1. A parcel of residential actual property is held in a life property. The existence tenancy is held via a lady, and he or she is the measuring life. Her
... [Show More] nephew is the remainderman. The lifestyles tenant wants to take out a loan the use of the property as collateral. Which of the following statements is correct?
a. No lender will lend money whilst the collateral is real estate held in a lifestyle’s estate.
b. The remainderman's signature at the mortgage documents is irrelevant to the lender's safety interest inside the realty.
c. due to the fact she is merely a existence tenant, the female holds a no freehold estate.
d. each the existence tenant and the remainderman will want to sign the mortgage documents to guard the lender's safety hobby inside the assets.
correct solution (d)
2. There are 4 separate, lately-bought parcels of real estate on foremost avenue. Parcel 1 turned into owned with the aid of a real property investment accept as true with and turned into voluntarily conveyed to the city in which the belongings is situated. Parcel 2 was owned with the aid of 4 single brothers and turned into voluntarily conveyed to their father. Parcel three changed into owned via two companies, till one employer recently bought its ownership interest in the belongings to the alternative enterprise. Parcel four changed into owned through Mr. and Mrs. Kim, however turned into lately offered to Amanda Lee, Trustee of the Lee own family Revocable trust. What do all of these shoppers have in commonplace?
a. Concurrent possession.
b. possession in severalty.
c. Fractional, however undivided ownership.
d. right of survivorship.
correct answer (b)
Land Description
3. A mete-and -bounds felony description _____________.
a. may be created best for regions excluded from the rectangular survey system
b. isn't always acceptable in a court in maximum jurisdictions
c. needs to begin and end at the equal identifiable point
d. is used only in excessive cases wherein there are not any recorded subdivision plats correct solution (c)
Non-monetary Encumbrances
4. Your associates use a part of your property to attain their guest apartment, that's on their property. As a ways as you could keep in mind, you never gave them permission to use your own home, and you speak along with your attorney the opportunity of preventing the buddies from the use of your private home. Your legal professional explains that the ownership of the pals' real property includes an easement appurtenant giving them the right to apply that portion of your own home. your private home is the _____________.
a. leasehold interest
b. dominant tenement
c. servient tenement
d. license belongings correct answer (c)
Financing principles
5. The mortgage-to-price (LTV) ratio is the most amount a lender will lend to finance a loan collateralized through actual property. The loan is based totally on a percent of either the purchase price or the appraisal, whichever is less. The 20% down payment lenders traditionally required with traditional financing put homeownership beyond the attain of many people. FHA absolutely-insure [Show Less]