AGEC 3713 Exam #2 Questions with Correct Answers| Latest Update Guaranteed Success
Easement right to make limited use, but not possess, the right of another.
License A revocable right to make limited use of another's property
Profit The right to enter someone's else's land and take something with you when you go
How is an easement created? Operation of law.
Prescription: the law favors making land accessible and susceptible to economic activity, so it
will commonly grant access to land locked parcels.
Adverse possession: party uses an easement for so long that it is recognized as a legal interest.
How is a license created? Express: you expressly grant the license. (License can be created
orally)
Implied: you tried to create an easement but didn't get it in writing.
How is a profit created? Has to be affirmative (can't be negative), generally can't be
transferred unless they are commercial in nature. And they cannot be created by implication.
How is an easement terminated? - Set it for an expressed term of years
- Execute a release in writing
- Necessity for it ends
- Servient land is destroyed
- Merger
- Property is condemned
(An easement is terminated for good unless it is completely recreated again. Won't come back
on it's own).
, How is a license terminated? At will, unless the license has made a substantial investment in
capital or labor in reasonable reliance on its continuation.
What does it take to have a valid "nonconforming use" that can continue even if the zoning for
the property has changed? Nonconforming uses generally have to be either allowed to
continue or be gradually phased out. (ex. You have 10 years to wind it up).
What does it take to obtain a "variance" from zoning rules? If you can demonstrate some
sort of extraordinary hardship created by the zoning ordinance, you may be able to get a
specialized waiver of the zoning controls called a "variance".
What do the letters C.M. and I.M. mean? I.M. means "Indian Meridian". C.M. means
"Cimarron Meridian". If a property says I.M. or C.M. it means that the property lies within that
given meridian of the state.
What are the types of brokerage agreements? Exclusively-agency listing
Exclusively right to sell
Multiple listing
Which ones involve a broker and who gets the commission in the sale? Exclusively-agency
listing and exclusive right to sell involve a broker. In exclusively-agency listing: only one broker
is authorized to sell the property, and gets the commission. (However, the seller can still sell the
property and if so, no commission is paid). In exclusively right to sell: only the broker is
authorized to sell the property, and is entitled to commission no matter who sells the property.
What provisions should be included in a land sale contract, ESPECIALLY "Ferrell's Top Four?
1) A clear description of the parties
2) The purchase price and how it is to be paid
3) A complete and accurate legal description
4) Signature of the parties
5) The date the buyer will take possession
Easement right to make limited use, but not possess, the right of another.
License A revocable right to make limited use of another's property
Profit The right to enter someone's else's land and take something with you when you go
How is an easement created? Operation of law.
Prescription: the law favors making land accessible and susceptible to economic activity, so it
will commonly grant access to land locked parcels.
Adverse possession: party uses an easement for so long that it is recognized as a legal interest.
How is a license created? Express: you expressly grant the license. (License can be created
orally)
Implied: you tried to create an easement but didn't get it in writing.
How is a profit created? Has to be affirmative (can't be negative), generally can't be
transferred unless they are commercial in nature. And they cannot be created by implication.
How is an easement terminated? - Set it for an expressed term of years
- Execute a release in writing
- Necessity for it ends
- Servient land is destroyed
- Merger
- Property is condemned
(An easement is terminated for good unless it is completely recreated again. Won't come back
on it's own).
, How is a license terminated? At will, unless the license has made a substantial investment in
capital or labor in reasonable reliance on its continuation.
What does it take to have a valid "nonconforming use" that can continue even if the zoning for
the property has changed? Nonconforming uses generally have to be either allowed to
continue or be gradually phased out. (ex. You have 10 years to wind it up).
What does it take to obtain a "variance" from zoning rules? If you can demonstrate some
sort of extraordinary hardship created by the zoning ordinance, you may be able to get a
specialized waiver of the zoning controls called a "variance".
What do the letters C.M. and I.M. mean? I.M. means "Indian Meridian". C.M. means
"Cimarron Meridian". If a property says I.M. or C.M. it means that the property lies within that
given meridian of the state.
What are the types of brokerage agreements? Exclusively-agency listing
Exclusively right to sell
Multiple listing
Which ones involve a broker and who gets the commission in the sale? Exclusively-agency
listing and exclusive right to sell involve a broker. In exclusively-agency listing: only one broker
is authorized to sell the property, and gets the commission. (However, the seller can still sell the
property and if so, no commission is paid). In exclusively right to sell: only the broker is
authorized to sell the property, and is entitled to commission no matter who sells the property.
What provisions should be included in a land sale contract, ESPECIALLY "Ferrell's Top Four?
1) A clear description of the parties
2) The purchase price and how it is to be paid
3) A complete and accurate legal description
4) Signature of the parties
5) The date the buyer will take possession
