BERMUDA REAL ESTATE AND LICENSING
EXAM WITH CORRECT ACTUAL
QUESTIONS AND CORRECTLY WELL
DEFINED ANSWERS LATEST ALREADY
GRADED A+
Adverse Possession - ANSWERS-The actual, open, notorious,
hostile, and continuous possession of another's land under
a claim of title, must be 20 years.
Redemption - ANSWERS-mortgage default then payoff and
claim back property
balance app - ANSWERS-
Friendly Foreclosure - ANSWERS-deed in lieu of foreclosure
forebearance - ANSWERS-work out loan for debt
,Tenants in Common - ANSWERS-shared ownership of a
single property among two or more persons; interests need
not be equal and no right of survivorship exists.
FRACTIONAL
Joint Tenancy - ANSWERS-A form of co-ownership that
includes the right of survivorship. EQUAL
foreshore encroachments - ANSWERS-docks
foreshore lease - ANSWERS-21 years
Non-conforming use - ANSWERS-Use after a zoning change -
grandfathered (BEFORE ZONING)
Variance - ANSWERS-Added after zoning in place - granted
(AFTER ZONING)
Conditional use - ANSWERS-permitted use that can be
revoked
Spot zoning - ANSWERS-a change in the zoning ordinance for
a particular area
,buffer zone - ANSWERS-new industrial park and zone space
between
Special assessment - ANSWERS-Tax only on property directly
benefiting from an improvement
Constructive Notice - ANSWERS-Notice given by recorded
documents. Revealed in Due Diligence search.
Escalator Clause Lease - ANSWERS-
Actual Notice - ANSWERS-Personally given to somebody/
signed for
Priority of Liens - ANSWERS-Based on time or date of
recording
Equitable liens - ANSWERS-Court order
Statutory liens - ANSWERS-automatic - tax
, easement (ingress, egress, regress) - ANSWERS-easement
(enter, exit, reenter)
Easement of necessity - ANSWERS-e.g. landlocked parcel of
land. The easement is NECESSARY to access the property.
Servient Tenement - ANSWERS-Parcel over which the
easement runs
Dominant Estate (Tenement) - ANSWERS-The tract that
benefits from the easement
Appurtenant rights - run with the land - ANSWERS-The
automatic transfer of certain rights or encumbrances in real
property when title is conveyed.
Easement in gross - ANSWERS-personal use not
transferrable
Easement by Prescription - ANSWERS-Created through
continual use over a certain period of time. It must be
continual, visible, & w/o approval. Example - a private road
becomes public.
EXAM WITH CORRECT ACTUAL
QUESTIONS AND CORRECTLY WELL
DEFINED ANSWERS LATEST ALREADY
GRADED A+
Adverse Possession - ANSWERS-The actual, open, notorious,
hostile, and continuous possession of another's land under
a claim of title, must be 20 years.
Redemption - ANSWERS-mortgage default then payoff and
claim back property
balance app - ANSWERS-
Friendly Foreclosure - ANSWERS-deed in lieu of foreclosure
forebearance - ANSWERS-work out loan for debt
,Tenants in Common - ANSWERS-shared ownership of a
single property among two or more persons; interests need
not be equal and no right of survivorship exists.
FRACTIONAL
Joint Tenancy - ANSWERS-A form of co-ownership that
includes the right of survivorship. EQUAL
foreshore encroachments - ANSWERS-docks
foreshore lease - ANSWERS-21 years
Non-conforming use - ANSWERS-Use after a zoning change -
grandfathered (BEFORE ZONING)
Variance - ANSWERS-Added after zoning in place - granted
(AFTER ZONING)
Conditional use - ANSWERS-permitted use that can be
revoked
Spot zoning - ANSWERS-a change in the zoning ordinance for
a particular area
,buffer zone - ANSWERS-new industrial park and zone space
between
Special assessment - ANSWERS-Tax only on property directly
benefiting from an improvement
Constructive Notice - ANSWERS-Notice given by recorded
documents. Revealed in Due Diligence search.
Escalator Clause Lease - ANSWERS-
Actual Notice - ANSWERS-Personally given to somebody/
signed for
Priority of Liens - ANSWERS-Based on time or date of
recording
Equitable liens - ANSWERS-Court order
Statutory liens - ANSWERS-automatic - tax
, easement (ingress, egress, regress) - ANSWERS-easement
(enter, exit, reenter)
Easement of necessity - ANSWERS-e.g. landlocked parcel of
land. The easement is NECESSARY to access the property.
Servient Tenement - ANSWERS-Parcel over which the
easement runs
Dominant Estate (Tenement) - ANSWERS-The tract that
benefits from the easement
Appurtenant rights - run with the land - ANSWERS-The
automatic transfer of certain rights or encumbrances in real
property when title is conveyed.
Easement in gross - ANSWERS-personal use not
transferrable
Easement by Prescription - ANSWERS-Created through
continual use over a certain period of time. It must be
continual, visible, & w/o approval. Example - a private road
becomes public.
