Real Estate Exam Practice Question Pt 2

Описание: Property Ownership
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Joint Tenancy: This type of ownership involves multiple owners who have equal rights to the property. A key feature is the right of survivorship, where if one owner dies, their interest automatically transfers to the remaining owners.
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Tenants by the Entirety: This is a specific form of joint tenancy that is reserved for married couples. It functions identically to joint tenancy, with the right of survivorship.
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Tenants in Common: This allows multiple owners to hold unequal shares of a property. Unlike joint tenancy, there is no right of survivorship, and an owner's share can be passed on through a will.
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Severalty: This refers to ownership of a property by a single individual or entity.
Land Descriptions
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Metes and Bounds: This method describes land by using measurements and directions to define a property's boundaries. It starts at a specific point and proceeds around the boundaries of the parcel with reference to linear measurements and directions, eventually returning to the point of beginning.
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Rectangular Survey System: This is another system for legal land descriptions, but it does not use linear measurements or directions.
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Plat: A plat is a map of a subdivision, showing property lines and improvements. It is not a legal description.
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Survey: A survey is the process used to create a plat and determine property lines.
Property and Fixtures
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Chattel: This is another term for personal property.
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Fixture: A fixture is an item that was once personal property but has become permanently attached to real property, thus becoming part of the real property. A water softener, once installed, is considered a fixture.
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Trade Fixture: A trade fixture is personal property that is attached to real property by a tenant for business purposes, which remains the tenant's personal property.
Government Powers
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Eminent Domain: This is the power of the government to acquire private property for public use. The government must provide just compensation to the owner. Condemnation is the legal process used by the state to acquire land via eminent domain.
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Police Power: This refers to the authority granted to the state or city to enforce laws and regulations for public benefit. This includes zoning laws and environmental protection laws.
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Escheat: This is the process by which property reverts to the state when an individual dies without a will (intestate) and has no legal heirs.
Zoning
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Variance: A variance is a request to rezone a property for a specific use that is different from its current zoning.
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Non-conforming Use: This allows a property owner to continue using a property in a way that no longer complies with current zoning laws, typically because the property was used legally before the zoning change. This is often referred to as being "grandfathered in", and it typically does not transfer to a new owner.
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Spot Zoning: This occurs when a small area is zoned differently from the surrounding area.
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Planned Unit Development (PUD): A PUD is a type of development that may have a mix of residential, commercial, and recreational land uses.
Environmental Hazards
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Radon: Radon is a gas that comes from the ground and can enter a house, usually through the basement floor. It is invisible, odorless, and can cause health issues. The most susceptible areas for radon are those below the surface of the ground like basements.
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Asbestos: This mineral was commonly used for insulation and fire retardant. Exposure to asbestos can be a health hazard.
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Lead-based Paint: Lead-based paint was used in many properties built before 1978 and can be a hazard.
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