FINC 371 UPDATED ACTUAL EXAM QUESTIONS
AND ANSWERS SURE A+
✔✔Joint Tenancy (with rights of survivorship) - ✔✔When a party dies, rights transfer to
other owner
✔✔Tenancy by the Entirety (specialized joint tenancy) - ✔✔- Special to husbands and
wives
- Cannot sell interest unless spouse or court agrees
- All interests pass on to surviving spouse
- Not common for all sales
✔✔Other Ownership Terms (3) - ✔✔1. Condominium ownership
2. Cooperate ownership
3. Time-Shares
✔✔Condominium Ownership - ✔✔Own everything inside of the walls and a percentage
of the common area
✔✔Cooperative Ownerhsip - ✔✔Own shares of property
✔✔Time-Shares - ✔✔Buying time in a piece of property
✔✔Meets-and-Bounds Description - ✔✔- Meets = distance used in description
, - Bounds = directions of boundaries enclosing piece of land
✔✔Rectangular Survey System (4) - ✔✔Largest to Smallest:
1. Principal Medians and Base Lines
2. Townships
3. Sections
4. Recorded Plat
✔✔Principal Meridians and Base Lines - ✔✔- Principal Meridians run North and South
- Base Lines run East and West
✔✔Townships - ✔✔- Are 6 mile squares (36 miles)
- Range lines run North and South, numbered consecutively from principal mederians
- Township lines are 6 miles wide strips running East and West
- 640 * 36 = 23,040 Acres in a township
✔✔Sections - ✔✔- 640 Acres in 1 square Mile
- 36 equal sized sections in a township
✔✔Recorded Plat - ✔✔Lots, Blocks, and Streets
✔✔How many square feet in an acre? - ✔✔43,560
✔✔What is a Hectare? - ✔✔- 10,000 square meters
- 2.471 Acres
✔✔Encumbrances - ✔✔Restrictions and limitations on the fee simple ownership rights
that generally run with the land
- Public
- Private
✔✔Private Encumbrances (6) - ✔✔1. Covenants, Conditions, Restrictions
2. Liens
3. Easements
4. Profit a prendre
5. Adverse Possession
6. Encroachments
✔✔Covenants, Conditions, & Restrictions - ✔✔Private encumbrances that limit the way
a property owner can use a property
- Deed Restrictions created by developer
- Land across from Central Baptist Church in College Station
✔✔Liens - ✔✔- Claim on a property as either security for a debt or fulfillment of some
monetary charge or obligation
AND ANSWERS SURE A+
✔✔Joint Tenancy (with rights of survivorship) - ✔✔When a party dies, rights transfer to
other owner
✔✔Tenancy by the Entirety (specialized joint tenancy) - ✔✔- Special to husbands and
wives
- Cannot sell interest unless spouse or court agrees
- All interests pass on to surviving spouse
- Not common for all sales
✔✔Other Ownership Terms (3) - ✔✔1. Condominium ownership
2. Cooperate ownership
3. Time-Shares
✔✔Condominium Ownership - ✔✔Own everything inside of the walls and a percentage
of the common area
✔✔Cooperative Ownerhsip - ✔✔Own shares of property
✔✔Time-Shares - ✔✔Buying time in a piece of property
✔✔Meets-and-Bounds Description - ✔✔- Meets = distance used in description
, - Bounds = directions of boundaries enclosing piece of land
✔✔Rectangular Survey System (4) - ✔✔Largest to Smallest:
1. Principal Medians and Base Lines
2. Townships
3. Sections
4. Recorded Plat
✔✔Principal Meridians and Base Lines - ✔✔- Principal Meridians run North and South
- Base Lines run East and West
✔✔Townships - ✔✔- Are 6 mile squares (36 miles)
- Range lines run North and South, numbered consecutively from principal mederians
- Township lines are 6 miles wide strips running East and West
- 640 * 36 = 23,040 Acres in a township
✔✔Sections - ✔✔- 640 Acres in 1 square Mile
- 36 equal sized sections in a township
✔✔Recorded Plat - ✔✔Lots, Blocks, and Streets
✔✔How many square feet in an acre? - ✔✔43,560
✔✔What is a Hectare? - ✔✔- 10,000 square meters
- 2.471 Acres
✔✔Encumbrances - ✔✔Restrictions and limitations on the fee simple ownership rights
that generally run with the land
- Public
- Private
✔✔Private Encumbrances (6) - ✔✔1. Covenants, Conditions, Restrictions
2. Liens
3. Easements
4. Profit a prendre
5. Adverse Possession
6. Encroachments
✔✔Covenants, Conditions, & Restrictions - ✔✔Private encumbrances that limit the way
a property owner can use a property
- Deed Restrictions created by developer
- Land across from Central Baptist Church in College Station
✔✔Liens - ✔✔- Claim on a property as either security for a debt or fulfillment of some
monetary charge or obligation
