Missouri Real Estate License Test Solved 100% Correct

Title - ANSWER-Bundle of rights, ownership Deed - ANSWER-Transfers real property rights; Transfers title to a property from one person to another 3 ways to transfer title - ANSWER-Sell, will or steal Taxation - ANSWER-Government can take property if you don't make payments Easement - ANSWER-Railroads and electric companies can use the property to supply utilities. Being allowed to cross over, servitude Land - ANSWER-Spot on the Earth that goes down to the center and up to infinity Physical characteristics of land - ANSWER-Immovable, indestructible, and unique Economic characteristics of land - ANSWER-Situs (location), scarcity, and improvable Real estate - ANSWER-Land and all natural and artificial improvements permanently attached to it Appertencces - ANSWER-Right, privilege or improvement permanently attached to the land - runs with the land Bill of sale - ANSWER-Instrument used to transfer personal property Severance - ANSWER-Real estate to personal property; Cutting down a tree, lumber becomes personal property Fixture - ANSWER-Personal property becomes real estate Tests for determining attachment (MIA) - ANSWER-Method of attachment, Intention of attachment, and Adaptation of attachment Trade fixture - ANSWER-Personal property; Item installed by a commercial tenant for business use Emblements - ANSWER-Crops; Considered personal property Police Power - ANSWER-Keeping the community in order Zoning - ANSWER-Certain buildings built in specific areas Building codes - ANSWER-Safety codes for buildings; Not concerned with minimum square footage. Provide building standards Eminent domain - ANSWER-The right of the government to take private property for public good; Property owner is compensated Condemnations - ANSWER-The process used to take property when the government exercises the right of eminent domain Escheat - ANSWER-The right of the government to take private property upon dying intestate (no will, no heirs) and abandonment Estate - ANSWER-Possessory; Degree, quantity, nature, and extent of ownership interest in real property Possessory rights - ANSWER-Freehold estate and leasehold estate Freehold estate - ANSWER-Ownership; No definite ending date and is for at least a lifetime Fee simple - ANSWER-Fee simple absolute or indefeasible fee. Most complete form of ownership without limitations on rights of ownership Fee simple condition precedent - ANSWER-Title won't pass from one person to another until a particular condition is met (ex. donations) Fee simple condition subsequent - ANSWER-Grantor (original owner) can reclaim property if some condition isn't met after title has passed to the next owner Right of reentry - ANSWER-Reclaiming property through fee simple condition subsequen Fee simple determinable - ANSWER-Title remains with the new owner as long as any conditions of ownership are being met. Grantor doesn't have to take action if grantee stops using the property Leasehold estate - ANSWER-Tenanting and leasing; Is for a definite period of time. Personal property of the tenant Demise - ANSWER-Transfer of rights in real estate through a lease Life estate - ANSWER-Grants possession and limited ownership of a property to a person for the duration of the recipient's life or the life of another person Life estate pur autre vie - ANSWER-The length of the life estate is for the lifetime of a third party rather than the person actually receiving the life estaate Estate in remainder - ANSWER-Estate goes to a third party remainderman. Fee simple title upon death of grantee and if remainderman dies before grantee estate is transferred to grantee's heirs Reservation - ANSWER-Seller transfers property but retains life estate for seller's lifetime Dower - ANSWER-Life interest wife receives upon husband's death Curtesy - ANSWER-Life interest husband receives upon wife's death Homestead - ANSWER-Family home protected from judgment debts. Exemption does not apply to real estate taxes or mortgages Severalty - ANSWER-Only one. One man or woman takes title; Also how corporations take title Concurrent estate - ANSWER-When 2 or more people take title Tenancy in common - ANSWER-Form of ownership in which two or more people own property together. Interests can be equal or unequal, shared possessions(undivided property), inheritable, and sale without permission Suit to partition - ANSWER-If one person wants out of their tenancy in common, they can ask to be bought out or the interest can be sold Joint tenancy - ANSWER-Unity of ownership. Take title at the same time, parties use one deed, always equal ownership interest, and share possessions (undivided property) (TTIP = time, title, interest, and possession) Right of survivorship - ANSWER-In joint tenancy, if one owner dies the interest passes to the surviving owners Tenancy by the entirties - ANSWER-Co-ownership geared towards protecting the interests of married couples by providing a right of survivorship and TTIP Separate property - ANSWER-Property acquired before marriage, individual spouse retains sole ownership interest Community property - ANSWER-Property acquired during marriage, spouses have equal interest in property Estate for years - ANSWER-Definite beginning and ending lease Periodic tenancy - ANSWER-Month to month or year to year; No definite ending date. At least 30 days notice of ending date Tenancy at will - ANSWER-No written agreement. If tenant keeps paying rent and landlord keeps accepting rent then tenancy is allowed Tenancy at sufferance - ANSWER-When the tenant stays without permission; Landlord has to evict Encumbrance - ANSWER-Burdens or limits title or rights held by someone else Lien - ANSWER-Money encumbrance Property tax lien - ANSWER-Lien for non payment of real estate taxes. First priority lien Mortgage Lien - ANSWER-Voluntary lien. Using one's property as security for a loan Mechanic's Lien - ANSWER-Lien for contractors who make improvements on a property. Also for subcontractors and material vendors who are not paid. Effective date is date work began and this lien can expire Affidavit of lien - ANSWER-When a property owner does not pay a contractor when improvements bring no value General lien - ANSWER-Lien that applies to a number of someone's property, real and personal Specific lien - ANSWER-Lien to a specific piece of property Income tax lien - ANSWER-Lien for non payment of income tax to the IRS Judgment lien - ANSWER-Lien for personal debts Lis pendens - ANSWER-"pending litigation". Not a lien but notice of a potential future lien Writ of execution - ANSWER-Sheriff seizes property and sells to satisfy judgment Deed restriction - ANSWER-Use encumbrance. Limitation on the use of your property that appears in the deed that was put there by another person Appurtenant easement - ANSWER-Runs with the land; Shared driveway, easement by necessity (landlocked) Dominant tenement - ANSWER-The person or property receiving the benefit of an easement Servient tenement - ANSWER-The property on which an easement is granted (land burdened) Easement in gross - ANSWER-Usually a utility easement Easement by prescription - ANSWER-An easement that is created by the actions of one person against the interests of another person Easement deed - ANSWER-2 parties sit down and agree on an easement Encroachment - ANSWER-Trespassing A lien is - ANSWER-Always an encumbrance Riparian - ANSWER-Water rights of a property bordering a flowing waterway Non navigable - ANSWER-Owner owns this water underneath and to the middle of the waterway Reliction - ANSWER-If a river dries up and exposes new land, owners have access to that land Water table - ANSWER-Difference between Earth's surface and percolating water. Septic system installation and a percolating test must be done (water absorption rates) Cooperative - ANSWER-Shares in a corporation that owns the real estate. Members own stock and have a proprietary lease to occupy your apartment. Shares are collateral for a loan. One deed Condominium - ANSWER-Fee simple estate and each person pays their own mortgages and taxes Time shares - ANSWER-Fee simple estate for a time period; Interval ownership General warranty - ANSWER-Greatest protection and warranties by the grantor to the grantee Seizen - ANSWER-The seller owns the property and has the right to sell Quiet enjoyment - ANSWER-No one else will come along and claim title to the estate Warranty forever - ANSWER-Money back guarantee from seller if seller provides faulty title Special warranty - ANSWER-I promise you it's been clear "since I've had it". No promise before that Quitclaim deed - ANSWER-No warranty; Releases one's claim to property Valid deed - ANSWER-Grantor of legal age and sound mind, name of the grantee, consideration clause (something of value), granting clause (what rights are being transferred), Habendum clause, legal description, exceptions and reservations (liens, restrictions and easements), signature of grantor, and delivery and acceptance Testate - ANSWER-Dying with a valid deed Intestate - ANSWER-Dying without a valid deed Testator - ANSWER-Deceased person who had a will made Devise - ANSWER-Transfer of real estate through a will Bequest - ANSWER-Transfer of personal property through a will Executor - ANSWER-Person who carries out a will Executor's deed - ANSWER-Type of deed used to transfer property to those who named in will Descent - ANSWER-When one dies intestate Adverse possession - ANSWER-Someone claiming ownership of your real estate because of how they're using it. Continuous, open, notorious, exclusive (abandoned) Tax deed - ANSWER-Foreclosure sale for non payment of taxes Sheriff's deed - ANSWER-Foreclosure sale for non payment of mortgage Erosion - ANSWER-Gradual wearing away of soil (loss) Accretion - ANSWER-gradual build up of soil (gain) Avulsion - ANSWER-Sudden transfer of land. Boundary lines don't change Cloud on the title - ANSWER-Unmarketable; A claim that impairs title, an ownership dispute Quiet title suit - ANSWER-Court action to remove a cloudy title Abstract - ANSWER-Written history of the property; Doesn't guarantee a clear title Title insurance - ANSWER-Insures the title in case of faulty information. Premium paid one time at closing. RE company doesn't need to keep these policies Subrogation - ANSWER-The title company is entitled to the same rights as the person it insures, so after it pays the owner the title company can sue the original owner that may be responsible for the title problem General assessment - ANSWER-Tax on land plus improvements; Pays for schools, police, and fire protection Ad valorum - ANSWER-Based on value or value Assessed value - ANSWER-Market value times the assessment rate; What we pay taxes on Tax rate - ANSWER-Municipality budget divided by the total assessed (tax base) valuation 1 mill - ANSWER-1/10 of a cent or 1/1000 of a dollar (always move the decimal 3 places to the left) Taxes owed - ANSWER-Assessed value times the tax rate Special assessment tax - ANSWER-Real estate taxes for improvements (sewers and sidewalks, usually for a certain amount of years until it's paid off) Master land plan - ANSWER-Plan for future growth of a city Buffer zone - ANSWER-Area separating two incompatible zones Planned Unit Development (PUD) - ANSWER-Diverse use of land in one area. Overlay, cluster, or density zoning Downzoning - ANSWER-More intensive zoning to less intensive zoning Non conforming use - ANSWER-Before zoning/grandfathered in Variance - ANSWER-After zoning. A cafe would have to receive this before it can be built in a residential area Spot zoning - ANSWER-Changing zoning of one particular spot, normally for the public good