RE - Set 12

Question 1

ASSUMPTION CLAUSE

Answer 1

A buyer takes over the existing loan and agrees to be liable for the repayment of the loan.

Question 2

BLANKET LOAN

Answer 2

A loan that is secured by several properties.

Question 3

REVERSE ANNUITY LOAN

Answer 3

A loan that enables elderly homeowners to borrow against the equity in their homes by receiving monthly payments, from a lender, that are needed to help meet living costs; due upon a specific date or upon the occurrence of a specific event, such as the sale of the property or the death of the borrower.

Question 4

LEGACY

Answer 4

A gift of personal property by will (see bequest).

Question 5

INTESTATE

Answer 5

Dying without leaving a will.

Question 6

EASEMENT

Answer 6

The right to use another’s land for a specified purpose; sometimes known as right-of-way.

Question 7

LIS PENDENS

Answer 7

A recorded notice indicating pending litigation on a property that prevents a conveyance or any other transfer of ownership until the lawsuit is settled.

Question 8

SECTION

Answer 8

An area of land, used in the government survey method of land description: a land area of one square mile, or 640 acres; 1/36 of a township.

Question 9

RANGE

Answer 9

A land description used in the US government survey system consisting of a strip of land located every six miles east of each principle meridian.

Question 10

MONUMENT

Answer 10

A fixed landmark used in a metes and bounds land description.

Question 11

FEE SIMPLE DEFEASIBLE

Answer 11

An estate in which the holder has a fee simple title that is subject to return to the grantor if a specified condition occurs; also known as fee simple qualified.

Question 12

FIXTURE

Answer 12

Personal property that has become affixed to real estate.

Question 13

LIFE ESTATE

Answer 13

An estate that is limited in duration to life of its owner or the life of some other chosen person.

Question 14

MERIDIAN

Answer 14

A survey line running north and south, used as a reference when mapping land.

Question 15

FEE SIMPLE ABSOLUTE

Answer 15

The most complete form of ownership of real property; also known as fee simple, or fee.

Question 16

WITNESSED WILL

Answer 16

A will prepared by an attorney, that is typed and signed by the maker and two witnesses.

Question 17

DEVISE

Answer 17

A gift of real property by will.

Question 18

CODICIL

Answer 18

A change in a will before the maker’s death.

Question 19

TOWNSHIP

Answer 19

A land description used in the US government survey system consisting of a six-by-six mile area containing 36 sections, each one mile square.

Question 20

CONVEYANCES

Answer 20

The transfer of title to land from one person to another by use of a written instrument.

Question 21

REAL PROPERTY

Answer 21

Land; anything affixed to the land; anything appurtenant to the land; anything immovable by law.

Question 22

PERSONAL PROPERTY

Answer 22

Anything movable that is not real property.

Question 23

PROPERTY

Answer 23

The rights or interests an owner has in something owned.

Question 24

RIPARIAN RIGHTS

Answer 24

The rights of a landowner whose land is next to a natural watercourse to reasonable use of whatever water flows past the property.

Question 25

TRADE FIXTURE

Answer 25

An article of personal property affixed to leased property by the tenant as a necessary part of business; may be removed by tenant as personal property upon termination of the lease.

Question 26

CALIFORNIA LAND TITLE ASSOCIATION

Answer 26

A trade organization of the title companies of the state.