Ch 3: Liens & Encumbrances in Real Estate
About This Chapter
Liens & Encumbrances in Real Estate - Chapter Summary
The lessons in this chapter provide an overview of liens and encumbrances in real estate. You can refresh your knowledge of how liens are created and terminated. You can also enhance your understanding of why encumbrances are important. After completing the chapter, you should be prepared to:
- Describe how encumbrances affect property rights
- Recall different characteristics of a lien
- Outline who benefits from easements
- Define encroachments and adverse possession
- Explain the vacation of public roads
You have the option of studying all of the lessons on liens and encumbrances in real estate or just focusing on the topics you need to review most. Each lesson has a corresponding quiz that you can use to gauge how much of the content you can recall. You can also print the quiz as a worksheet to study when you're offline.
1. Encumbrances: Definition, Types & Importance
It's important to know what encumbrances are on a parcel of real estate before a purchase is concluded. In this lesson, you'll learn what encumbrances are, the different types and how they affect property rights. A short quiz follows.
2. Real Estate Liens: Overview & Characteristics
Liens are one of the most common encumbrances on real estate. In this lesson, you'll learn what a lien is, ways they can be created, lien priority and termination, among other related concepts. A short quiz follows.
3. Common Types of Easements
How land is used can result in the creation of an easement. Easements often are created to allow use or access to another person's land and can result in the loss of landownership rights. In this lesson, you will learn about common types of easements, some of which benefit both landowners and others that benefit the easement holder.
4. Special Issues with Property Boundary Lines
Boundary lines may seem simple enough, but complications can arise. In this lesson, you'll learn about some special issues that involve boundaries, including encroachments, adverse possession, party walls, access, and vacation of public roads.
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Other Chapters
Other chapters within the Michigan Real Estate Broker Exam: Study Guide & Practice course
- Property & Land Characteristics
- Air, Mineral & Water Rights in Real Estate
- Types of Property Ownership
- Real Estate Land Use Controls & Regulations
- Property Valuation & Appraisal
- Basic Real Estate Financing Terms & Concepts
- Types of Real Estate Loans
- Lending & Underwriting Processes
- Agency Relationships & Agreements
- Disclosures of Property Conditions
- Real Estate Sales Contracts
- Leasing & Property Management
- Real Estate Title Transfers
- Real Estate Practices
- Common Real Estate Calculations
- Michigan Licensing & Statutory Requirements
- Michigan Real Estate Laws
- Michigan Real Estate Broker Exam Flashcards
