What I Need To Work On

Question 1

HO-1

Answer 1

• Basic policy
• Basic policy that insures the home and its contents against perils, including fire, theft, or vandalism
• Does not cover falling objects

Question 2

HO-3

Answer 2

• Special Form Policy
• Most widely used and recommended homeowners policy. It covers the home for all risks or physical loss except damage caused by flood, earthquake, war or nuclear accident

Question 3

HO-4

Answer 3

• Tenants or Cooperative
• Commonly referred to as renters insurance, regardless if you are renting a home, condo, or apartment. This policy also covers cooperative owners since they hold a proprietary lease

Question 4

HO-6

Answer 4

• Condominium unit owners policies

- Insure against damage to the contents of an apartment, cooperative or condominium

Question 5

Estate for Years

Answer 5

• A leasehold estate for any specific period of time
• An estate for years is not automatically renewed
• A lease with a specific beginning and ending date.

Question 6

Leasehold Estate

Answer 6

-A leasehold estate is a tenant’s right to occupy property that is leased for a period of time

Question 7

Fee Simple

Answer 7

• Provides the most complete form of ownership
• A person has this type of estate where the person is entitled to the entire property with unconditional power of disposition during the persons life and descending to the persons heirs or distributees

Question 8

Ownership in severalty

Answer 8

-When title to real estate is in the name of only one person or entity

Question 9

Joint Tenancy

Answer 9

• A form of co ownership by two or more persons

- Each owner has the right of survivorship

Question 10

Tenancy in common

Answer 10

• A form of co ownership by two or more persons

- But WITHOUT the right of survivorship

Question 11

Tenancy by the entirety

Answer 11

-Co-Ownership limited to married couples

Question 12

Estate at Will

Answer 12

• Duration is for an unknown period of time
• Open ended estate
• Refers to a tenant who lives in a rental unit without a formal lease or contract.

Question 13

Red Lining

Answer 13

-Refusal to lend money within a specific area for various reasons

Question 14

Blockbusting

Answer 14

-Inducing homeowners in a neighborhood to sell quickly by creating fear that a minority group is moving into the neighborhood

Question 15

Mortgagor

Answer 15

-The borrower in a mortgage, typically a homeowner.

Question 16

Mortgagee

Answer 16

-The bank