Missour i In sur an ce Pr oducer 's |! |! |!
Licen se Exam Stu dy Guide question s |! |! |! |! |!
& an sw er s|!
Encumberance* - Correct answer ✔Anything which affects or limits the |! |! |! |! |! |! |! |! |! |!
fee simple title to property, such as mortgages, easements or restrictions
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which do not prevent alienation of the fee title by the owner. Liens are
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special encumbrances which make the property security for the debt.
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Encroachment - Correct answer ✔The situation that exists when a |! |! |! |! |! |! |! |! |! |!
structure is built in whole or part on a neighbor's property.
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Disputes arising from a confusion of boundaries may be the result of
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incorrect surveys, or mistakes by builders and/or owners when erecting
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an improvement; and may be generally settled by an action at law.
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However, courts of equity will entertain a bill for the settlement of
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boundaries when the rights may be established upon equitable grounds.
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Encroachments may be corrected by giving or selling the encroaching |! |! |! |! |! |! |! |! |! |!
party an easement or lease for the lifetime of the building, or in the case
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of small structures, actually moving it onto the owner's own property.
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, Joint Tenancy - Correct answer ✔When two or more persons take title
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when they want the entire ownership to go to the survivor instead of the
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heirs of the survivor.
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Upon death, the interest of the deceased co-tenant goes to the surviving
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co-tenants. If joint tenancy ownership is desired, it must be set out
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specifically in the deed as it is not implied by co-ownership.
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1. Can be severed by deed or partition
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2. Not inheritable via will, no probate proceedings necessary (court).
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3. Parties need not be related or married
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4. Vesting language may contain wording "with right of survivorship."
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This language is implied by the definition of joint tenancy and as such is
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not required; but it's also not prohibited.
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Tenants in Common - Correct answer ✔Each owning party has an
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undivided inheritable interest to the property who intent their share in
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the property to be separate from the other on death.
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Title does not pass to the surviving owners in the event of death of one
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of the owners. But ownership in the property is left to his or her heirs or
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as specified by will.
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Tenancy by the Entireties - Correct answer ✔When the title is held by a
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husband and wife. ONLY MARRIED COUPLES MAY HAVE THIS
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TENANCY.
Licen se Exam Stu dy Guide question s |! |! |! |! |!
& an sw er s|!
Encumberance* - Correct answer ✔Anything which affects or limits the |! |! |! |! |! |! |! |! |! |!
fee simple title to property, such as mortgages, easements or restrictions
|! |! |! |! |! |! |! |! |! |! |!
which do not prevent alienation of the fee title by the owner. Liens are
|! |! |! |! |! |! |! |! |! |! |! |! |! |!
special encumbrances which make the property security for the debt.
|! |! |! |! |! |! |! |! |!
Encroachment - Correct answer ✔The situation that exists when a |! |! |! |! |! |! |! |! |! |!
structure is built in whole or part on a neighbor's property.
|! |! |! |! |! |! |! |! |! |! |!
Disputes arising from a confusion of boundaries may be the result of
|! |! |! |! |! |! |! |! |! |! |! |!
incorrect surveys, or mistakes by builders and/or owners when erecting
|! |! |! |! |! |! |! |! |! |!
an improvement; and may be generally settled by an action at law.
|! |! |! |! |! |! |! |! |! |! |!
However, courts of equity will entertain a bill for the settlement of
|! |! |! |! |! |! |! |! |! |! |! |!
boundaries when the rights may be established upon equitable grounds.
|! |! |! |! |! |! |! |! |! |!
Encroachments may be corrected by giving or selling the encroaching |! |! |! |! |! |! |! |! |! |!
party an easement or lease for the lifetime of the building, or in the case
|! |! |! |! |! |! |! |! |! |! |! |! |! |! |!
of small structures, actually moving it onto the owner's own property.
|! |! |! |! |! |! |! |! |! |!
, Joint Tenancy - Correct answer ✔When two or more persons take title
|! |! |! |! |! |! |! |! |! |! |! |!
when they want the entire ownership to go to the survivor instead of the
|! |! |! |! |! |! |! |! |! |! |! |! |! |!
heirs of the survivor.
|! |! |! |!
Upon death, the interest of the deceased co-tenant goes to the surviving
|! |! |! |! |! |! |! |! |! |! |! |!
co-tenants. If joint tenancy ownership is desired, it must be set out
|! |! |! |! |! |! |! |! |! |! |! |!
specifically in the deed as it is not implied by co-ownership.
|! |! |! |! |! |! |! |! |! |! |!
1. Can be severed by deed or partition
|! |! |! |! |! |! |!
2. Not inheritable via will, no probate proceedings necessary (court).
|! |! |! |! |! |! |! |! |!
3. Parties need not be related or married
|! |! |! |! |! |! |!
4. Vesting language may contain wording "with right of survivorship."
|! |! |! |! |! |! |! |! |! |!
This language is implied by the definition of joint tenancy and as such is
|! |! |! |! |! |! |! |! |! |! |! |! |! |!
not required; but it's also not prohibited.
|! |! |! |! |! |!
Tenants in Common - Correct answer ✔Each owning party has an
|! |! |! |! |! |! |! |! |! |! |!
undivided inheritable interest to the property who intent their share in
|! |! |! |! |! |! |! |! |! |! |!
the property to be separate from the other on death.
|! |! |! |! |! |! |! |! |! |!
Title does not pass to the surviving owners in the event of death of one
|! |! |! |! |! |! |! |! |! |! |! |! |! |! |!
of the owners. But ownership in the property is left to his or her heirs or
|! |! |! |! |! |! |! |! |! |! |! |! |! |! |! |!
as specified by will.
|! |! |!
Tenancy by the Entireties - Correct answer ✔When the title is held by a
|! |! |! |! |! |! |! |! |! |! |! |! |! |!
husband and wife. ONLY MARRIED COUPLES MAY HAVE THIS
|! |! |! |! |! |! |! |! |!
TENANCY.
