Appurtenant Study guides, Class notes & Summaries

Legal Aspects of Real Estate Final Exam 2023/2024 With Complete Solutions Because the United States started as an English colony, our legal system is a mix of common law and civil law Which of the following is not one of the four main sources of law? Contract law Based on the two broad categories of law, which one covers typical cases involving contracts and property ownership? Civil law The California _________ is the highest court level and all courts in California are bound by it...

What is the 1st offense penalty for engaging in the practice of residential building without a license? - Answer Not less than $5K and not more than $25K and/or 1 year What is the penalty for engaging in the practice of residential building, resulting in a death? - Answer Not less than $5K and not more than $50K and/or 4 years On your individual builder's license application, what should you write as your "business address"? - Answer Your personal address What is the cost of the individ...

A business owner sells the back half of his lot to a developer. The developer is granted an Easement Appurtenant to cross the business owner's property to get to the street. The business owner's property is the____________. - correct answer Servient Tenement All of the following refer to legal descriptions except: Select one: A. U.S. Government Survey B. Topographical Lines C. Metes and Bounds D. Lot and Block - correct answer Topographical Lines Which is larger than a sectio...

PSI REAL ESTATE SALESPERSON EXAM 1 2023 ACTUAL UPDATE ALL DONE SOLUTION Which of the following would NOT be considered Real Property? The servient estate in an easement appurtenant is the property Which of the following statements concerning encumbrances is NOT true Which of the following is not a specific lien? You have entered into a lease that requires you to pay 20% of the owners expenses. Your lease would be an example of If a husband and wife own an apartment buil...

A 40 unit apartment building rented units for $300 per month. The annual gross rent multiplier was 10. What was the value? A. $120,000 B. $144,000 C. $1,200,000 D. $1,440,000 D. $1,440,000 40 x $300 per month x 12 months = annual rent of $144,000 x an annual multiplier of 10 = $1,440,000 A seller listed property for sale. There were a limited number of houses available in the area. There were also a great number of buyers interested in purchasing homes in that area. What would M...

Barney Fletcher Real Estate Exam correctly answered 2023 False - correct answer Surface rights consist of only the right to control, occupy, and use the surface area of a parcel of real estate. T/F? D - correct answer Mineral rights are: A. Always considered to be personal property B. Always pass with the land C. Cannot be sold separately from the land D. Pass with the land, unless otherwise specified in the deed C - correct answer Which of the following is NOT an improvement of land?...

Escrow Sample Test – Utah| 100 QUESTIONS| WITH COMPLETE SOLUTIONS. An Escow is an arrangement that: (Select all that apply) (A) holds documents (B) holds funds (C) creates documents to affect a transfer of interest in a property (D) acts as an attorney (E) is responsible for guaranteeing funds correct answer: (A) holds documents (B) holds funds (C) creates documents to affect a transfer of interest in a property (E) is responsible for guaranteeing funds When is it necessary to have...

Barney Fletcher Real Estate Exam 2024 (235 Questions and Answers) With Complete Solutions. Surface rights consist of only the right to control, occupy, and use the surface area of a parcel of real estate. T/F? - False Mineral rights are: A. Always considered to be personal property B. Always pass with the land C. Cannot be sold separately from the land D. Pass with the land, unless otherwise specified in the deed - D Which of the following is NOT an improvement of land? A. Building B. ...

Michigan Residential Builder's License Test Bank|1190 Questions and Answers, 100% Correct| A+ Rated Solution Guide| Latest What is the 1st offense penalty for engaging in the practice of residential building without a license? Not less than $5K and not more than $25K and/or 1 year What is the penalty for engaging in the practice of residential building, resulting in a death? Not less than $5K and not more than $50K and/or 4 years On your individual builder's license application, what...

RELE 1211 – Law of Contracts Final Exam A+ 2023. Which of the following is FALSE regarding community property? a. It consists of real and personal property acquired by either spouse during the marriage. b. Its conveyance requires the signature of both spouses. c. The spouses can will their half of the property to whomever they desire. d. It can be mortgaged or conveyed by one spouse without the consent of the other. 5. Fee simple ownership, shared walls, and a fractional interest in comm...

Which of the following would NOT be considered Real Property? 1. Mineral Rights 2. A Leasehold Estate 3. Fixtures 4. Air correct answer: 2. A Leasehold Estate The servient estate in an easement appurtenant is the property 1. owned by the landlord 2. on which the easement is placed 3. owned by the tenant 4. that benefits from the easement correct answer: 2. on which the easement is placed Which of the following statements concerning encumbrances is NOT true 1. All encumbran...