FIN 3300 Exam 1 WMU Questions With Complete Solutions
3 Functions of Deeds Correct Answers 1. A document used to
transfer rights from one person to another (does not prove
ownership)
2. Can contain restrictions on them
3. May have "warranties" - sometimes called "promises" or
"guarantees".
5 Warranties on a Deed Correct Answers 1. Covenant of
Seizen
2. Covenant of quiet enjoyment
3. Covenant against encumbrances
4. Covenant of further assurance
5. Covenant of warranty forever
A covenant of seizen Correct Answers the grantor is
guaranteeing that they have rights to the property.
A tenancy at sufferance Correct Answers Someone is
occupying another space illegally
Actual Notice Correct Answers any evidence of physical
possession of the property
adverse possession Correct Answers if somebody occupies
someone else's real estate for a certain number of years (15),
they can go to court and claim the other person's real estate (free
of charge) if they meet certain criteria.
, advolerem Correct Answers according to value
allodial system Correct Answers Individuals are given the right
to own land
-System of real estate rights, land ownership,
-Bundle of Rights - always changing
-Public and private portions
appurtenance Correct Answers a right or privilege or
improvement that belongs to and passes with land (ex.
community pool)
Base Line Correct Answers attitude line intercepting principle
meridian
Building Codes Correct Answers local and state laws that set
minimum construction standards
Chattels Correct Answers all objects that are not real estate
Co-operative form of ownership Correct Answers the owner
sets up a corporation that owns the building. People can buy
stock in the company equivalent to the cost of ownership. (aka
proprietary lease)
Condominium form of ownership Correct Answers you have a
fee simple interest in your unit, but share a use of common
elements.
3 Functions of Deeds Correct Answers 1. A document used to
transfer rights from one person to another (does not prove
ownership)
2. Can contain restrictions on them
3. May have "warranties" - sometimes called "promises" or
"guarantees".
5 Warranties on a Deed Correct Answers 1. Covenant of
Seizen
2. Covenant of quiet enjoyment
3. Covenant against encumbrances
4. Covenant of further assurance
5. Covenant of warranty forever
A covenant of seizen Correct Answers the grantor is
guaranteeing that they have rights to the property.
A tenancy at sufferance Correct Answers Someone is
occupying another space illegally
Actual Notice Correct Answers any evidence of physical
possession of the property
adverse possession Correct Answers if somebody occupies
someone else's real estate for a certain number of years (15),
they can go to court and claim the other person's real estate (free
of charge) if they meet certain criteria.
, advolerem Correct Answers according to value
allodial system Correct Answers Individuals are given the right
to own land
-System of real estate rights, land ownership,
-Bundle of Rights - always changing
-Public and private portions
appurtenance Correct Answers a right or privilege or
improvement that belongs to and passes with land (ex.
community pool)
Base Line Correct Answers attitude line intercepting principle
meridian
Building Codes Correct Answers local and state laws that set
minimum construction standards
Chattels Correct Answers all objects that are not real estate
Co-operative form of ownership Correct Answers the owner
sets up a corporation that owns the building. People can buy
stock in the company equivalent to the cost of ownership. (aka
proprietary lease)
Condominium form of ownership Correct Answers you have a
fee simple interest in your unit, but share a use of common
elements.
