REE 3043 REVIEW TEST QUESTIONS WITH REVISED ANSWERS – UPDATED
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Course
REE 3043
Institution
REE 3043
REE 3043 REVIEW TEST QUESTIONS WITH REVISED ANSWERS – UPDATED
property right - Answer-lienholder can take possession of the property upon foreclosure and sell property to retire debt
general liens - Answer-arise from events not merely related to property but for debts on a general account
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REE 3043 REVIEW TEST QUESTIONS
WITH REVISED ANSWERS – UPDATED
property right - Answer-lienholder can take possession of the property upon foreclosure
and sell property to retire debt
general liens - Answer-arise from events not merely related to property but for debts on
a general account
specific liens - Answer-arise specifically from ownership and use of property
lien priority - Answer-who gets paid first from foreclosure sale proceeds
tenants in common - Answer-each party owns a fractional share which can be sold or
mortgaged
no rights of survivorship - Answer-interest pass to heirs rather than remaining owners
joint tenants - Answer-each party owns an equal interest
Tenants by the entirety - Answer-A special form of co-ownership used in some states
that allow a husband or wife to inherit the other spouse's ownership interest upon death.
periodic tenancy - Answer-any lease agreement that automatically renews each period
until either party gives notice of termination
leaseholds and freeholds are both - Answer-possessory interests
ad coelum - Answer-the traditional theory that whoever owns the soil owns to the
heavens
habendum clause - Answer-clause in a deed that defines or limits the type of interest
being conveyed
acknowledgement is always required in order for a deed to be - Answer-placed in the
public record
covenant of warranty - Answer-promise in a deed that the grantor will guarantee and
defend the title against lawful claimants.
easement by estoppel - Answer-the right of use created if a landowner gives an
adjacent landowner permission to depend on her land
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