buildings and other improvements are considered to be part of the real estate.ĭ. arti cial attachments, such as buildings, cannot be adequately surveyed.Ĭ. a bill of sale is used to convey title to the buildings and other improvements.ī. Mobility When used in a deed or other real estate document, a legal description describes only the land because:Ī. The characteristic that distinguishes personal property from real property is:Ī. In determining whether an item is a fixture, which of the following would not be considered?ĭ. The surface of the earth extending down to the center and upward to infinity. The surface of the earth extending down a reasonable distance and up into the air a reasonable distance. The earth's surface clearly marked by certain boundaries.ĭ. The surface of the earth extending down to the center and upward to infinity.Ĭ. The surface of the earth includes all things permanently attached and the control of all minerals and substances beneath.ī. TERMS IN THIS SET (45) Which of the following best describes a parcel of land?Ī. Which of the following lines in the Rectangular Survey System run north and south? No, this is not a good legal description because it does not begin and end at the point of beginning. Yes, it is not necessary for a legal description to begin and end at the point of beginning. Yes, this is a good legal description of a parcel of land. No, legal descriptions cannot be determined in this manner. What was the sale price of the property?ġ0 x $2,100 = $21,000 Beginning at the SE corner of the intersection of Olive & 270, thence south 350 feet, thence west 350 feet, thence north 400 feet, thence east 400 feet. The front of the property measured 640' the rear measured 570' and the depth of the property was 720'.
Metes and bounds legal description install#
If the scale is 1 inch to 4 feet, how much would it cost to install the carpet? Carpet is $15 per square yard is to be installed in the room. TERMS IN THIS SET (11) A scale drawing shows a room to be 3 inches by 4 ½ inches. When the agency relationship has been terminated, the licensee is no longer considered the principal's agent and does not owe any further duties to the principal except for.ĭ) care and obedience b) accounting and confidentiality How might a voidable contract become valid?Ī) If the party who has reason to disaffirm the contract elects instead to perform itĬ) If the party who wants to enforce the contract seeks damagesĭ) If the party who wants to enforce the contract seeks legal relief a) If the party who has reason to disaffirm the contract elects instead to perform it +96 more terms This is a general lien and would apply to all of the borrower's assets. If the proceeds from the foreclosure sale are not sufficient to cover the debt, the lender can do to court and seek a deficiency judgment. What must the lender do to recover the $61,000 Justin still owes?Ī) Nothing, they cannot recover the $61,000Ĭ) Contact their state's Recovery Fund for compensationĭ) Seek a quitclaim suit b) Seek a deficiency judgment At the foreclosure sale, Justin's house sold for $339,000 and the unpaid balance of his loan is $400,000. The lender obtained a court order to foreclose on the property.
Justin defaulted on his home mortgage payments.
The entire balance of the loan becomes due and payable when the property is transferred. TERMS IN THIS SET (100) Which clause protects a lender if he does not want the loan to be assumed by another party?Īlienation Clause: This is a clause in a promissory note and is also referred to as a "Due on sale Clause".
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