Bermuda Real Estate and Licensing Exam with Complete Solution Latest 2024/2025.
Defect/Cloud in the title - Ans Conflicting claims that prevent the
... [Show More] absolute legal
conveyance of CLEAR TITLE
Period to Period is a type of leasehold that: - Ans Has no specific expiration but the
length is specified (like a month to month lease)
Net Lease - Ans lease in which the tenant pays some or all of the operating
expenses of the property in addition to rent. Often commercial.
Adverse Possession - Ans A person takes possession & use of a property belonging
to another. Possession must be open, notorious, hostile & uninterrupted for a certain
period of time.
Estoppel - Ans Legal bar that prevents contradictions. Often a document that 'stops'
prevents people from contradicting earlier agreements or statements
Conformity appraisal method - Ans Orchard in the midst of a housing development
Anticipation value - Ans Valued on future income.
nonrecourse loan - Ans a loan that carries neither a penalty nor further obligation to
repay if not paid back
Government Rectangular Survey System - Ans
Land (Definition) - Ans immobility, permanence, uniqueness, indestructablity
Annexation - Ans term by attachment becomes real property
Severance - Ans term by separating a fixture from real property becomes personal
property
Monument - Ans landmark natural or stake to mark a boundry
Fee Simple Absolute - Ans No conditions on use or transfer
alienation of title - Ans A change of ownership. May be voluntary (sold the property)
or involuntary (foreclosure sale).
testate - Ans having a will
Bermuda Real Estate and Licensing Exam with
Complete Solution Latest 2024/2025.
Intestate Succession - Ans the method used to distribute property owned by a
person who dies without a valid will
nuncupative will - Ans an oral will
Holographic Will - Ans A will written entirely by the testator with his own hand.
devise - Ans real property disposed of in a will
Adverse Possession - Ans The actual, open, notorious, hostile, and continuous
possession of another's land under a claim of title, must be 20 years.
Redemption - Ans mortgage default then payoff and claim back property
balance app - Ans
Friendly Foreclosure - Ans deed in lieu of foreclosure
forebearance - Ans work out loan for debt
Tenants in Common - Ans shared ownership of a single property among two or more
persons; interests need not be equal and no right of survivorship exists.
FRACTIONAL
Joint Tenancy - Ans A form of co-ownership that includes the right of survivorship.
EQUAL
foreshore encroachments - Ans docks
foreshore lease - Ans 21 years
Non-conforming use - Ans Use after a zoning change - grandfathered (BEFORE
ZONING)
Variance - Ans Added after zoning in place - granted (AFTER ZONING)
Conditional use - Ans permitted use that can be revoked
Spot zoning - Ans a change in the zoning ordinance for a particular area
buffer zone - Ans new industrial park and zone space between
Special assessment - Ans Tax only on property directly benefiting from an
improvement
Constructive Notice - Ans Notice given by recorded documents. Revealed in Due
Diligence search.
Escalator Clause Lease - Ans
Actual Notice - Ans Personally given to somebody/ signed for
Priority of Liens - Ans Based on time or date of recording
Equitable liens - Ans Court order
Statutory liens - Ans automatic - tax
easement (ingress, egress, regress) - Ans easement (enter, exit, reenter)
Easement of necessity - Ans e.g. landlocked parcel of land. The easement is
NECESSARY to access the property.
Servient Tenement - Ans Parcel over which the easement runs
Dominant Estate (Tenement) - Ans The tract that benefits from the easement
Appurtenant rights - run with the land - Ans The automatic transfer of certain rights or
encumbrances in real property when title is conveyed.
Easement in gross - Ans personal use not transferrable
Easement by Prescription - Ans Created through continual use over a certain period
of time. It must be continual, visible, & w/o approval. Example - a private road
becomes public.
encroachment - Ans infringements affecting marketability
curable depreciation - Ans cost effective minor repairs
Incurable Depreciation - Ans Physical deterioration that cannot be repaired in a costeffective manner.
appraisal - Ans RICS (Roy Surveyors) guidelines of the current value of the property.
Subject property - Ans The property being appraised
Statute of Frauds - Ans A state statute under which certain types of contracts over 1
year must be in writing to be enforceable.
"as is" - Ans said of property offered for sale in its present condition does not protect
against liability material defects
warranty of title - Ans the seller's promise that he or she owns and may transmit title
to the item being offered for sale = covenant of quiet enjoyment.
assignment - Ans transfer rights of property. [Show Less]