At what level of government is the real estate business primarily regulated?
Chp 4 Unit 12
|At what level of government is the real estate business primarily regulated?||The state legislature|
|What purpose is served by recording a deed?||It gives constructive notice of ownership.|
|Conditions and covenants differ in that||conditions can be created only at the time of transferring ownership.|
Which of the following is required for a legal description to be adequate?
Which of the following is required for a legal description to be adequate? It must accurately locate and identify the boundaries of the property and distinguish it from all other properties. is permanently attached to land or structures of the associated item.
What is the purpose of planned unit development zoning quizlet?
When the grantee dies, the property reverts to the grantor. What is the purpose of Planned Unit Development zoning? Planned unit development zoning (PUD zoning) restricts land use to the development of whole tracts.
What kind of clause in a mortgage or trust deed enables a non judicial foreclosure to occur?
A power of sale provision is a clause in the deed of trust or mortgage in which the borrower pre-authorizes the sale of property by way of a nonjudicial foreclosure to pay off the balance of the loan in the event of a default. With a power of sale foreclosure, the lender can foreclose without court oversight.
What type of property is ownership of anything that is not real estate and the rights associated with owning the item?
Personal property is ownership of anything which is not real estate, and the rights associated with owning the personal property item. Items of personal property are also called chattels or personalty.
How are littoral rights dealt with when a property is sold?
Owners of property abutting such bodies of water have an unrestricted right to use the water and ownership of the land up to the average or mean high water mark. The government owns the land below that point. Littoral rights are appurtenant to the land, which means they go with the land when you sell it.
What are the three types of legal descriptions in real estate?
Three types of land descriptions are used in the United States: (1) government rectangular survey description, (2) platted descriptions, and (3) metes and bounds descriptions.
What are the three most common types of legal descriptions?
There are three common methods used to describe real estate: metes and bounds, government survey, and lot and block.
What is a datum in a legal description?
What is a datum in a legal description? A code indicating the date and time that a survey is recorded. An area measurement included in a plat survey.
What term best describes the process of taxing real estate according to its value?
The process used to determine the amount of property taxes is known as. Allotment.
Which of the following is defined as real estate?
Real estate is a class of “real property” that includes land and anything permanently attached to it, whether natural or man-made. There are five main categories of real estate: residential, commercial, industrial, raw land, and special use.
What does it mean to have ownership interest in a property?
Ownership Interest In A Property, Defined
In real estate, ownership interest in a property refers to the rights that one or multiple owners hold on the investment. In the case of multiple owners, the ownership interest is usually split based on the amount invested in the property.