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REE 3043 REVIEW TEST QUESTIONS WITH REVISED ANSWERS – UPDATED

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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 ...

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  • September 2, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • ree 3043
  • ree 3043 review test questions
  • ree 3043 review test questions with revised answer

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  • REE 3043
  • REE 3043

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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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