KSCORE Crammer Session

2. The legal document used to transfer real estate ownership.
4. A form of co-ownership where all owners have equal shares, and surviving owners inherit shares.
6. The four government rights in land: Police Power, Eminent Domain, Taxation, and Escheat.
9. The right to use another person’s land for a specific purpose, such as a driveway for access.
11. A claim on property to secure payment of a debt, creating a financial interest in the property.
13. The four components of a mortgage payment: principal, interest, taxes, and insurance.
14. A government lien that takes priority over all other liens on a property.
17. Land plus appurtenances, including improvements, rights, interests, fixtures, and privileges.
20. A fee that lowers a mortgage rate, costing 1% of the loan amount per point.
21. A simple way to calculate depreciation using cost ÷ depreciation allowance.

1. A land description system using a grid of meridians and baselines to locate parcels.
3. The legal document used to transfer personal property.
5. A non-owner’s claim, right, or interest in a property, such as a mortgage, lien, easement, or restriction.
7. The most complete form of ownership, allowing the owner to occupy the property forever.
8. Private mortgage insurance, required when a borrower has a low down payment.
10. A co-ownership where shares pass to heirs instead of co-owners.
12. Also called cost recovery; calculated over 27.5 years for residential and 39 years for commercial properties.
15. The unauthorized use of another person’s land, such as a fence or structure crossing a property line.
16. The government’s right to take property that has been abandoned when there are no heirs.
18. Calculation – The formula to determine lot size: width × length, with width representing street frontage.
19. A unit of land measurement equal to 43,560 square feet.