Unit 3 - Chapter 19

Question 1

____ property is land or real estate, buildings, fixtures and associated legal rights

Answer 1

real

Question 2

_____ exemplify tangible personal property that is attached to land, buildings, or other fixtures

Answer 2

fixtures

Question 3

____ is the highest level of land ownership

Answer 3

fee simple

–> owner owns virtually all the rights associated with the real property

Question 4

________ is co-ownership whereby each owner of an individed interest can dispose of that interest as they see fit

Answer 4

tenancy in common

Question 5

_______ refers to co-ownership whereby the survivor inherits the individed interest of the deceased

Answer 5

joint tenancy

Question 6

making land subject to specific restrictions is ______ _____

Answer 6

restrictive covenant

Question 7

the system of land registration whereby the records are available to be examined and evaluated by interested parties is known as the _____ system

Answer 7

registry

Question 8

the system of land registration whereby the administrators guarantee the title to the land

Answer 8

land titles system

Question 9

____ ___ means it is up to the buyer to investigate and evaluate the property both in financial and legal terms

Answer 9

caveat emptor

Question 10

______ insurance covers title related issues such as fraudulent transfers and mortgages, liens, boundary encroachments, issues related to gov’t regulation, zoning, survey defects and registration issues

Answer 10

title

Question 11

investigation of the registered ownership of land in a registry system

Answer 11

title search

Question 12

A ___ is a contract for credit and a means of providing the land as security for the loan

Answer 12

mortgage

Question 13

____ is the party who lends the $ and receives the signed mortgage as a security for repayment

Answer 13

mortgagee

Question 14

_____ is terminating the borrower’s interest in the land in order to allow lender to have it sold

Answer 14

foreclosure

Question 15

____ ____ refers to the tenant’s right to control land during the term of the lease

Answer 15

exclusive possession

Question 16

“Tenant is responsible for repairs” is an example of a ____

Answer 16

covenant

–> what the parties negotiate in a lease

Question 17

___ is the right of a commercial landloard to seize the tenant’s personal property for non-payment of rent

Answer 17

distress

Question 18

A ___ ___ is a lease that is automatically renewed unless one party gives proper notice to terminate

Answer 18

periodic tenancy