What is a Preliminary Report? - Issued by title insurance companies
- gives buyers an overview of title history and any liens/encumbrances
- it outlines what insurance companies will/wont cover on its policy
What is the Superfunds Amendments and Reauthorization Act (SARA)? - Amendment to CERCLA
that says 'innocent landowners' arent responsible for clean up of hazardous contamination
KY REAL ESTATE EXAM PREP
ACTUAL SOLUTION Questions and
Answers latest updates 2024
What do Datums and Benchmarks measure? - Elevation
Joint Tenancy - The joint ownership of property by two or more co-owners in which each co-
owner owns an undivided portion of the property. On the death of one of the joint tenants, his
or her interest automatically passes to the surviving joint tenants.
Easement Appurtenant - Runs with the land
- grants the right to use adjoining land
Civil Rights Act of 1866 - Prohibits any exceptions for discrimination based on race/color
What is the purpose of Building Code ? - It establishes workmanship standards when someone
is building an addition to their property
Developer that has a project planned that doesnt conform to the community zoning regulations
and wants to make a change request would make a request to who? - the Zoning Board of
Appeals for a variance
What is a right to use timeshare? - It conveys the right of POSSESSION but not ownership
(therefore cant be passed on or sold)
What do lenders consider equally - Borrower and Property
- the property's value (collateral) and the borrowers ability to repay the loan
What is a Bridge Loan? - A temporary loan often used by buyers who have not yet closed on
their prior property
- short term
-interest only
What is a Land Contract? - Buyer will pay the seller.
- Seller will hold legal title of the property during the term of the loan
