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Real Estate Finance Table Review Verified and 100% Correct Q & A, Complete Document for Exam
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Real Estate Finance Table Review Verified and 100% Correct Q & A, Complete Document for Exam
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Real Estate FinanceQuestion Answer
Abstract of Title a historical summary of the publicly recorded documents that affect a title
Usually title is conveyed from one person (the grantor) to another (the
Deed
grantee) by means of a written instrument called a deed
Limits the use of property by all owners of that property including future
Deed Restrictions
owners.
A nonpossessory interest in land. It is the right to use land that is owned or
Easement leased by someone else for some special purpose. It entails only a limited
user privilege and not privileges associated w/ownership.
Estate "All that a person owns"
The type of leasehold estate investors and lenders are most likely to
Estate for years encounter. Created by a lease that specifies an exact duration for the
tenancy.
Tenancy continues for successive period until either party give proper
Estate from year
notice of its intent to terminate at the end of one or more subsequent
to year
periods.
The freehold estate that represents the most complete form of ownership
Fee simple estate of real estate. A hold of this type of estate is free to divide up the fee into
lesser estates & sell, lease, or borrow against it.
Lasts for an indefinite period of time; there are no definitely ascertainable
Freehold estate
date on which the estate ends.
An estate not in possession, which does not convey the right to enjoy the
Future Estates
property until some time in the future.
General Warranty Most commonly used and most desireable type from buyer's perspective.
Deed It offers the most comprehensive warranties about the quality of the title
is different than a free hold estate because it expires on a definite date and
Leasehold Estate implies only the right to possess and use the property owned by another
for a period of time.
Lessee A person who leases land
A person who holds the title (so possession of the property is granted by
Lessor
the owner to the other person for a period of time.
It is possible to have a freehold estate that has fewer ownership rights
than a fee simple estate. This is an example. It is a freehold estate that
Life Estate
lasts only as long as the life of the owner of the estate or the life of some
other person.
Give unpaid contractors, workers, and material suppliers the right to attach
a lien on the real estate to which they added their labor or materials. To
Mechanics' lien
obtain pmt owed them, they may foreclose such liens by forcing a judicial
sale and pd from proceeds.
Nonpossessory The right to use land that is owned or leased by somone else for some
Interest special purpose (like an easement).
Many parties can have different ownership rigths in a given parcel of real
Ownership Rights estate. These rights associate with the real estate are referred to as real
property.
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