CT REAL ESTATE EXAM GENERAL
PROPERTY OWNERSHIP QUESTIONS
WITH COMPLETE ANSWERS
personal-use easements - ANSWER-- Easement for personal use like using the
other person's property as a shortcut.
- They are terminated with the death of either party. Hence the word PERSONAL
- VERY IMPORTANT: it is considered an easement in gross
prescriptive easements - ANSWER-A right to use another person's property by
constantly using that person's property without impediment for "x" amount of time.
- there must also be a "pattern of use"
how long do you have to use a person's property in CT to get prescriptive easement
- ANSWER-15 years
In order to get "prescriptive easement" status your actions must be - ANSWER-open
(visible), continuous (constant), hostile, EXCLUSIVE
How can you stop prescriptive easement claims? - ANSWER-"Walkers Welcome" or
" "Private Property: Use by Permission"
Tacking - ANSWER-meet the 15 year requirement for prescriptive easement by
using the time spent using the previous owner's property.
Adverse Possession - ANSWER-legally gain the right to land by trespassing or
encroachments. Must be open, hostile, continuous, and exclusive.
Party Wall easements - ANSWER-a common building wall or wall that is on the
property line and is owned by both owners.
license - ANSWER-personal, revocable right granted by the owner, for someone
else, to use the property
ex: a ticket for a parking lot
encroachments - ANSWER-property owner violates the property rights of his
neighbor by building something on the neighbor's land or by allowing something to
hang over onto the neighbor's property.
trespass - ANSWER-building on a person's property
nuisance - ANSWER-tree limbs or roofline across property boundary lines
encroachments legal definition - ANSWER-unauthorized and/or illegal infringements
that can affect a title's marketability
title - ANSWER-document that indicates recognition of ownership. ex: deed
, clear title/good title - ANSWER-title free of restrictions that would limit its transfer
marketable title - ANSWER-a reasonable buyer would accept as a clear title
purchase agreement - ANSWER-obligates a buyer to buy and a seller to sell
severalty/tenancy in severalty - ANSWER-an individual has sole ownerships of a title
concurrent ownership - ANSWER-ownership by two or more people
tenants in common - ANSWER-undivided fractional interest (ownership) in property
there may be uneven shares (ex: 1 guy owns 66% and the other owns 33%
joint tenancy - ANSWER-undivided interest (ownership) in the property
no uneven shares
four unities - ANSWER-set of legal requirements for creating a joint tenancy. unity of
title, time, possesion, and interest
unity of title - ANSWER-all parties named on the same deed
unity of time - ANSWER-took title at the same time
unity of possession - ANSWER-all parties have undivided possession and use of
rights
unity of interest - ANSWER-all parties have an equal interest in the property
unity of interest in CT - ANSWER-allows unequal interest
right of survivorship - ANSWER--For joint tenancy
- with each death of individual joint tenants, the other joint tenants interest will
increase
tenancy by the entirities - ANSWER-a couple owns the property as one indivisible
legal unit
Non-monetary assets - ANSWER-Assets a company holds for which it is not
possible to PRECISELY determine a dollar value
ex: house
Monetary assets - ANSWER-An asset such as cash, accounts receivable, or a note
receivable where the amount is a fixed, stated amount.
lien - ANSWER-- monetary encumbrance
- A right to keep possession of property belonging to another person until a debt
owed by that person is discharged
Voluntary lein - ANSWER-debt approved by owner/borrower
PROPERTY OWNERSHIP QUESTIONS
WITH COMPLETE ANSWERS
personal-use easements - ANSWER-- Easement for personal use like using the
other person's property as a shortcut.
- They are terminated with the death of either party. Hence the word PERSONAL
- VERY IMPORTANT: it is considered an easement in gross
prescriptive easements - ANSWER-A right to use another person's property by
constantly using that person's property without impediment for "x" amount of time.
- there must also be a "pattern of use"
how long do you have to use a person's property in CT to get prescriptive easement
- ANSWER-15 years
In order to get "prescriptive easement" status your actions must be - ANSWER-open
(visible), continuous (constant), hostile, EXCLUSIVE
How can you stop prescriptive easement claims? - ANSWER-"Walkers Welcome" or
" "Private Property: Use by Permission"
Tacking - ANSWER-meet the 15 year requirement for prescriptive easement by
using the time spent using the previous owner's property.
Adverse Possession - ANSWER-legally gain the right to land by trespassing or
encroachments. Must be open, hostile, continuous, and exclusive.
Party Wall easements - ANSWER-a common building wall or wall that is on the
property line and is owned by both owners.
license - ANSWER-personal, revocable right granted by the owner, for someone
else, to use the property
ex: a ticket for a parking lot
encroachments - ANSWER-property owner violates the property rights of his
neighbor by building something on the neighbor's land or by allowing something to
hang over onto the neighbor's property.
trespass - ANSWER-building on a person's property
nuisance - ANSWER-tree limbs or roofline across property boundary lines
encroachments legal definition - ANSWER-unauthorized and/or illegal infringements
that can affect a title's marketability
title - ANSWER-document that indicates recognition of ownership. ex: deed
, clear title/good title - ANSWER-title free of restrictions that would limit its transfer
marketable title - ANSWER-a reasonable buyer would accept as a clear title
purchase agreement - ANSWER-obligates a buyer to buy and a seller to sell
severalty/tenancy in severalty - ANSWER-an individual has sole ownerships of a title
concurrent ownership - ANSWER-ownership by two or more people
tenants in common - ANSWER-undivided fractional interest (ownership) in property
there may be uneven shares (ex: 1 guy owns 66% and the other owns 33%
joint tenancy - ANSWER-undivided interest (ownership) in the property
no uneven shares
four unities - ANSWER-set of legal requirements for creating a joint tenancy. unity of
title, time, possesion, and interest
unity of title - ANSWER-all parties named on the same deed
unity of time - ANSWER-took title at the same time
unity of possession - ANSWER-all parties have undivided possession and use of
rights
unity of interest - ANSWER-all parties have an equal interest in the property
unity of interest in CT - ANSWER-allows unequal interest
right of survivorship - ANSWER--For joint tenancy
- with each death of individual joint tenants, the other joint tenants interest will
increase
tenancy by the entirities - ANSWER-a couple owns the property as one indivisible
legal unit
Non-monetary assets - ANSWER-Assets a company holds for which it is not
possible to PRECISELY determine a dollar value
ex: house
Monetary assets - ANSWER-An asset such as cash, accounts receivable, or a note
receivable where the amount is a fixed, stated amount.
lien - ANSWER-- monetary encumbrance
- A right to keep possession of property belonging to another person until a debt
owed by that person is discharged
Voluntary lein - ANSWER-debt approved by owner/borrower
