QUESTION #1 10 pts A Drainage District has entered into an - PowerPoint PPT Presentation

M ICHIGAN A SSOCIATION OF C OUNTY D RAIN C OMMISSIONERS REAL ESTATE TRIVIA Alexis Vlahakis Cole, Vlahakis Cole Law Firm February 14, 2019 macdc.us Bob Vertalka, Vertalka & Vertalka Real Estate Appraisers

M EET Y OUR H OSTS , A LEXIS AND B OB

R ULES OF THE R EAL E STATE T RIVIA G AME • Form Teams of 10 or Less • No Looking Up Answers on Phones • No Stealing Other Teams’ Members (the “Mike Gregg Rule”) • No Stealing Other Teams’ Answers • No Chit Chat – Question Us Later • No Dilly Dallying – First Team with Correct Answer Gets 3 Extra Pts.

QUESTION #1 10 pts A Drainage District has entered into an agreement to buy a parcel of land. Which type of deed will typically provide the Drainage District with the most protection? a. Special Warranty Deed b. Quit Claim Deed c. General Warranty Deed d. Fiduciary Deed

ANSWER TO QUESTION #1 10 pts A Drainage District has entered into an agreement to buy a parcel of land. Which type of deed will typically provide the Drainage District with the most protection? c. General Warranty Deed

QUESTION #2 9 pts What is an Easement in real estate? a. The right to use another’s land for a stated purpose b. An acquisition of all property rights c. The taking of another’s property without compensation d. The state or feeling of comfort and peace

ANSWER TO QUESTION #2 9 pts What is an Easement in real estate? a. The right to use another’s land for a stated purpose

QUESTION #3 6 pts In the absence of an agreement by the parties in a real property transaction, what method shall a title company use to calculate the property tax prorations? a. As if paid in advance with the seller responsible for paying up through the day before closing b. As if paid in arrears with the seller responsible for paying up through the day of closing c. The customary method used by the county where the closing is held d. Taxes will not be prorated without a written agreement

ANSWER TO QUESTION #3 6 pts In the absence of an agreement by the parties in a real property transaction, what method shall a title company use calculate the property tax prorations? a. As if paid in advance with the seller responsible for paying up through the day before closing

QUESTION #4 8 pts How much value does an easement have? a. None b. Big Bucks c. Whatever the property owner wants d. Depends on the stated purpose of the easement

ANSWER TO QUESTION #4 8 pts How much value does an easement have? d. Depends on the stated purpose of the easement

QUESTION #5 6 pts What is the amount required to be paid to the Register of Deeds to record these three documents: 1) 2-page easement with consideration of $40; 2) 10-page easement with consideration of $0; and 3) 30-page affidavit of recording? a. $90.00 b. $231.00 c. $63.00 d. The amount cannot be determined without more information

ANSWER TO QUESTION #5 6 pts What is the amount required to be paid to the Register of Deeds to record these three documents: 1) 2-page easement with consideration of $40; 2) 10-page easement with consideration of $0; and 3) 30-page affidavit of recording? a. $90.00 [$30 + $30 + $30 = $90]

QUESTION #6 10 pts When appraising for a partial acquisition of property, what are damages to a remainder? a. Damages after the fee simple estate interest in the total property has been acquired b. The loss of value above and beyond the value of the land and structures acquired c. Something defendants/respondents make up d. There are never any damages to remainders

ANSWER TO QUESTION #6 10 pts When appraising for a partial acquisition of property, what are damages to a remainder? b. The loss of value above and beyond the value of the land and structures acquired

QUESTION #7 9 pts If Aunt Mildred executes a Lady Bird Deed conveying her property to Cousin Vinny, can she sell the property before she dies? a. Yes, so long as Cousin Vinny signs the deed b. Typically, yes, she has full ability to sell the land on her own c. Typically, no, she has no independent ability to sell the land d. Only if all her heirs sign the deed

ANSWER TO QUESTION #7 9 pts If Aunt Mildred executes a Lady Bird Deed conveying her property to Cousin Vinny, can she sell the property before she dies? b. Typically, yes, she has full ability to sell the land on her own

QUESTION #8 6 pts What is a good faith offer? a. One made by the Clergy b. How much money the owner says it will take for the easement c. What is offered by the Drainage District d. What the Court ultimately determines

ANSWER TO QUESTION #8 6 pts What is a good faith offer? c. What is offered by the Drainage District

QUESTION #9 8 pts If a person owns an unplatted property on Lake Michigan, where is the property line? a. At the water’s edge b. To the state boundary in the center of the lake c. At the high water mark d. 100 feet from the water’s edge

ANSWER TO QUESTION #9 8 pts If a person owns an unplatted property on Lake Michigan, where is the property line? a. At the water’s edge

QUESTION #10 7 pts What does one receive when it acquires a fee simple estate interest? a. There is nothing simple in a fee simple estate b. The right to pay rent and use someone’s property for a stated period of time c. All rights of ownership subject to governmental powers of taxation, eminent domain, police power and escheat d. None of the above

ANSWER TO QUESTION #10 7 pts What does one receive when it acquires a fee simple estate interest? c. All rights of ownership subject to governmental power of taxation, eminent domain, police power and escheat

QUESTION #11 10 pts You own a home with your partner but you are not married. How should you hold title to the property to maximize ownership interest? a. As “Tenants in Common” b. As “Joint Tenants with Full Rights of Survivorship” c. As “Tenants by the Entireties” d. As “Full Ownership Tenants”

ANSWER TO QUESTION #11 10 pts You own a home with your partner but you are not married. How should you hold title to the property to maximize ownership interest? b. As “Joint Tenants with Full Rights of Survivorship”

QUESTION #12 9 pts What is an appraisal? a. An opinion of value b. An opinion of value supported by research and analysis c. A guess d. All of the above

ANSWER TO QUESTION #12 9 pts What is an appraisal? b. An opinion of value supported by research and analysis

QUESTION #13 7 pts A court action to partition land is asking the court to: a. Allow the building of a wall or structure on a property b. Allow the division of ownership of a property c. Determine the parties with ownership interest in a property d. Allow the demolition of a wall or structure on a property

ANSWER TO QUESTION #13 7 pts A court action to partition land is asking the court to: b. Allow the division of ownership of a property

QUESTION #14 8 pts Who can testify to value in a condemnation proceeding? a. The property owner b. An appraiser c. A real estate broker d. All of the above

ANSWER TO QUESTION #14 8 pts Who can testify to value in a condemnation proceeding? d. All of the above

QUESTION #15 7 pts What law allows members of the public to walk on Lake Superior beaches? a. Michigan Natural Resources and Env Protection Act b. Federal Clean Water Act c. Northwest Ordinance d. There is no statutory law; it is allowed by common law

ANSWER TO QUESTION #15 7 pts What law allows members of the public to walk on Lake Superior beaches? c. Northwest Ordinance

QUESTION #16 10 pts You purchase a subdivision lot on a lake in Kalamazoo County. Your property extends: a. To the lake edge b. To the center of the lake for the full width of your lake frontage, with overlapping ownership rights as property gets closer to the center c. To the center of the lake with the width tapering like a pie wedge to the center d. To whatever point designated on the subdivision plat

ANSWER TO QUESTION #16 10 pts You purchase a subdivision lot on a lake in Kalamazoo County. Your property extends: d. To whatever point designated on the subdivision plat

QUESTION #17 10 pts How can an appraiser assist a Commissioner in its work? a. Assist in determining the least expensive way to proceed in an acquisition b. Provide the basis of a good faith offer c. Be the scape goat should something go wrong d. All of the above

ANSWER TO QUESTION #17 10 pts How can an appraiser assist a Commissioner in its work? d. All of the above

AND THE WINNER IS...

But you are ALL WINNERS in our book!

Thank You for Attending Real Estate Trivia Presented by Alexis Vlahakis Cole and Bob Vertalka Real Estate Appraiser