Colibri Final Exam Part Two Flashcards

Colibri Final Exam Part Two Flashcards A mortgage lien is a voluntary, specific lien, which means that a bank can't foreclose on your property without attempting to come to terms with you on a repayment schedule first.False What are the two main types of possessory interest in real property?freehold and leasehold estates Of these, which lien would be classified as involuntary and general?income tax Andrew conveys a life estate to his younger son Bart for as long as his wife Carla shall live, and then to his son Doug.Who is the life tenant?Bart All of the following are true, EXCEPTunpaid ad valorem taxes create a general lien on the property.Which project would LEAST LIKELY justify a special assessment?new siding on an individual property owner's home If he wanted to, Mark could forcibly remove Lewis from the property since Lewis is there without Mark's permission.False Lewis rents property from Mark. Mark has a leased fee estate.True With leased fee estates, possession reverts to the landlord when the lease ends.True The city determines that new sewer systems need to be put in your neighborhood. If you don't pay your share of the bill, a lien will be put on your property. Of these choices, what type of lien would this be considered?special assessment Joe grants a life estate to daughter Sue. When Sue dies, the life estate reverts to Joe. What is Joe called?Reversioner What would cause a judgment lien to be imposed on a landowner's property?lawsuit Andrew conveys a life estate to his younger son Bart for as long as his wife Carla shall live, and then to his son Doug.Whose life is the measuring life?Carla A stockbroker just leased office space downtown. What interest does the stockbroker have in the leased property?leasehold estate Which of these unities is required for there to be tenancy in common?possession You don't pay a special assessment tax that was imposed to pay for new street lights in your neighborhood because you thought that the existing light was sufficient. Will the city ask your permission to put a lien on your property to cover that assessment?No

Can Pearl will her life estate to her daughter Phyllis?No Which of these estates is NOT inheritable? Bart is the life tenant of a conventional life estate.Teresa gives her little brother, Mark, a life estate pur autre vie. Which of the following is TRUE?Mark is the life tenant, but the measuring life is someone else.Let's walk through a scenario with property owner Marcia.Bucks Construction is building a pool at Marcia's house.Subcontractor Tim comes and digs the hole for the pool, and Bucks does not pay him. Tim can file a mechanic's lien against Marcia.True Brian has an appurtenant easement that allows him to cross over his neighbor's land to get to the lake. When the neighbor sells this land to Brian, the easement is terminated through merger.The gas company's easement in gross is a negative easement.False Let's say that Joe grants a life estate to daughter Sue.When Sue dies, the life estate reverts to Joe. In this scenario, who is the life tenant?Sue Mark inherited the duplex he owns from his Grandma Beatrice. Her will indicates that Mark could keep the property as long as he does not build a bar on the land.What type of possessory interest does Mark have in the property?fee simple defeasible estate A local charitable organization obtained the right to put a billboard on Sam's property. Sam most likely gave the organization a(n) easement in gross.Rachel wants to make sure that her disabled son, Earle, has a place to live when she dies. She also wants to give the property to her daughter, Jane, after her son passes away. Who will own the property when Rachel dies and what is that person called?The owner of the property will be Jane, and she is the remainderman.An easement is considered to be a(n)nonpossessory encumbrance.Which of the following is TRUE regarding an estate in land?It is an interest in land that is possessory or may become possessory in the future.A homeowner has been sharing with a friendly neighbor the use of a driveway that crosses both of their properties.However, the neighbor is about to move out, and the remaining homeowner would like to make sure that they can continue to use the driveway even if the new neighbor is not amenable to that. The homeowner should request a(n) easement.What if you paid the general contractor, but he didn't pay a subcontractor he hired to stain the deck? Do you think that the subcontractor could file a mechanic's lien against your property?Yes

Mark leases his property to Lewis. Mark is called the landlord, or lessor.In his will, Joe leaves everything to his son, Bill, who now has a reversionary interest in the estate as well. Let's say that Joe dies before Sue dies. Since Joe's son Bill gets everything, according to Joe's will, can Bill kick sister Sue off the property and take possession fee simple?No

Same scenario: Karen and Sue buy a $200,000 house

together. Karen puts up $150,000, and Sue puts up $50,000. The deed indicates that Karen owns a 75% interest, and Sue owns a 25% interest. How much of that property can Sue occupy?100%

Marcia has four liens: $3,000 for the city-installed curbs,

$2,000 for Tim the digger, $150,000 on her mortgage, and $12,000 judgment for credit card debt. The bank forecloses, and the house sells for $152,000. How do you think the money will most likely be distributed?in order, so $3,000 to the city; $2,000 to the digger; $147,000 to the bank; $0 to the creditor Andrew conveys a life estate to his younger son Bart for as long as his wife Carla shall live, and then to his son Doug.Can Bart sell his interest in the property to his cousin Fred?Yes Sue creates a life estate for her brother Dave. When Dave dies, the estate will go to Sue's sister Tina. Who is the remainderman?Tina Lewis is able to take on some work as a short-term contractor. He now has some income coming in and can pay Mark $500 per month in rent. Knowing the temporary nature of contracting work, Mark agrees to let Lewis remain in the duplex for as long as he's able to pay the monthly rent. What does this situation represent?periodic estate Mark bought a house for his just-widowed sister, Kim, to live in, although he is the owner. When Kim dies, Mark wants to retain possession of the property. Who will own the property when Kim dies and what is that person called?The owner of the property will be Mark, and he is the reversioner.Which of the situations described would be an example of a license? Select all correct responses.Dawn buys a ticket to the theater.Nate has the right to hunt on someone else's property.Rick gets a ticket to park his car in the long term lot.Stacy checks into a hotel for a week.A similarity between an easement and a license is that bothgrant someone access to another's property.Albert conveys a life estate to his daughter Charlotte for as long as she lives, and then to his son David. Who is David, and what does he own?remainderman, future estate Which is an example of a negative easement? Your neighbor is unable to add a second story to his house if it blocks your sunlight.Jeff's friend Stu is building a new house. Jeff tells Stu that he can live in the apartment over Jeff's garage for three

months, by which time the new house should be finished.Jeff will collect $200 in rent from Stu for the next 13 Saturdays. This is an example of a(n) estate for years.