Ownership, Interests and Encumbrances (Ch. 2)

Question 1

Time Share Ownership

Answer 1

Buy interest in Real Property usually a resort property

Question 2

Beneficiary

Answer 2

Trustee holds or manages the property for the benefit of third party (Beneficiary)

Question 3

Trustee

Answer 3

Trustee owns the property

Question 4

Trustor

Answer 4

Transfers ownership of property to someone else (Trustee)

Question 5

Joint Tenancy

Answer 5

A Special bond between the owners

Question 6

Tenant In common

Answer 6

In person or business relationship

Question 7

Ownership in Severalty

Answer 7

Occurs when property in owned by one individual corporation

Question 8

Creating an Easement

Answer 8

Written Agreement between Parties

Question 9

Easement by Prescription

Answer 9

If you don’t defend your right, you will lose them

Question 10

Fee simple defeasible

Answer 10

Are D Restrictions

Question 11

Easements

Answer 11

Is used not Ownership. An easement is the right to use land of another for a particular purpose

Question 12

Condos

Answer 12

Own Space in Fee simple (Point to the Paint)

Question 13

Co-Ops

Answer 13

Shares of a co-operative

Question 14

Escheat

Answer 14

Land must have an owner, if no owner then the gov. take property

Question 15

Eminent Domain

Answer 15

Ability of government to take private property for Public good

Question 16

Fee simple absolute

Answer 16

The best ownership. No strings attached to ownership

Question 17

Life Estate

Answer 17

Limited Time of Ownership

Question 18

Homestead Right

Answer 18

debt is secured by the property, the property cannot be exemt from judgment on that dept

Question 19

Deed Restrictions

Answer 19

Restrictions are past from owner to owner

Question 20

Encroachments

Answer 20

When all parts of the structure illegally extend beyond the land of its owner

Question 21

Easement in Gross

Answer 21

Individual company, right to use someone’s else land