Vocab debilu xD

Question 1

Freehold

Answer 1

= Fee simple absolute in possession’; an estate in land, the right to possession of land forever, tantamount to ownership.

Question 2

Leasehold

Answer 2

= Term of years: an estate, it is a right to exclusive possession of another person’s land for a certain period.

Question 3

Mortgage:

Answer 3

an interest in land called a charge in the form of a right securing a debt. A bank may lend you a large sum of money in return for a mortgage over your home, so if you default on the loan, the bank has the right to seize your home and sell it to recoup the debt.

Question 4

Easement:

Answer 4

an interest in land in the form of a right to make use of neighbouring land in a certain way to benefit a piece of land to which the right is “annexed”. A typical example is a right of way allowing a person to cross over neighbouring land.

Question 5

Equitable right under a trust of land:

Answer 5

an interest in land comprising a right which entitles its owner (the beneficiary) to the benefit of land nominally held by another (the trustee). The trust is used to facilitate multiple ownership of land. These rights may be overreached by a sale or mortgage under certain conditions (ie, they do not bind the purchaser or mortgagee).

Question 6

Restrictive covenant:

Answer 6

an interest in land in the form of a right that neighbouring land be used in a way that benefits another piece of land, usually by restricting activities that may be carried out on the neighbouring land, such as a restriction against using a residence for business purposes.