CH. 3 & 4- Private & Public Restrictions on Ownership

Question 0

Lien

Answer 0

A claim on a property as security for a debt or fulfillment of some monetary charge or obligation. Claim on property as financial security interest or for fulfillment of a monetary obligation.

Question 1

Encumbrance

Answer 1

Restriction or limitation on ownership rights. Restrictions or limitations on the owner’s ability to use a property.

Question 2

Mechanic’s Lien

Answer 2

A claim on a property held by a supplier of materials or labor for nonpayment of a debt.

Question 3

General Lien

Answer 3

A security interest on all property owned by an individual.
Includes:
-Judgement Liens
-Tax Liens

Question 4

Judgement Lien

Answer 4

A lien placed on property to settle a judgement from a lawsuit.

Question 5

Easement

Answer 5

A right given to another party by a landowner to use a property in a specified manner. [A right to use another’s property in a specified manner]

Question 6

Types of Easements

Answer 6

• Appurtenant
  
  • Dominant Estate
  • Servient Estate
• Easement in Gross