Chapter 1 Key Terms

Question 1

ALLODIAL SYSTEM

Answer 1

Land ownership free and clear of any rent or service due to the government.

The land owner has complete control over the property and can use, sell, or transfer it without interference.

Question 2

BILL OF SALE

Answer 2

The document by which personal property ownership is transferred.

Question 3

BUNDLE OF RIGHTS

Answer 3

All of the ownership rights in real estate.

Question 4

CHATTEL

Answer 4

Personal property. Movable personal items that can be included in the sale of a property.

Question 5

COLLATERAL

Answer 5

Property, real or personal, pledged as security to back up a promise. An asset that a lender accepts as security for a loan.

Question 6

COMMUNITY PROPERTY

Answer 6

All property acquired by either spouse during marriage and owned equally, except that received by gift, devise, or descent.

Question 7

CONCURRENT OWNERSHIP

Answer 7

Real estate ownership by more than one party, such as partnerships, tenants in common, community property, and joint tenancy.

Question 8

CONDEMNATION

Answer 8

The government’s power to condemn private property for public use is known as EMINENT DOMAIN.

Question 9

CONDOMINIUM

Answer 9

Fee simple ownership of an apartment or a unit, generally in a multiunit building, plus an undivided interest in common elements.

Question 10

CONSUMER FINANCIAL PROTECTION BUREAU (CFPB)

Answer 10

Its mission is to make markets for consumer financial products and services (i.e., mortgages, credit cards, and other consumer financial products) work for americans.

Question 11

CYCLE

Answer 11

A period of time within which the economic ups and downs of business or real estate takes place.

Question 12

DEED

Answer 12

A document used to transfer ownership of real property.

Question 13

DEED OF TRUST

Answer 13

A financing instrument in which the borrower/trustor conveys title of the collateral to a trustee to be held in trust for the beneficiary/lender. When the loan is repaid, title is reconveyed to the trustor. If a default occurs, the trustee exercises the power of sale on behalf of the beneficiary.

Question 14

DEREGULATION

Question 15

DISINTERMEDIATION

Question 16

DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT

Question 17

ENGLISH COMMON LAW

Question 18

EMINENT DOMAIN

Question 19

EQUITABLE TITLE

Question 20

FANNIE MAE

Question 21

FEE SIMPLE ABSOLUTE

Question 22

FREDDIE MAC

Question 23

FREEHOLD ESTATE

Question 24

GINNIE MAC

Question 25

HEREDITAMENTS

Question 26

HYPOTHECATION

Question 27

JOINT TENANCY

Question 28

LAND CONTRACT

Question 29

LEASEHOLD ESTATE

Question 30

LEGAL TITLE

Question 31

LEVERAGE

Question 32

LIEN

Question 33

MORTGAGE

Question 34

PARTNERSHIPS

Question 35

PERSONAL PROPERTY

Question 36

POLICE POWER

Question 37

PRIMARY MARKET

Question 38

PROPERTY

Question 39

RANCHOS

Question 40

REAL PROPERTY

Question 41

ROMAN CIVIL LAW

Question 42

SAFE ACT

Question 43

SAVINGS ASSOCIATIONS

Question 44

SECONDARY MORTGAGE MARKET

Question 45

SECURITY AGREEMENT

Question 46

TAX REFORM ACT OF 1986 (TRA ‘86)

Question 47

TAX RELIEF ACT OF 1997 (TRA ‘97)

Question 48

TENANTS IN COMMON

Question 49

THRIFTS

Question 50

TIME-SHARES

Question 51

TRADE FIXTURE

Question 52

ZONING