Debtor - Creditor Relationships - Real Property

Question 1

Define warranty deed.

Answer 1

This deed provides the highest level of protection. The grantor guarantees title and his right to transfer.

Question 2

Define fee simple estate.

Answer 2

A person has complete ownership for an unlimited duration to do with the property as he or she legally chooses.

Question 3

Define tenancy at will.

Answer 3

A tenancy that simply continues with permission of the landlord. A tenancy at will can be terminated by either party without notice.

Question 4

Define tenancy for years.

Answer 4

A lease for a specified duration. The lease agreement must name the parties, include identification of the property, and include any lease term that the parties wish to have.

Question 5

List the requirements for a valid deed.

Answer 5

1. It must be in writing;
2. It must be signed by the grantor;
3. It must include a description of the land.

Question 6

Define easement.

Answer 6

The right of a person to make limited use of another’s realty, usually without taking anything from it, or possession of it.