
,✔✔Condo laws - ✔✔Horizontal property laws
✔✔Syndicate - ✔✔Partnership for a long term arrangement
✔✔Fee simple estate - ✔✔person who has complete control over a parcel of real estate
✔✔Condemnation - ✔✔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 - ✔✔(aka special use permit) Allows a land use that does not
conform within existing zoning
✔✔Interstate Land Sales Full Disclosure Act - ✔✔for 25 lots
✔✔Escheat - ✔✔if a property owner dies with no heirs and no will, the property reverts
to the ownership of the state
✔✔town house vs condo - ✔✔Condo owners can share floors and ceilings
✔✔Monument - ✔✔could tree stream or rock
✔✔Private property - ✔✔Owners property extends only to the high water mark and the
public may use the land beyond this point
✔✔Living trust - ✔✔Way for owners can avoid probate
✔✔Tenancy by the Entirety - ✔✔special ownership by married couple
✔✔Fee estate subject to condition subsequent - ✔✔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 - ✔✔points of beginning, tangible and intangible monuments,
degrees, minutes and seconds
✔✔Tenants in common - ✔✔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 - ✔✔The complete ownership of a property; may be either
absolute or conditional.- will be willed to children
✔✔Trustor - ✔✔beneficiary of a land trust
, The mortgagor
✔✔Bulk zoning - ✔✔A special type of zoning used to control density by imposing
restrictions, such as setbacks
✔✔escheat - ✔✔The state takes property upon an owners death if there is no will & no
heirs exist.
✔✔time share use vs time share estate - ✔✔time share use sells only right of
occupancy not a fee simple estate
✔✔Legal life estate - ✔✔Dower, Curtesy, or Homestead
✔✔Township units - ✔✔36 square miles
✔✔Zoning ordinances - ✔✔density, natural resources, and setbacks
✔✔Time share estate - ✔✔A fee simple interest in a time-share property.
✔✔Homestead - ✔✔statutory right that a family has in its residence
✔✔Syndicate - ✔✔may be set up as a corporation, a trust, a partnership
✔✔encumbrance examples - ✔✔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 - ✔✔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 - ✔✔private land use control
✔✔variance - ✔✔if a landowner wants to use his land in a prohibited manner, he must
obtain
✔✔point of beginning - ✔✔The starting and end point in a metes and bounds
description
✔✔Severalty - ✔✔Ownership of real property by one person only, also called sole
ownership.
After a joint tenant dies and you own solo
