Music /Real Estate Notes PSI Exam Prep: Property Ownership Part 3
Real Estate Notes PSI Exam Prep: Property Ownership Part 3
This deck covers key concepts related to property ownership, liens, easements, and legal descriptions in real estate. It provides a comprehensive overview for students preparing for the PSI exam.
affect real and personal property and include judgment liens, federal and state tax liens, and decedent’s debts.
General liens
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Key Terms
Term
Definition
affect real and personal property and include judgment liens, federal and state tax liens, and decedent’s debts.
General liens
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affect the specific real property/properties to which they’re attached by agreement or law and include mortgage liens, real property tax liens, mechanic’s liens, special assessment liens, vendor and vendee liens, and HOA liens.
Specific liens
is one a vendor of goods or services places on the property and creates a cloud on the property's title.
A mechanic’s lien
is when the courts place an encumbrance on the property of a defendant in a lawsuit for monetary damages (also known as a judgment).
An attachment lien
The typical priority of liens is
property tax lien, mechanic’s liens (if work began before the mortgage lien was recorded), first mortgage lien, and all other liens by date of recordi...
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super lien status
liens take priority over all other types.
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| Term | Definition |
|---|---|
affect real and personal property and include judgment liens, federal and state tax liens, and decedent’s debts. | General liens |
affect the specific real property/properties to which they’re attached by agreement or law and include mortgage liens, real property tax liens, mechanic’s liens, special assessment liens, vendor and vendee liens, and HOA liens. | Specific liens |
is one a vendor of goods or services places on the property and creates a cloud on the property's title. | A mechanic’s lien |
is when the courts place an encumbrance on the property of a defendant in a lawsuit for monetary damages (also known as a judgment). | An attachment lien |
The typical priority of liens is | property tax lien, mechanic’s liens (if work began before the mortgage lien was recorded), first mortgage lien, and all other liens by date of recording. |
super lien status | liens take priority over all other types. |
is a non-possessory right acquired by one party to use another party’s land for a special use. These are often acquired through a written agreement. Because it affects the use of a property, they have the potential to diminish the property's value. | An easement |
it suffers the easement | the servient estate |
it enjoys the easement. | the dominant estate |
What should you consult when there is an encroachment? | the Survey |
it is when the dominant estate owner takes action that shows a clear intent to stop using the easement. | Easement abandonment |
How many acres are in a parcel described as, "The S 1/2 NW 1/4 Section 3, Township 4N, Range 2W of the 6th PM"? | This legal description defines half of a quarter section. A quarter section is 160 acres. Half of that is 80 acres. Alternatively, multiply the two fractions’ denominators (2 × 4) and divide into 640 (640 ÷ 8 = 80). |
Which of the following would be a description used for real property? | In-ground |
these are granted for the lifetime of the grantee. When the life estate holder dies, remaining interest is either returned to the original owner (reversion) or is granted to a third party (the remainderman). | Ordinary life estates |
At the end of a life estate, the reversionary owner or remainderman hold a | Fee simple |
these are artificial attachments to land that include items such as fencing, buildings, and walkways. | Improvements |
What does the lot and block system use to develop a property’s legal description? | Plat references |
In which form of co-ownership is a person's ownership inheritable? | Tenancy in common |
Attached to a specific parcel of land, transfers (“runs”) with the land, and gives the “dominant tenement” rights to use adjoining property/servient tenement | Easement appurtenant |
Granted to a specific individual or business rather than attached to the property itself | Easement in gross |
the dominant estate owner must take some action that shows a clear intent to stop using the easement. | abandonment easement |
this occurs when the owner of either the servient or dominant estate purchases the other property. A property owner can’t have an easement over his or her own land. | Easement termination by merge |
an easement allows someone to travel to and from the land. | Easement by necessity |
This easement isn’t legal, and is created through the continued, uninterrupted, obvious, exclusive, and adverse use of someone’s property without permission. | Easement by prescription |
it provides a pass-through to other property but doesn’t allow usage of the land. | Right-of-way |
is temporary permission for one person, at the discretion of the property owner, to do something on another’s land without actually possessing any interest or ownership in the land. it is not assignable or inheritable. | A license |
If this provision is included, the mortgagee agrees not to evict tenants who are current on their rent if the mortgagee has to foreclose on the property. | non-disturbance clause |
it is an interest in real property where the owner’s possession of the property isn’t of fixed duration, as it would be in a lease (leasehold estate) | A freehold estate |
it is a type of freehold estate that conveys the most rights available. Property held as a fee simple can be sold and is inheritable. | Fee simple estates |
it is a type of freehold estate in which ownership is subject to either the occurrence or non-occurrence of a particular event. | Fee simple defeasible |