FREE BOMA Real Property Administrator Questions and Answers
What type of real property description would include reference to an iron stake
Metes and bounds is a type of real property description that includes reference to an iron stake. This method of describing land uses physical features and measurements to define the boundaries of a property. The iron stake serves as a marker or reference point in the metes and bounds description, helping to establish the starting point or corner of the property. This type of description is commonly used in areas where the boundaries of a property are irregular or do not align with established survey lines.
What would result from a condition in a deed?
A condition in a deed would result in a defeasible fee. A defeasible fee is a type of ownership interest in real property that is subject to a condition or limitation. If the condition is not met, the ownership interest can be terminated or reverted back to the original grantor. This means that the ownership is not absolute and can be lost if the specified condition is violated.
What does tatum refer to
Tatum refers to a level surface from which elevations are measured. This means that it is a reference point or a benchmark that is used to determine the height or elevation of other objects or locations. It is commonly used in construction, engineering, and surveying to ensure accuracy and consistency in measurements.
A tenancy in common differs from a joint tenancy in that
A tenancy in common differs from a joint tenancy in that tenants in common have unequal interests. In a joint tenancy, all tenants have an equal share in the property, and if one tenant dies, their share automatically goes to the surviving tenants. However, in a tenancy in common, each tenant can have a different percentage of ownership. This means that if one tenant dies, their share does not automatically transfer to the other tenants, but instead passes according to their will or through intestate succession.
A tenant in a commercial building installed a large sign that was anchored to the building with steel rods. Which of the following terms properly describes the sign?
A trade fixture is a term used to describe a piece of equipment or property that is installed by a tenant in a commercial building for the purpose of conducting their business. Unlike a fixture, which becomes part of the real property and cannot be removed by the tenant, a trade fixture can be removed by the tenant at the end of their lease. In this case, the large sign installed by the tenant is considered a trade fixture because it is installed for the purpose of promoting their business and can be removed when they vacate the building.
Rights benefits and improvements that go with the land are known as:
Appurtenances are rights, benefits, and improvements that are attached to and go along with a piece of land. These can include things like easements, rights of way, and any structures or improvements on the land. Chattels refer to movable personal property, emblements are crops that are cultivated and harvested annually, and encumbrances are any claims or liens on the property. Therefore, appurtenances best describe the rights, benefits, and improvements that are associated with the land.
An investor's personal assets could be subject to a creditor's claim in a
In a general partnership, each partner is personally liable for the debts and obligations of the partnership. This means that if the partnership is unable to pay its creditors, the creditors can go after the personal assets of any of the partners to satisfy the debt. In contrast, in a corporation or a real estate investment trust, the shareholders' liability is limited to their investment in the company, so their personal assets are generally not at risk. Similarly, in a syndicate, the liability is typically limited to the specific project or investment, rather than the personal assets of the investors.
What is a form of ownership that is restricted to husbands and wives
Tenancy by entirety is a form of ownership that is restricted to husbands and wives. In this type of ownership, both spouses have an equal and undivided interest in the property. They also have the right of survivorship, which means that if one spouse passes away, the other spouse automatically becomes the sole owner of the property. This form of ownership provides protection for the property from individual creditors of each spouse and ensures that the property cannot be transferred or sold without the consent of both spouses.
How does an S corporation differ from other corporations?
An S corporation differs from other corporations because it avoids the double taxation aspect. Unlike regular corporations, where profits are taxed at both the corporate level and the individual level when distributed as dividends, an S corporation allows profits to pass through to the shareholders' personal tax returns, avoiding the double taxation. This can be advantageous for small businesses as it reduces the overall tax burden and allows for more flexibility in distributing profits.
Chattles real differ from appurtenances in that they:
Chattels differ from appurtenances in that they are personal property. Chattels refer to movable possessions or personal belongings that are not permanently attached to the land. In contrast, appurtenances are rights or privileges that are attached to the land and are considered part of the real property. Therefore, the key distinction is that chattels are not permanently fixed to the land and can be easily moved or transferred, whereas appurtenances are considered part of the land itself.