Final Terms

Question 1

Tenancy in Common

Answer 1

A type of co-ownership in which each owner has the right to sell his or her interest without the consent of the other owners, may own an unequal share of the property, and may have a creditor attach his or her interest.

Question 2

Tenancy by the Entirety

Answer 2

A type of co-ownership that is available only to married couples. The spouses’ shares are equal, and if one owner dies, the surviving spouse assumes full ownership.

Question 3

Adverse Possession

Answer 3

An involuntary property transfer in which a person acquires ownership of property by treating a piece of real property as his or her own, without protest or permission from the owner.

Question 4

Life Estate

Answer 4

An ownership interest in which the holder has the right to possess the property until his or her death.

Question 5

Fee Simple Absolute

Answer 5

An ownership interest in which the holder has exclusive rights to ownership and possession of the land to the holder; the most comprehensive type of estate.

Question 6

Landlord

Answer 6

The owner of a property being leased. Also called lessor.

Question 7

Tenant

Answer 7

A person who assumes the temporary legal right to possess property. Also called lessee.

Question 8

Actual Eviction

Answer 8

An eviction in which a landlord physically prevents the lessee from entering the leased premises.

Question 9

Constructive Eviction

Answer 9

An eviction that occurs when a property has become unsuitable for use due to the unlivable quality of the property.

Question 10

Tenancy at Sufferance

Answer 10

A lease that is created when a tenant who was lawfully in possession of a leased property remains in possession of that property unlawfully after the lease ends because the person with the power to evict him failed to do so.

Question 11

Tenancy at Will

Answer 11

A lease that may be terminated by the parties at any time.

Question 12

Gift Causa Mortis

Answer 12

A gift that is made in contemplation of one’s immediate death.

Question 13

Inter Vivos Gift

Answer 13

A gift that is given during one’s lifetime.

Question 14

Bailment

Answer 14

A relationship that arises when one party (the bailer) gives possession of personal property to another (the bailee) with an advance agreement on the time period, the compensation, if any, and the bailee’s treatment of the property.