MCKISSOCK BASIC APPRAISAL
PRINCIPLES EXAM REPORTED
QUESTIONS AND ANSWERS
historic preservation easement - Answer-- Includes various kinds of controls on
historically designated properties; which are imposed by cities, towns or villages
facade easement - Answer-Traditionally considered a type of preservation easement
that protected only the facade of a building, not the entire structure.
license - Answer-for real property a personal unassignable and typically revocable
priviledge
encroachment - Answer-trespassing on the domain of another
tenancy in serveralty - Answer-estate in propert held by one owner
tenancy - Answer-the holding of propert by any form of title
concurrent ownership - Answer-tenancy in common, joint tenancy, tenancy by the
entirety
Tenancy in common - Answer-An estate held by two or more persons, each of whom
has an undivided interest."
joint tenancy - Answer-joint ownership by two or more persons with the right of
survivorship
tenancy by the entirety - Answer-estate held by husband and wife in which neither has a
disposable interest in the property during the lifetime of the other except through joint
action
land trusts - Answer-egal vehicle for partial ownership interests in real estate in which
independently owned properties are conveyed to a trustee
partnership - Answer-A business in which two or more persons combine their assets
and skills
general partnership - Answer-partnership in which partners share equally in both
responsibility and liability
, limited partnership - Answer-partnership in which only one partner is required to be a
general partner
corporation - Answer-an organization that acts as a single legal entity in performing
certain activities, usually business for profit
syndication - Answer-privateor public partnership that pools funds for the acquisition
and development of real estate projects or other business ventures
real estate investment trust - Answer-A corporation or trust that combines the capital of
many investors to acquire or provide financing for all forms of real property
condominium - Answer-An individually owned housing unit in a building with several
such units
condo ownership - Answer-a form of fee ownership of separate units or portions of
multi-unit buildings that provides for formal filing and recording of a divided interest in
real property.
cooperative ownership - Answer-form of property ownership in which each unit owner
holds stock in a cooperative apartment building or housing corporation.
planned unit development - Answer-A type of building development designed as a
grouping of complementary land uses
timesharing - Answer-Limited ownership interests in, or the rights of use and occupancy
of, residential apartments or hotel rooms.
deed - Answer-written legal instrument that conveys an estate or interest in real estate
property when it is executed and delivered
quitclaim deed - Answer-any interest the grantor possesses in the property described in
the deed is conveyed to the grantee without warranty of title
bargain and sale deed - Answer-A deed that conveys real estate from a seller to a buyer
but does not guarantee clear title
tax deed - Answer-conveys title to property purchased at a tax sale
warranty deed - Answer-A deed that conveys to the grantee title to the property free and
clear of all encumbrances, except those specifically set forth in the document
deed of trust - Answer-A legal instrument similar to a mortgage document, except that
three parties are involved in securing the debt: the borrower, a lender, and a trustee
reconveyance - Answer-passing of the real property back to the original owner
PRINCIPLES EXAM REPORTED
QUESTIONS AND ANSWERS
historic preservation easement - Answer-- Includes various kinds of controls on
historically designated properties; which are imposed by cities, towns or villages
facade easement - Answer-Traditionally considered a type of preservation easement
that protected only the facade of a building, not the entire structure.
license - Answer-for real property a personal unassignable and typically revocable
priviledge
encroachment - Answer-trespassing on the domain of another
tenancy in serveralty - Answer-estate in propert held by one owner
tenancy - Answer-the holding of propert by any form of title
concurrent ownership - Answer-tenancy in common, joint tenancy, tenancy by the
entirety
Tenancy in common - Answer-An estate held by two or more persons, each of whom
has an undivided interest."
joint tenancy - Answer-joint ownership by two or more persons with the right of
survivorship
tenancy by the entirety - Answer-estate held by husband and wife in which neither has a
disposable interest in the property during the lifetime of the other except through joint
action
land trusts - Answer-egal vehicle for partial ownership interests in real estate in which
independently owned properties are conveyed to a trustee
partnership - Answer-A business in which two or more persons combine their assets
and skills
general partnership - Answer-partnership in which partners share equally in both
responsibility and liability
, limited partnership - Answer-partnership in which only one partner is required to be a
general partner
corporation - Answer-an organization that acts as a single legal entity in performing
certain activities, usually business for profit
syndication - Answer-privateor public partnership that pools funds for the acquisition
and development of real estate projects or other business ventures
real estate investment trust - Answer-A corporation or trust that combines the capital of
many investors to acquire or provide financing for all forms of real property
condominium - Answer-An individually owned housing unit in a building with several
such units
condo ownership - Answer-a form of fee ownership of separate units or portions of
multi-unit buildings that provides for formal filing and recording of a divided interest in
real property.
cooperative ownership - Answer-form of property ownership in which each unit owner
holds stock in a cooperative apartment building or housing corporation.
planned unit development - Answer-A type of building development designed as a
grouping of complementary land uses
timesharing - Answer-Limited ownership interests in, or the rights of use and occupancy
of, residential apartments or hotel rooms.
deed - Answer-written legal instrument that conveys an estate or interest in real estate
property when it is executed and delivered
quitclaim deed - Answer-any interest the grantor possesses in the property described in
the deed is conveyed to the grantee without warranty of title
bargain and sale deed - Answer-A deed that conveys real estate from a seller to a buyer
but does not guarantee clear title
tax deed - Answer-conveys title to property purchased at a tax sale
warranty deed - Answer-A deed that conveys to the grantee title to the property free and
clear of all encumbrances, except those specifically set forth in the document
deed of trust - Answer-A legal instrument similar to a mortgage document, except that
three parties are involved in securing the debt: the borrower, a lender, and a trustee
reconveyance - Answer-passing of the real property back to the original owner
