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23 Cards in this Set
- Front
- Back
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What is an encumbrance? |
Non-possessory right or interest in real property held by someone other than property owner. |
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Financial encumbrance is also called this (A). It is also a security interest in property held by ( B ) |
A. Liens B. Creditors |
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If owner doesn't pay off debt owed to the creditor, the security interest allows the creditor to collect the debt out of the sale proceeds. What this process is called? |
Foreclosure |
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What (who) is a secured creditor? |
A creditor who has lien against the debtor's property. |
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This lien is also called "Statutory lien" are given to creditors w/o consent by operation of law. |
Involuntary lien |
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what are the example of voluntary and involuntary liens? |
Voluntary liens: mortgage, deeds of trust Involuntary liens: property tax liens and judgement liens |
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What kind of lien is mortgage? and why? |
It is a voluntary lien because the debtor gives consent before having the lien on his property. It also is a specific lien since it applies to only his house or a particular piece of property (not all of his property) as security of the loan. |
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Who are the three parties involved in "Deeds of trust" process? |
Trustor (the borrower), beneficiary (lender/ creditor) and the trustee. |
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This (A) lien is for the money for unpaid constructions. This lien must be filed in 90 days from the last day of work. What kind of lien is it? |
specific and involuntary lien |
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If a judgement lien is attached debtor must pay the judgement to free the property from ( A). If not, the property can be sold by a designated official to satisfy the judgement. To do this the court issues a ( B). |
A. the judgement B. writ of execution |
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What is writ of attachment? A What is lis pendens? B |
A. It's a lien attached to dependent's property that can satisfy the judgement later. (as I understand as of now). B. it is pending lawsuit notice to the buyers of the property of dependent. |
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The properties that have benefited from the improvement (such as pavement, sewer lining, etc.) are assessed for their share of the cost. What this lien is called? |
Special Assessments |
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How the priority of multiple liens are determined in general and what are the exceptions to this rule? |
1. First in time, first in right (recording day) 2. Government issued lien (property tax, special assessment) & construction lien (beginning of the working day). |
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What is homestead protection? |
The owner who actually lives in the house, the house won't be foreclosed unless the value exceed $125,000 after liens. What it does is to safeguard the $125,000 for owner of the house who will lose the house. |
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What easement is attached to a person, not a parcel of land? |
Easement in gross |
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What easement is attached to a parcel of land? (A) What is the land that gets benefit of the easement called? (B) What is the land that gives the benefit to the users of the other land? (C) |
A. Easement Appurtenance B. Dominant tenement C. Servient tenement |
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A driveway easement is often called an easement for ( ) |
Ingress and egress (entering and exiting) |
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What are two requirements for an easement created by implication? |
1. It must be reasonably necessary for the enjoyment of the property (dominant tenement) 2. the must have been apparent prior use |
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Among the ways of creating easement, which one is similar to adverse possession? |
prescription... because it is created by long term use of land w/o consent/permission of the landowner (notorious, hostile, and continuous... but not necessarily exclusive) |
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A private land owner grante an easement to the public to use some part of his property either expressly or implied. What do we call this creation of easement? |
Dedication |
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A public utility company used that power of eminent domain to take a part of private property for public use. What do we call this process? |
Condemnation |
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Ways of terminating easement: list at least 4 |
Release, merger, failure of purpose, abandonment, prescription |
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If easement by abandonment is to be established, holder's ( ) should indicate the holder has intention to abandon it. |
Action |
