Bermuda Real Estate and Licensing Exam with Complete Solution Latest 2024/2025.

Bermuda Real Estate and Licensing Exam with Complete Solution Latest 2024/2025. Defect/Cloud in the title - Ans Conflicting claims that prevent the absolute legal conveyance of CLEAR TITLE Period to Period is a type of leasehold that: - Ans Has no specific expiration but the length is specified (like a month to month lease) Net Lease - Ans lease in which the tenant pays some or all of the operating expenses of the property in addition to rent. Often commercial. Adverse Possession - Ans A person takes possession & use of a property belonging to another. Possession must be open, notorious, hostile & uninterrupted for a certain period of time. Estoppel - Ans Legal bar that prevents contradictions. Often a document that 'stops' prevents people from contradicting earlier agreements or statements Conformity appraisal method - Ans Orchard in the midst of a housing development Anticipation value - Ans Valued on future income. nonrecourse loan - Ans a loan that carries neither a penalty nor further obligation to repay if not paid back Government Rectangular Survey System - Ans Land (Definition) - Ans immobility, permanence, uniqueness, indestructablity Annexation - Ans term by attachment becomes real property Severance - Ans term by separating a fixture from real property becomes personal property Monument - Ans landmark natural or stake to mark a boundry Fee Simple Absolute - Ans No conditions on use or transfer alienation of title - Ans A change of ownership. May be voluntary (sold the property) or involuntary (foreclosure sale). testate - Ans having a will Bermuda Real Estate and Licensing Exam with Complete Solution Latest 2024/2025. Intestate Succession - Ans the method used to distribute property owned by a person who dies without a valid will nuncupative will - Ans an oral will Holographic Will - Ans A will written entirely by the testator with his own hand. devise - Ans real property disposed of in a will Adverse Possession - Ans The actual, open, notorious, hostile, and continuous possession of another's land under a claim of title, must be 20 years. Redemption - Ans mortgage default then payoff and claim back property balance app - Ans Friendly Foreclosure - Ans deed in lieu of foreclosure forebearance - Ans work out loan for debt Tenants in Common - Ans shared ownership of a single property among two or more persons; interests need not be equal and no right of survivorship exists. FRACTIONAL Joint Tenancy - Ans A form of co-ownership that includes the right of survivorship. EQUAL foreshore encroachments - Ans docks foreshore lease - Ans 21 years Non-conforming use - Ans Use after a zoning change - grandfathered (BEFORE ZONING) Variance - Ans Added after zoning in place - granted (AFTER ZONING) Conditional use - Ans permitted use that can be revoked Spot zoning - Ans a change in the zoning ordinance for a particular area buffer zone - Ans new industrial park and zone space between Special assessment - Ans Tax only on property directly benefiting from an improvement Constructive Notice - Ans Notice given by recorded documents. Revealed in Due Diligence search. Escalator Clause Lease - Ans Actual Notice - Ans Personally given to somebody/ signed for Priority of Liens - Ans Based on time or date of recording Equitable liens - Ans Court order Statutory liens - Ans automatic - tax easement (ingress, egress, regress) - Ans easement (enter, exit, reenter) Easement of necessity - Ans e.g. landlocked parcel of land. The easement is NECESSARY to access the property. Servient Tenement - Ans Parcel over which the easement runs Dominant Estate (Tenement) - Ans The tract that benefits from the easement Appurtenant rights - run with the land - Ans The automatic transfer of certain rights or encumbrances in real property when title is conveyed. Easement in gross - Ans personal use not transferrable Easement by Prescription - Ans Created through continual use over a certain period of time. It must be continual, visible, & w/o approval. Example - a private road becomes public. encroachment - Ans infringements affecting marketability curable depreciation - Ans cost effective minor repairs Incurable Depreciation - Ans Physical deterioration that cannot be repaired in a costeffective manner. appraisal - Ans RICS (Roy Surveyors) guidelines of the current value of the property. Subject property - Ans The property being appraised.