Terms Pt.9

Question 1

Fee simple absolute

Answer 1

(aka fee, fee simple)

One in which the owner possess the entire bundle of rights.

Question 2

Conditional Fee

Answer 2

“strings attached” “for so long as” used in certain ways.

Question 3

Homestead Protection

Answer 3

A right that protects a primary residence from a forced sale to satisfy debts and judgments. Excluded debts are mortgage, taxes, alimony, child support.

Question 4

Leasehold Estate

Answer 4

not an estate of ownership. It consists of a tenant’s (lessee’s) rights, granted by a lease.

Question 5

Estate for years

Answer 5

gives the tenant exclusive possession of a property for a specified period of time.
No notice is required.

Question 6

Estate from period-to-period

Answer 6

month to to month lease. Must give notice to terminate. (60 days from landlord. 30 days from the tenant.)

Question 7

Estate at will (tenancy at will)

Answer 7

A temporary arrangement in which the tenant can occupy the property for an unspecified period of time as long as the landlord gives permission. 60 days notice required.

Question 8

Estate at sufferance (tenancy at sufferance)

Answer 8

A tenant continues to remain in possession after the term of the lease expires. Landlord must file for eviction.

Question 9

Encumbrance

Answer 9

External limitations that restrict an owner’s rights, use of the property or diminish its value. (PETE)

Question 10

Police power

Answer 10

the right of local, state, or national governments to enact and enforce laws that regulate the use of private property in order to provide for safety, health, morals and general well-being of the community.

Question 11

PETE

Answer 11

Police power
Eminent Domain
Taxation
Escheat

Question 12

Taxation

Answer 12

pay taxes according to the value of the land.

Question 13

Escheat

Answer 13

The state gov’t has the right to take over the property when it is abandoned or when an owner dies without a will and without heirs.

Question 14

Voluntary Liens

Answer 14

mortgages

Question 15

Involuntary liens

Answer 15

taxes

Question 16

Lien

Answer 16

A monetary claim a creditor has on the property of a debtor and the debtor’s property is security for payment of the debt.

Question 17

Specific Lien

Answer 17

Attached to a specific parcel of property

Question 18

General liens

Answer 18

attach to all real and personal property of the debtor.

Question 19

Ad valorum tax

Answer 19

Levied against each property owner according to the value of the land.

Question 20

Vendor Lien

Answer 20

In a purchase money mortgage. Seller financing.
Vendor = Seller
Vendee = Buyer

Question 21

Mechanic’s Lien

Answer 21

Work of materials must have been provided with the owner’s consent.

Question 22

Attachment Lien

Answer 22

Specific liens give the court custody of a property to prevent the owner from transferring ownership while a suit is being decided.

Question 23

General Lien

Answer 23

Encumbers all real and personal property owned by a debtor including properties owned before the lien was recorded or properties acquired after.

Question 24

Easement

Answer 24

a non-possessory intangible right one has to use another person’s land in a specified manner and for a specified purpose.