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Real Estate License
Study Materials for Maryland Real Estate Licensing Exam
| Question | Answer |
|---|---|
| An action brought by a property owner seeking just compensation for diminished use and value of land because of an adjacent property's public use. | Inverse Condemnation |
| A form of life state established by state law, rather than created voluntarily by an owner. It becomes effective when certain events occur. See dowery, curtesy, and homestead for legal life estates used in some states. | Legal Life Estate |
| 1. In real estate practice, the privilege or right granted to a person by a state to operate as a real estate broker or salesperson 2. The revocable permission for a temporary use of land - a personal right that cannot be sold. | License |
| A right given by law to certain creditors to have their debts paid out of the property of a defaulting debtor, visually by means of a court sale. | Lien |
| An interest in real or personal property that is limited in duration to the lifetime of its owner or some other designated person or persons | Life Estate |
| The government's right to impose laws, statutes, and ordinances, including zoning ordinances and building codes, to protect the public health, safety, and welfare | Police Power |
| "for the life of another."; a life estate that is measured by the life of a person or perosns other than the grantee | Pur autre vie |
| The remnant of an estate that has been conveyed to take effect and be enjoyed after the termination of a prior estate, such as when an owner conveys a life estate to one party and the remainder to another | Remainder Interest |
| Process of land being taken from a property owner for public use through eminent domain with requirement that the owner be compensated fairly | Taking |
| The process by which a government body raises monies to fund its operation | Taxation |
| Land that is owned and occupied as the family home. In many states, a portion of the area or value of this land is protected or exempt from judgements for debts other than those secured by the property. | Homestead |
| A person's present right to an interest in real property that will not result in possession or enjoyment until sometime in the future, such as a reversion or right of reentry | Future Interest |
| An estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate. | Freehold Estate |
| An estate carrying the limitation that, if it is no longer used for the purpose conveyed, it reverts to the original grantor by the right of reentry | Fee Simple Subject to a Condition Subsequent |
| A fee simple estate qualified by a special limitation. Language used to describe the limitation includes the words so long as, while, or during. | Fee Simple Determinable |
| A qualified fee estate that is subject to the occurrence or nonoccurrence of some specified event. | Fee Simple Defeasible |
| The maximum possible estate or right of ownership of real property, continuing forever. | Fee Simple Absolute |
| The highest interest in real estate recognized by the law; the holder is entitled to all rights to the property. | Fee Simple |
| The degree, quantity, nature, and extent of interest a person has in real property. | Estate in Land |
| The reversion of property to the state or county, as provided by state law, in cases in which a decedent dies intestate without heirs capable of inheriting, or when the property is abandoned. | Escheat |
| Anything - such as a mortgage, tax, or judgement lien; an easement; a restriction on the use of the land; or an outstanding dower right - that may diminish the value or use and enjoyment of a property. | Encumbrance |
| A building or some portion of it - a wall or fence, for instance - that extends beyond the land of the owner and illegally intrudes on the land of an adjoining owner or a public street or alley. | Encroachment |
| The right of a government or municipal quasi-public body to acquire property for public use through a court action called condemnation, in which the court decides that the use is a public use and determines the compensation to the paid to the owner | Eminent Domain |
| An easement that is not created for the benefit of any land owned by the owner of the easement but that attaches personally to the easement owner. For examples, a right granted by a property owner to a friend's life would be an easement in gross. | Easement in Gross |
| An easement acquired by open, notorious, continuous, hostile and adverse use of the property for the period of time prescribed by state law. | Easement by Prescription |
| An easement allowed by law as necessary for the full enjoyment of a parcel of real estate (e.g., a right of ingress and egress over a grantor's land). | Easement by Necessity |
| An easement that is annexed to the ownership of one parcel and allows the owner the use of the neighbor's land. | Easement Appurtenant |
| A right to use the land of another for a specific purpose, such as for a right-of-way or utilities; an incorporeal interest in land because it does not include a right of possession. | Easement |
| Clauses limiting the future uses of the property; imposing a vast variety of limitations and conditions | Deed Restrictions |
| Private agreements that affect land use. They may be enforced by an owner of real estate that benefits from them and can be included in the seller's deed to the buyer. | Covenants, Conditions, and Restrictions (CC&Rs) |
| A judicial or administrative proceeding to exercise the power of eminent domain, through which a government a agency takes private property for public use and compensates the owner. | Condemnation |
| model law that provides standardized rules and procedures for probate, the process of settling and distributing the estate of a deceased person. | Uniform Probate Code (UPC) |
| The right of a government body to take ownership of real estate for public use is called | Eminent Domain |
| One who has ownership rights of real estate that could continue forever and which provide that no other person can claim to be the owner of or have any ownership control over the property has | Fee simple absolute |
| The owner of fee simple title to a vacant lot adjacent to a hospital decided to make a gift of the lot to the hospital. The deed disclosed to the hospital "so long as it is used for hospital purposes." After completion of the gift, the hospital will own | a fee simple determinable |
| Your neighbors use a driveway to reach the garage on their property. Your attorney explains that the neighbors real estate includes an easement appurtenant giving them the right to do this. Your property is | the servient tenement |
| A license is an example of | a personal privilege. |
| An easement appurtenant | runs with the land |
| A property on Main street that was formerly a retail store will become the site of a new city hall, made possible by the governments power of | eminent domain |
| Which of the following is an example of governmental power? | Escheat |
| A property owner who has the legal right to use a neighbor's land holds | an easement |
| Which of the following is a legal life estate? | Homestead |
| An owner conveys ownership of a residence to a church but reserves a life estate in the residence. The future interest held by the church is | a remainder |
| The new owner of a property installs a fence on the property. By mistake, the fence extends one foot over the lot line onto a neighbor's property. The fence is an example of | an encroachment |
| A homeowner may be allowed certain protection from judgments of creditors as a result of the state's | homestead rights |
| A person has permission from a property owner to hike on the owner's property during the autumn months. The hiker has | a license |
| A homestead is a legal life estate in real estate that is | occupied as the family home |
| Because a homeowner failed to pay the real estate taxes on time, the taxing authority imposed a claim against the homeowner's property. This claim is known as | a lien |
| The type of easement that is a right-of-way for a utility company's power lines is | an easement in gross |
| The process by which government takes control of a property after the owner dies without a will or lawful heirs is | Escheat |
| A landowner has divided a large parcel of land into smaller parcels and has recently sold a tract near a nature preserve that is landlocked and cannot be entered except by one of the other tracts. What type of easement may be granted by court action? | Easement by necessity |
| release of the right of easement to the servient tenement. | An easement is terminated by |
| Parts of a property that are necessary or convenient to the existence, maintenance, and safety of a condominium or are normally in common use by all the condominium residents. Each condominium owner has an undivided ownership interest. | Common Elements |
| System of property ownership based on the theory each spouse has an equal interest in the property acquired by the efforts of either spouse during marriage. A holdover of Spanish law predominantly in the western U.S.; unknown under English common law. | Community property |
| The absolute ownership of a unit in a multiunit building based on a legal description of the airspace the unit actually occupies, or a separate dwelling unit in a multiunit development, plus an undivided interest in the ownership of the common elements. | Condominium |
| An entity or organization, created by operation of law, whose rights of doing business are essentially the same as those of an individual. The entity has continuous existence until it is dissolved according to legal procedures. | cooperative |
| Title ownership held by two or more persons | co-ownership |
| An entity or organization, created by operation of law, whose rights of doing business are essentially the same as those of an individual. The entity has continuous existence until it is dissolved according to legal procedures. | corporation |
| shared participation amongst individuals in the operation and management of the business and share full liability for business losses and obligations. | general partnership |
| Ownership of real estate between two or more parties who have been named in one or more parties who have been named in one conveyance. | joint tenancy |
| A form of business that combines the most attractive features of limited partnerships and corporations. | limited liability company |
| Consists of one or more general partners, as well as limited partners. | limited partnership |
| The division of cotenants interests in real property when the parties do not all voluntarily agree to terminate the co-ownership; takes place through a court procedure. | partition |
| The four unities of tenants in a joint tenancy: possession, interest, time and title. | PITT |
| Distinguishing feature of a joint tenancy | right of survivorship |
| Under community property law, property owned solely by either spouse before the marriage, acquired by gift or inheritance during the marriage, or purchased with separate funds after the marriage. | separate property |
| Ownership of real property by one person only, also called sole ownership. | severalty |
| The joint ownership, recognized in some states, of property acquired by husband and wife during marriage. Upon the death of one spouse, the survivor becomes the owners of the property. | tenancy by the entirety |
| A form of co-ownership by which each owner holds an undivided interest in real property as if each were sole owner. Each individual owners has the right to partition. Unlike joint, tenants, tenants in common have the right of inheritance. | tenancy in common (TIC) |
| A form of ownership interest that may include an estate interest in property and that allows use of the property for a fixed or variable time period. | time-share |
| A type of residential dwelling with two floors that is connected to one or more dwellings by a common wall or walls. Title to the unit and lot vest in the owner who shares a fractional interest with other owners in any common areas. | town house |
| A fiduciary arrangement whereby property is conveyed to a person or an institution, called a trustee, to be held and administered on behalf of another person, called a beneficiary. The one who conveys the document is called the trustor. | trust |
| The four unities of possession, interest, time, and title are associated with which of the following? | Joint Tenancy |
| A parcel of property was purchased by two friends. The deed they received from the seller at closing transferred the property without stipulating a form of ownership. The two friends took title as which of the following? | Tenants in common |
| Three people are joint tenants with rights of survivorship in a tract of land. One owner conveys his interest to a fiend. Which statement is True? | The other two owners remain joint tenants |
| A man owns one of 20 units in fee simple, along with a 5% ownership share in the parking facilities, recreation center, and grounds. What kind of property does he own? | Condominium |
| A trust is a legal statement in which property is held for the benefit of a third party by | a Trustee |
| In some states, any property that either spouse owns at the time of marriage remains separate property. What is the form of ownership when property is acquired during the marriage (except by gift or inheritance or with the proceeds of separate property)? | Community Property |
| Three people were concurrent owners of a parcel of real estate. When one of the owners died, that interest became part of the deceased's estate. The deceased was | A tenant in common |
| A legal arrangement under which the title to real property is held to protect the interests of a beneficiary is | a trust |
| A person lives in an apartment. The land and structures are owned by a corp., with one mortgage loan securing the entire property. Like the other residents, this person owns stock in the corp. and has a lease to the apartment. This type of ownership is | Cooperative |
| An owner purchased an interest in a house in Beachfront. The owner is entitled to the right of possession only between July 10 and August 4 of each year. Which of the following is MOST likely the type of ownership that has been purchased? | Time-Share |
| A corporation is a legal entity, recognized as an artificial person. Property owned solely by the corporation is owned in | Severalty |
| Which of the following refers to ownership by one person? | Severalty |
| A married couple co-owns a farm and has the right of survivorship. This arrangement is MOST likely | an estate by the entirety |
| The real property interest that takes the form of personal property is | cooperative unit ownership |
| 2 people are co-owners of a small building with the right of survivorship. One of the co-owners dies intestate and leaves nothing to be distributed to heirs. Which of the following would explain why the surviving co-owner acquired the deceased's interest? | Joint tenancy |
| Which of the following is MOST likely evidence of ownership in a cooperative? | Shareholder stock |
| An ownership interest that can be an estate interest or a right of use is | a time-share |
| Which statement applies to both joint tenancy and tenancy by the entirety? | The last survivor becomes a severalty owner |
| Which of the following is a form of sole ownership? | Ownership in Severalty |
| If property is held by two or more owners as joint tenants, the interest of a deceased co-owner will be passed to | the surviving owner or owners |
| Designated airspace over a piece of land. like surface property, may be transferred. | air lots |
| The main imaginary line running east and west and crossing a principal meridian at a definite point; used by surveyors for reference in locating and describing land under the rectangular (government) survey system of legal description | base lines |
| Permanent reference marks or points established for use by surveyors in measuring differences in elevation. | benchmarks |
| A horizontal plane from which heights and depths are measured | datum |
| A description of a specific parcel of real estate complete enough for an independent surveyor to located and identify it. | legal description |
| A method of describing real property that identifies a parcel of land by reference to lot and block numbers within a subdivision, as specific on a recorded subdivision plat. | lot-and-block (recorded plat) method |
| A method used to describe a parcel of land that begins at a well-marked point and follows the property's boundaries, using directions and distances around the tract, back to the place of beginning. | metes-and-bounds method |
| A fixed natural or artificial objects used to establish real estate boundaries for a metes-and-bounds description. | monuments |
| A map of a town, section, or subdivision indicating the location and boundaries of individual properties | plat map |
| In a metes-and-bounds legal description, the starting point of the survey, situated in one corner of the parcel; all metes-and-bounds descriptions must follow the boundaries of the parcel back to the point of beginning. | point of beginning (POB) |
| The main imaginary line running north and south and crossing a base line at a definite point; used by surveyors for reference in locating and describing land under the rectangular (government) survey system of legal description. | principal meridians |
| A strip of land six miles wide, extending north and south and numbered east and west according to its distance from the principal meridian in the rectangular (government) survey system of legal description. | ranges |
| A system established in 1785 by the federal government, providing for surveying and describing land by reference to principal meridians and base lines. | rectangular (government) survey system |
| A portion of a township under the rectangular (government) survey system. A township is divided into 36 sections, numbered 1 through 36. A section is a square with mile-long sides and an area of one quarter mile, or 640 acres. | sections |
| The process by which boundaries are measured and land areas are determined; the on-site measurement of lot lines, dimensions, and position of a house on a lot, including the determination of any existing encroachments of easements. | survey |
| Strips of land that are six miles wide, extending east and west and numbered north and south according to their distance from the base line in the rectangular (government) survey system of legal description. | tiers |
| All the lines in a rectangular survey system that run east and west, parallel to the base line and six miles apart. | township lines |
| When the horizontal township lines and vertical range lines intersect | townships |
| A formal declaration made before a duly authorized officer, usually a notary public, by a person who has signed a document | acknowledgement |
| The actual, open, notorious, hostile, and continuous possession of another's land under a claim to title. Possession for a statutory period may be a means of acquiring title. | adverse possession |
| A deed that carries with it no warranties against liens or other encumbrances but that does imply that the grantor has the right to convey title. The grantor may add warranties to the deed. | bargain and sale deed |
| A written instrument that, when executed and delivered, conveys title to or an interest in real estate. | deed |
| The means by which a trustor conveys real estate to a trustee for the benefit of a beneficiary. | deed of trust |
| A transfer of real property by will. | devise |
| A deed in which the grantor fully warrants good, clear title to the premises. Used in most real estate deed transfers. | general warranty deed |
| A person who receives a transfer of real property from a grantor | grantee |
| Words in a deed of conveyance that state the grantor's intention to convey the property at the present time. | granting clause |
| The owner transferring title to or an interest in real property to a grantee | grantor |
| That part of a deed beginning with the words "to have and to hold," following the granting clause and defining the extent of ownership the grantor is conveying. | habendum clause |
| The condition of a property owner who dies without leaving a valid will. Title to the property will pass to the decedent's heirs, as provided in the state law of descent. | intestate |
| Title to property may be transferred without the owner's consent by | involuntary alienation |
| A legal process by which a court determines who will inherit a dependent's property and what the estate's assets are. | probate |
| A conveyance that transfers whatever interest the grantor has in the specified real estate, without warranties or obligations | quitclaim deed |
| A deed used by a trustee under a deed of trust to return title to the trustor | reconveyance deed |
| A deed in which the grantor warrants, or guarantees, the title only against defects arising during the period of the grantor's tenure and ownership of the property and not against defects existing before that time. | special warranty deed |
| Having made and left a valid will | testate |
| A person who has made a valid will. A woman might be referred to as a testatrix, although testator can be used for either a man or a woman. | testator |
| (1) The right to ownership or the ownership of land. (2) The evidence of ownership of land | title |
| Tax stamps required to be affixed to a deed by state and/or local law. | transfer tax |
| A deed executed by a trustee conveying land held in a trust | trustee's deed |
| the legal term for transfer of title during the property owner's lifetime. | voluntary alienation |
| A written document, properly witnessed, providing for the transfer of title to property owned by the deceased, called the testator. | will |
| The condensed history of the recorded ownership of a particular parcel of real estate, consisting of a summary of the original | abstract of title |
| A court action that establishes ownership when ownership cannot be traced through an unbroken chain of title | action to quiet title |
| Express information on fact; that which is known; direct knowledge | actual notice |
| An abstract of title that an attorney has examined and has certified to be, in the attorney's opinion, an accurate statement of the facts concerning the property's ownership. | attorney's opinion of title |
| A statement of opinion on the status of the title to a parcel of real property based on an examination of specified public records. | certificate of title |
| The succession of conveyances, from some accepted starting point, whereby the present holder of real property derives title | chain of title |
| Notice given to the world by recorded documents. All persons are charged with knowledge of such documents and their contents, whether or not they have actually examined them. Possession of property is also considered this type of notice. | constructive notice |
| Good or clear title, reasonably free from the risk of litigation over possible defects. | marketable title |
| The order of position or time. The priority of liens is generally determined by the chronological order in which the lien documents are recorded; tax liens, however, have priority even over previously recorded liens. | priority |
| The act of entering or recording documents affecting or conveying interests in real estate in the recorder's office established in each country. | recording |
| Relegation to a lesser position, usually in respect to a right or security. | subrogation |
| A policy insuring a property owner or mortgagee against loss by reason of defects in the title to a parcel of real estate, other than encumbrances, defects, and matters specifically excluded by the policy. | title insurance |
| The examination of public records relating to real estate to determine the current state of the ownership | title search |
| A method of evidencing title by registration with the proper public authority, generally called the registrar; named for its founder, Sir Robert Torrens | Torrens system |
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