EP CHAP 3

Question 1

What is real property ?

Answer 1

include lands and is permanently attached to land

Question 2

What is tangible personal property ?

Answer 2

all property that is not realty that has physical susbstance

Question 3

What is intangible personal property ?

Answer 3

Not real prop and no physical substance ( ie. stocks , bonds )

Question 4

What is fee simple ownership ?

Answer 4

complete ownership of property by one individual

Question 5

Tenancy in Common?

Answer 5

interest in property belt by two or more related or non related persons

Question 6

Joint tenancy in common ?

Answer 6

death of one owner , transfers to other

Question 7

Tenancy by the entirety ?

Answer 7

Spouses

Question 8

What is community property ?

Answer 8

Married Individuals own a equal undivided interest in all property accumulated during marriage

Question 9

What is term interest ?

Answer 9

grants the holder the right to use the property for a definite time

Question 10

What is equitable ownership ?

Answer 10

the economic right to enjoy the benefits of the property