Barney Fletcher Real Estate Exam
which type of land description are the properties described as they relate to meridians -
CORRECT ANSWER-government / rectangular survey
alienation of title - CORRECT ANSWER-any change of ownership - transferring
ownership rights or interests in real property from one person to another
legal title - CORRECT ANSWER-right of ownership of a parcel of real property held by
an owner
equitable title - CORRECT ANSWER-interest in a piece of real estate held by a buyer
held under a contract to obtain absolute ownership of the property at a future date
bare legal title - CORRECT ANSWER-lacks the usual rights and privileges associated
with ownership
constructive notice - CORRECT ANSWER-information has been made available to the
public
inquiry notice - CORRECT ANSWER-when factors exist that make someone inquire
further
ex. dirt road running across you would inquire whether there is an easement in place
marketable title - CORRECT ANSWER-a title free from reasonable doubt as to who the
owner is
abstract of title - CORRECT ANSWER-detailed report of the title search
torrens system - CORRECT ANSWER-an owner petitions the state court to register his
property
transfer of land
Assemblage - CORRECT ANSWER-combining two or more contiguous parcels of real
estate into a single parcel under one ownership
plottage - CORRECT ANSWER-an increase in value resulting from assemblage
fixture - CORRECT ANSWER-personal property that is permanently attached to real
property and goes with the property when its sold
what makes something a fixture - CORRECT ANSWER-if object was fixed or installed
with the intention of improving the home
, appurtenances - CORRECT ANSWER-when new fixtures are attached ex. heat/air, roof
have brokers license but are working for another broker - CORRECT ANSWER-
associate broker
principal/employing broker - CORRECT ANSWER-in charge of and responsible for all
real estate operations conducted by a real estate brokerage firm
allodial system - CORRECT ANSWER-individuals are able to own land
eminent domain - CORRECT ANSWER-right of govs to assume property for necessary
public use
escheat - CORRECT ANSWER-power the gov has when someone dies intestate and
leaves no known heirs
PETE - powers of gov over title - CORRECT ANSWER-police power, eminent domain,
taxation, escheat
encroachment - CORRECT ANSWER-unauthorized infringement on a property owners
rights as a result of physical intrusion
freehold estate - CORRECT ANSWER-highest and most complete form of ownership
seisin - CORRECT ANSWER-possession of freehold estate
qualified fee estate - CORRECT ANSWER-a fee simple estate that has certain
limitations / qualifications
- owner holds fee simple title
defeasible - CORRECT ANSWER-capable of being voided/defeated
life estate - CORRECT ANSWER-fee simple estate that is conveyed to a person for the
duration of their life
remainder estate - CORRECT ANSWER-future interest in real estate created at same
time and by same instrument as other state
statutory estate - CORRECT ANSWER-any state created by the law/ gov
Non-freehold estates - CORRECT ANSWER-for years, year to year, at will, sufferance
for years - CORRECT ANSWER-definite beginning and definite end
which type of land description are the properties described as they relate to meridians -
CORRECT ANSWER-government / rectangular survey
alienation of title - CORRECT ANSWER-any change of ownership - transferring
ownership rights or interests in real property from one person to another
legal title - CORRECT ANSWER-right of ownership of a parcel of real property held by
an owner
equitable title - CORRECT ANSWER-interest in a piece of real estate held by a buyer
held under a contract to obtain absolute ownership of the property at a future date
bare legal title - CORRECT ANSWER-lacks the usual rights and privileges associated
with ownership
constructive notice - CORRECT ANSWER-information has been made available to the
public
inquiry notice - CORRECT ANSWER-when factors exist that make someone inquire
further
ex. dirt road running across you would inquire whether there is an easement in place
marketable title - CORRECT ANSWER-a title free from reasonable doubt as to who the
owner is
abstract of title - CORRECT ANSWER-detailed report of the title search
torrens system - CORRECT ANSWER-an owner petitions the state court to register his
property
transfer of land
Assemblage - CORRECT ANSWER-combining two or more contiguous parcels of real
estate into a single parcel under one ownership
plottage - CORRECT ANSWER-an increase in value resulting from assemblage
fixture - CORRECT ANSWER-personal property that is permanently attached to real
property and goes with the property when its sold
what makes something a fixture - CORRECT ANSWER-if object was fixed or installed
with the intention of improving the home
, appurtenances - CORRECT ANSWER-when new fixtures are attached ex. heat/air, roof
have brokers license but are working for another broker - CORRECT ANSWER-
associate broker
principal/employing broker - CORRECT ANSWER-in charge of and responsible for all
real estate operations conducted by a real estate brokerage firm
allodial system - CORRECT ANSWER-individuals are able to own land
eminent domain - CORRECT ANSWER-right of govs to assume property for necessary
public use
escheat - CORRECT ANSWER-power the gov has when someone dies intestate and
leaves no known heirs
PETE - powers of gov over title - CORRECT ANSWER-police power, eminent domain,
taxation, escheat
encroachment - CORRECT ANSWER-unauthorized infringement on a property owners
rights as a result of physical intrusion
freehold estate - CORRECT ANSWER-highest and most complete form of ownership
seisin - CORRECT ANSWER-possession of freehold estate
qualified fee estate - CORRECT ANSWER-a fee simple estate that has certain
limitations / qualifications
- owner holds fee simple title
defeasible - CORRECT ANSWER-capable of being voided/defeated
life estate - CORRECT ANSWER-fee simple estate that is conveyed to a person for the
duration of their life
remainder estate - CORRECT ANSWER-future interest in real estate created at same
time and by same instrument as other state
statutory estate - CORRECT ANSWER-any state created by the law/ gov
Non-freehold estates - CORRECT ANSWER-for years, year to year, at will, sufferance
for years - CORRECT ANSWER-definite beginning and definite end
