Montana Real Estate Exam - State
Portion
Easement Appurtenant - answer Permanent right by a property owner to use a
neighbors land for personal benefit
Easement in Gross - answer Right to use the land ( not necessarily adjoining property)
ex. utility companies
Easement by Prescription - answer Right to use through years of exclusive and adverse
use
Easement by Necessity - answer Usually involves access to a road
Covenant - answer Series of promises that the grantor offers the grantee
When a property borders a navigable lake or stream, where does the property line end?
- answerThe edge of the low-water mark line
When there are adjoining owners of property, what must be maintained by all owners? -
answerFences and monuments
In Montana, a county has the power to: - answerPurchase and hold lands within its
limits
Make contracts and purchase and hold personal property that may be necessary to the
exercise of its powers
Make orders for the disposition or use of its property that the interests of its inhabitants
require
Levy and collect taxes for public or governmental purposes
Changes to County Boundaries - answerThe Montana Boundary Statute states in Article
XI, Section 2 that in order for a county boundary to be changed or a county seat
transferred, there needs to be an approval by the majority of the specific county.
Record of District Boundaries - answerboards of county commissioners are responsible
for maintaining records of all boundaries for each district within the county. Each record
is permanent and provides a description of the boundary.
The transcript of record is kept by the county superintendent, whose job it is to oversee
the document.
Who is responsible for possessing the record of all boundaries for each district within
the county? - answerThe county superintendent
, Which two of the following responsibilities apply to a county clerk's role? -
answerKeeping a book containing maps of towns and villages
Conveying information about a new township to the secretary of the state via a certified
statement
Metes and bounds - answerUses monuments, compass headings, and directions
Lot and block - answerProvides plat references
Rectangular government survey - answerDivides land into six-mile-square townships,
which can then be further divided
What causes a foreclosure? - answerThe mortgage loan of a property goes into default.
What is redemption? - answerA way homeowners can regain possession of their home.
What types of foreclosure occurs without court action in Montana? - answernonjudicial
Common Problems with Foreclosures - answerProperty condition
Title issues
Paperwork and procedures
Closing delays
Homeowners redeeming their property
In a nonjudicial foreclosure under the STFA, the trustee has to record a notice of sale
and mail a copy to the borrower at least _____ days before the sale. - answer120
The person redeeming the real property has up to one year from the time of the sale to
pay the purchaser.
The costs may include the following: - answerInterest established by the legal judgment
Any assessment or taxes the purchaser may have paid
Any maintenance or repairs made by the purchaser
If a lien was placed by a creditor
The individual who's redeeming the property must notify - answerthe sheriff and the
county clerk in writing that a redemption will be taking place.
If the redemptioner has to pay any excessive costs associated with taxes, assessments
or liens, the same process of notification should be followed.
In Montana, when a property is sold in a foreclosure, the following parties may qualify to
redeem the property: - answer-the judgment debtor, the judgment debtor's spouse, or
the judgment debtor's successor in interest in the whole or any part of the property and,
if the judgment debtor or successor is a corporation, a stockholder of the corporation;
Portion
Easement Appurtenant - answer Permanent right by a property owner to use a
neighbors land for personal benefit
Easement in Gross - answer Right to use the land ( not necessarily adjoining property)
ex. utility companies
Easement by Prescription - answer Right to use through years of exclusive and adverse
use
Easement by Necessity - answer Usually involves access to a road
Covenant - answer Series of promises that the grantor offers the grantee
When a property borders a navigable lake or stream, where does the property line end?
- answerThe edge of the low-water mark line
When there are adjoining owners of property, what must be maintained by all owners? -
answerFences and monuments
In Montana, a county has the power to: - answerPurchase and hold lands within its
limits
Make contracts and purchase and hold personal property that may be necessary to the
exercise of its powers
Make orders for the disposition or use of its property that the interests of its inhabitants
require
Levy and collect taxes for public or governmental purposes
Changes to County Boundaries - answerThe Montana Boundary Statute states in Article
XI, Section 2 that in order for a county boundary to be changed or a county seat
transferred, there needs to be an approval by the majority of the specific county.
Record of District Boundaries - answerboards of county commissioners are responsible
for maintaining records of all boundaries for each district within the county. Each record
is permanent and provides a description of the boundary.
The transcript of record is kept by the county superintendent, whose job it is to oversee
the document.
Who is responsible for possessing the record of all boundaries for each district within
the county? - answerThe county superintendent
, Which two of the following responsibilities apply to a county clerk's role? -
answerKeeping a book containing maps of towns and villages
Conveying information about a new township to the secretary of the state via a certified
statement
Metes and bounds - answerUses monuments, compass headings, and directions
Lot and block - answerProvides plat references
Rectangular government survey - answerDivides land into six-mile-square townships,
which can then be further divided
What causes a foreclosure? - answerThe mortgage loan of a property goes into default.
What is redemption? - answerA way homeowners can regain possession of their home.
What types of foreclosure occurs without court action in Montana? - answernonjudicial
Common Problems with Foreclosures - answerProperty condition
Title issues
Paperwork and procedures
Closing delays
Homeowners redeeming their property
In a nonjudicial foreclosure under the STFA, the trustee has to record a notice of sale
and mail a copy to the borrower at least _____ days before the sale. - answer120
The person redeeming the real property has up to one year from the time of the sale to
pay the purchaser.
The costs may include the following: - answerInterest established by the legal judgment
Any assessment or taxes the purchaser may have paid
Any maintenance or repairs made by the purchaser
If a lien was placed by a creditor
The individual who's redeeming the property must notify - answerthe sheriff and the
county clerk in writing that a redemption will be taking place.
If the redemptioner has to pay any excessive costs associated with taxes, assessments
or liens, the same process of notification should be followed.
In Montana, when a property is sold in a foreclosure, the following parties may qualify to
redeem the property: - answer-the judgment debtor, the judgment debtor's spouse, or
the judgment debtor's successor in interest in the whole or any part of the property and,
if the judgment debtor or successor is a corporation, a stockholder of the corporation;
