Legal Aspects Of Real Estate Final Exam 2023/2024 With Complete Solutions

Metes and Bounds {Ans: A method of land description in which the dimensions of the property are measured by distance and direction}Condition Subsequent {Ans: A condition which, if it occurs at some point in the future, can cause a property to revert to the grantor: for example a requirement in a grant deed that a buyer must never use the property for anything other than a private residence}Emblements {Ans: Annual crops produces for sale, by a tenant using or occupying the property}Estate in Fee {Ans: The most complete form of ownership of real property; also known as an estate of inheritance (Fee Simple Estate)}Action {Ans: A lawsuit brought to court}Condition Precedent {Ans: A condition which requires something to occur before a transaction becomes absolute and enforceable; for example, a sale that is contingent on the buyer obtaining financing}