CT REAL ESTATE EXAM GUIDE SET
QUESTIONS AND ANSWERS
Lot-and-block system - ANSWER-Method of legally describing land using a
subdivision plat map
Datum - ANSWER-A horizontal plane from which heights and depths are measured
(usually for recording elevations)
Lien - ANSWER-A claim of a creditor or taxing authority against the real property of a
debtor that is used as security to ensure repayment of the debt.
Voluntary lein - ANSWER-Type of lein created by action of the property owner
Involuntary lein - ANSWER-Type of lein created without the property owner's
express permission
Statutory lein - ANSWER-Lein created by statute
Equitable lein - ANSWER-Lein created by a court based on the common law
General lein - ANSWER-Lein that affects both real and personal property
Specific lein - ANSWER-Lein that affects only real property
Subordination agreement - ANSWER-A written agreement between holders of leins
on a property that changes priority of leins
Ad valorem - ANSWER-based on value
Assessed value - ANSWER-Value based on sales prices of comparable properties
used for taxation purposes
Equalization factor - ANSWER-A factor by which the assessed value of a property is
multiplied to arrive at a value for the property that is in line with statewide tax
assessments.
Redemption - ANSWER-The right of a defaulted property owner to recover his or her
property by curing the default
Judgment - ANSWER-The formal decision of a court upon the respective rights and
claims of the parties to an action or suit. After it has been entered and recorded with
the county recorder, it usually becomes a general lein on the property of the
defendant.
Fee simple estate - ANSWER-The highest interest in real estate recognized by the
law; the holder is entitled to all rights to the property.
, Fee simple defeasible - ANSWER-An estate in which the holder has a fee simple title
that may be divested upon the occurence or non-occurence of a specified event.
Fee simple determinable - ANSWER-A fee simple estate qualified by a special
limitation. (so long as, while, or during)
Fee simple subject to a condition subsequent - ANSWER-If an estate is no longer
used for the purpose conveyed, it reverts to the original grantor by the right of re-
entry.
Life estate - ANSWER-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 - ANSWER-"for the life of another" A life estate that is measured by the
life of a person other than the grantee.
Legal life estate - ANSWER-A form of life estate established by state law, rather than
created voluntarily by an owner. It becomes effective when certain events occur
(dower, curtesy, and homestead).
Homestead - ANSWER-Land that is owned and occupied as the family home. In
many states, a portion of the area or value of this land is protected or exempt from
judgments for debts.
Dower - ANSWER-The legal right or interest, recognized in some states, that a wife
acquires in the property her husband held or acquired during their marriage.
Curtesy - ANSWER-A life estate, usually a fractional interest, given by some states
to the surviving husband in real estate owned by his deceased wife.
Ownership in severalty - ANSWER-Title held by one individual
Tenancy in common - ANSWER-A form of co-ownership by which each owner holds
an undivided interest in real property as if each were sole owner.
Joint tenancy - ANSWER-Ownership of real estate between two or more parties who
have been named in one conveyance as joint tenants (observes survivorship)
Tenancy by the entirety - ANSWER-The joint ownership, recognized in some states,
of property acquired by husband and wife during marriage (observes survivorship)
Community property - ANSWER-A system of property ownership based on the
theory that each spouse has an equal interest in the property acquired by the efforts
of either spouse during marriage.
Condominium ownership - ANSWER-The owner of each unit holds fee simple title to
the unit and own a specified share of the remainder of building and land (common
elements)
QUESTIONS AND ANSWERS
Lot-and-block system - ANSWER-Method of legally describing land using a
subdivision plat map
Datum - ANSWER-A horizontal plane from which heights and depths are measured
(usually for recording elevations)
Lien - ANSWER-A claim of a creditor or taxing authority against the real property of a
debtor that is used as security to ensure repayment of the debt.
Voluntary lein - ANSWER-Type of lein created by action of the property owner
Involuntary lein - ANSWER-Type of lein created without the property owner's
express permission
Statutory lein - ANSWER-Lein created by statute
Equitable lein - ANSWER-Lein created by a court based on the common law
General lein - ANSWER-Lein that affects both real and personal property
Specific lein - ANSWER-Lein that affects only real property
Subordination agreement - ANSWER-A written agreement between holders of leins
on a property that changes priority of leins
Ad valorem - ANSWER-based on value
Assessed value - ANSWER-Value based on sales prices of comparable properties
used for taxation purposes
Equalization factor - ANSWER-A factor by which the assessed value of a property is
multiplied to arrive at a value for the property that is in line with statewide tax
assessments.
Redemption - ANSWER-The right of a defaulted property owner to recover his or her
property by curing the default
Judgment - ANSWER-The formal decision of a court upon the respective rights and
claims of the parties to an action or suit. After it has been entered and recorded with
the county recorder, it usually becomes a general lein on the property of the
defendant.
Fee simple estate - ANSWER-The highest interest in real estate recognized by the
law; the holder is entitled to all rights to the property.
, Fee simple defeasible - ANSWER-An estate in which the holder has a fee simple title
that may be divested upon the occurence or non-occurence of a specified event.
Fee simple determinable - ANSWER-A fee simple estate qualified by a special
limitation. (so long as, while, or during)
Fee simple subject to a condition subsequent - ANSWER-If an estate is no longer
used for the purpose conveyed, it reverts to the original grantor by the right of re-
entry.
Life estate - ANSWER-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 - ANSWER-"for the life of another" A life estate that is measured by the
life of a person other than the grantee.
Legal life estate - ANSWER-A form of life estate established by state law, rather than
created voluntarily by an owner. It becomes effective when certain events occur
(dower, curtesy, and homestead).
Homestead - ANSWER-Land that is owned and occupied as the family home. In
many states, a portion of the area or value of this land is protected or exempt from
judgments for debts.
Dower - ANSWER-The legal right or interest, recognized in some states, that a wife
acquires in the property her husband held or acquired during their marriage.
Curtesy - ANSWER-A life estate, usually a fractional interest, given by some states
to the surviving husband in real estate owned by his deceased wife.
Ownership in severalty - ANSWER-Title held by one individual
Tenancy in common - ANSWER-A form of co-ownership by which each owner holds
an undivided interest in real property as if each were sole owner.
Joint tenancy - ANSWER-Ownership of real estate between two or more parties who
have been named in one conveyance as joint tenants (observes survivorship)
Tenancy by the entirety - ANSWER-The joint ownership, recognized in some states,
of property acquired by husband and wife during marriage (observes survivorship)
Community property - ANSWER-A system of property ownership based on the
theory that each spouse has an equal interest in the property acquired by the efforts
of either spouse during marriage.
Condominium ownership - ANSWER-The owner of each unit holds fee simple title to
the unit and own a specified share of the remainder of building and land (common
elements)
