Real Estate Law Module 3

Question 1

Profit a prendre

Answer 1

Right of taking

Question 2

Estoppel certificate

Answer 2

A document signed by the tenant to verify the lease terms, includes a statement that the current owner does not owe the tenant. Any sum of money is present, and a statement that rent is current.

Question 3

Cloud on title

Answer 3

A possible interest in property that may or may not have ripened into an actual title interest or a lien. It is a title defect.

Question 4

Quick claim deed

Answer 4

A special type of deed used to release all right, title, and interest if any of the deed grantor in the property

Question 5

Involuntary liens are also known as…

Answer 5

Statutory liens

Question 7

The active pledging something as collateral for a debt

Answer 7

Hypothecation

Question 8

Something that has pledged security for a debt

Answer 8

Collateral

Question 9

The legal title is also known as…

Answer 9

The naked title

Question 10

An interest that gives a lienholder or a buyer, the right to acquire legal title to a property if certain contractual conditions occur

Answer 10

Equitable title

Question 11

Full legal ownership of property and the bundle of rights as they apply to it

Answer 11

Legal title