Answers 100% Pass
Deed vs Bill of Sale - ✔✔-Deed is receipt for Real Property
-Bill of Sale is for Personal Property
Real Estate vs Property - ✔✔Both include land + improvements, real property
includes benefits and interests
Estate Time - ✔✔how long you own it
-Forever, freehold (fee simple)
-Lifetime (ordinary)
-<Lifetime (Leasehold)
Fee simple - ✔✔highest type of interest in real estate recognized by law. the owner is
entitled to all rights in the property
Freehold Estate - ✔✔An estate in land in which ownership is for an indeterminate
length of time, in contrast to a leasehold estate.
-May be defeasible with special limitations or conditional provisions
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,Life Estate - ✔✔An interest in real or personal property that is limited in duration to
the lifetime of its owner or some other designated person or persons.
Pur Autre Vie - ✔✔"For the life of another." A life estate pur autre vie is a life estate
that is measured by the life of a person other than the grantee
Dower vs Curtesy - ✔✔Dower
-husbands life estate from deceased wife
Curtesy
-wife's life estate from deceased husband
Homestead - ✔✔a family home and its surrounding lands
Lease vs Rental - ✔✔Rental is <= 2 yrs, lease > 2 yrs
What Areas of R.E. Specialization need a License? - ✔✔-Brokerage
-Broker
-Salesperson
-Property Manager
-Developer
-Appraiser
-Home Inspector
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, Encumbrances - ✔✔A charge, claim, or liability that attaches to and is binding on real
estate
-unless cleared prior to sale, it continues in effect
-Types:
--Deed restrictions
--Easements
--Encroachments
Lien - ✔✔A charge against property that provides security for a debt or an obligation
of the property owner.
Specific vs General Lien - ✔✔specific - relates to specific property
general - relates to all of the debtors property
Easement - ✔✔right required by one party to use land of another for specific purpose
Easement Appurtenant - ✔✔Easement annexed to ownership & "run with the land".
An easement created to benefit adjacent land. Tract over which easement runs is
called servient tenement, tract that benefits is called dominant tenement
Easement in Gross - ✔✔mere personal interest or right to use land of another, no
dominant tenement, just servient
-i.e. utilities
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