FIN 371 Final Exam UPDATED ACTUAL Questions And Correct Answers
Terms in this set (51)
Land Buildings or other improvements do not need to be mentioned in the deed
because they are considered to be part of the ______________
eminent domain The power of ____________ can be used to take land for a public road, public
parking or an irrigation district
Fee simple An estate, which is indefinite in duration, inheritable and transferable, is called a
_ ________ estate
Tenants in common In nearly all states, if two or more persons are named as owners, and there is no
indication as to how title was taken, they are presumed to be _____________________________
Personal Timber on land becomes ________ property
Married Some states automatically assume that a tenancy by the entirety is created when
_ ________ persons buy real estate
Real estate, real property ______________ refers to physical land and buildings while _________ consists of the
rights gained from owning land and buildings
Fred must restore the building as near as possible to its Fred leases a building from Barney, which he uses for a restaurant. To increase
original condition business, Fred installs an antique bar in the center of the restaurant. One year
later, Fred removes the bar and relocates to a larger building, what are Barney's
rights?
Air rights Rights to real estate apply to the surface of the earth, the space above it, and the
space below it. Rights to the space above the surface of a parcel are called
Judgement lien When a person wins a monetary award from a lawsuit, the loser's property can be
used as a security towards paying a debt. The security interest is known as a
Tenancy in common Of the following ownership, which is the most common type of concurrent estate
Real estate space markets Transactions involving the transfer of rights to use real estate are said to occur in
Plats One method of legally describing real estate is to refer to recorded surveys that
include streets, blocks, and lots. These surveys are called
Individual interest Each co-owner has the right to use the entire property
Dominant estate In an easement appurtenant, the property that benefits from the easement is
known as
Whichever is more restrictive In the case of a contradiction between existing zoning and new deed restrictions,
which would prevail?
Terms in this set (51)
Land Buildings or other improvements do not need to be mentioned in the deed
because they are considered to be part of the ______________
eminent domain The power of ____________ can be used to take land for a public road, public
parking or an irrigation district
Fee simple An estate, which is indefinite in duration, inheritable and transferable, is called a
_ ________ estate
Tenants in common In nearly all states, if two or more persons are named as owners, and there is no
indication as to how title was taken, they are presumed to be _____________________________
Personal Timber on land becomes ________ property
Married Some states automatically assume that a tenancy by the entirety is created when
_ ________ persons buy real estate
Real estate, real property ______________ refers to physical land and buildings while _________ consists of the
rights gained from owning land and buildings
Fred must restore the building as near as possible to its Fred leases a building from Barney, which he uses for a restaurant. To increase
original condition business, Fred installs an antique bar in the center of the restaurant. One year
later, Fred removes the bar and relocates to a larger building, what are Barney's
rights?
Air rights Rights to real estate apply to the surface of the earth, the space above it, and the
space below it. Rights to the space above the surface of a parcel are called
Judgement lien When a person wins a monetary award from a lawsuit, the loser's property can be
used as a security towards paying a debt. The security interest is known as a
Tenancy in common Of the following ownership, which is the most common type of concurrent estate
Real estate space markets Transactions involving the transfer of rights to use real estate are said to occur in
Plats One method of legally describing real estate is to refer to recorded surveys that
include streets, blocks, and lots. These surveys are called
Individual interest Each co-owner has the right to use the entire property
Dominant estate In an easement appurtenant, the property that benefits from the easement is
known as
Whichever is more restrictive In the case of a contradiction between existing zoning and new deed restrictions,
which would prevail?
