Property Rights and Legal Concepts Flashcards
6 cards from real SAEE practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Property Rights and Legal Concepts flashcards as text
In appraisal, the property rights appraised most commonly reflect:
Answer: Fee simple interest
Most appraisals value the fee simple interest as the baseline, with adjustments or separate analyses for leasehold or partial interests.
What is a lien in real property law?
Answer: A financial claim against property used as security for a debt
A lien is a creditor's legal claim against real property, securing repayment of a debt, which can lead to forced sale if unpaid.
Zoning ordinances are an exercise of which governmental power?
Answer: Police power
Zoning is enacted under police power, allowing government to regulate land use to promote health, safety, morals, and general welfare.
When appraising a leased property, the leased fee interest is held by the:
Answer: Landlord (lessor)
The leased fee interest is the landlord's ownership interest subject to the lease, including the right to receive rent and regain possession at lease expiration.
An easement by prescription is acquired through:
Answer: Open, continuous, hostile, and actual use of another's land for the statutory period
Prescriptive easements are established by satisfying state-law requirements for open, continuous, hostile (adverse), and actual use over the required statutory period.
Which clause in a mortgage allows the lender to demand full repayment if the property is sold without lender approval?
Answer: Due-on-sale clause
The due-on-sale (alienation) clause requires full loan repayment upon transfer of ownership, preventing assumption without lender consent.