Real Property

Question 1

Most comprehensive freehold estate

Answer 1

Fee simple

Question 2

Document that is evidence of a transfer of title to real property

Answer 2

Deed

Question 3

Property subject to a lien

Answer 3

Collateral

Question 4

Promise made by the property owner regarding the use or appearance of land

Answer 4

Restrictive covenant

Question 5

Leasehold automatically arises when tenant wrongfully refuses to vacate the premises

Answer 5

Tenancy at sufferance

Question 6

Terms found in mortgage contract; ultimately results in sheriff’s sale of real property

Answer 6

Foreclosure

Question 7

Contains representations regarding the nature and status of title being transferred

Answer 7

Warranty deed

Question 8

A person’s legal rights to or interest in real property

Answer 8

Estate

Question 9

Written contract that embodies the agreement between the landlord and the tenant

Answer 9

Lease

Question 10

Contract that contains all terms for repayment of a loan

Answer 10

Promissory note

Question 11

Two or more co-owners have equal, undivided ownership interest in property and rights of survivorship

Answer 11

Joint tenancy with rights of survivorship

Question 12

Leasehold continues in effect until notice of termination is given by either party

Answer 12

Tenancy at will

Question 13

Interest in real property that is freely transferrable and of unlimited duration

Answer 13

Freehold estate

Question 14

Interest in property that allows lender to order sale of property to satisfy a loan

Answer 14

Lien

Question 15

Allows lender to declare entire promissory note immediately due and payable

Answer 15

Acceleration clause

Question 16

Contains a legal description of property and a risk of loss clause; must be in writing

Answer 16

Agreement of sale

Question 17

Leasehold scheduled to terminate on a fixed date

Answer 17

Tenancy for years

Question 18

Land and the structures built upon the land

Answer 18

Real property

Question 19

Contract that gives the lender a security interest in real property

Answer 19

Mortgage

Question 20

Property owned jointly by husband and wife

Answer 20

Tenancy by the entireties

Question 21

Releases whatever ownership interest (if any) that grantor has in real property

Answer 21

Quitclaim deed

Question 22

Leasehold that continues for successive identical periods of time

Answer 22

Periodic tenancy

Question 23

Grant to someone other than the property owner the limited right to use land

Answer 23

Easement