Michigan Real Estate Exam Practice

When land is conveyed to a trustee, what may a trustee do? - Answer- Whatever is permitted under the trust agreement. What is true of both special assessments an ad valorem taxes? - Answer- Delinquent payment is grounds for sale of the property. At the time of harvest, crops that require annual plantin gare generally considered to be what? - Answer- Personal property. A homeowner has negotiated with a neighbor to obtain the permanent right to pass over the northern part of the neighbor's land to gain access to the river. He pays the neighbor $9,000 for the right of access and receives a deed. This is an easement _______? - Answer- Appurtenant Two lots of the same size are sold on a street. The lot on the corner sells for $20,000 more than the lot in the middle of the street. What characteristic MOST likely explains the price difference? - Answer- Situs. A tenant rented an apartment, signing a 15-month lease. After the lease expired, the tenant paid 1 month's rent and got a receipt. What kind of leasehold does the tenant have? - Answer- Holdover Tenancy. Legal descriptions using the government survey system are NOT generally used where? - Answer- the original 13 states A deed restriction is applicable to the activities of who? - Answer- present and future owners. A landowner wishes to build a neighborhood grocery store on a busy street in an area zoned for residential use. What would MOST likely be used to obtain permission for this store? - Answer- Conditional use permit or zoning variance. If conditions for purchase are included in a deed and these conditions are violated, what is the penalty? - Answer- Return of the property to the original owner. An environmental impact statement typically describes the effects of a proposed project on factors such as what? - Answer- public health and safety. Although states make specific laws governing water rights and the rights in land that borders water, most states generally follow one of two basic doctrines regarding water rights. In many states, the common law doctrine of riparian and littoral rights dictates that water rights are automatically conveyed with property. In others, all water rights are controlled by the state under the doctrine of ______________ _____________ ? - A