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LEGL 2700 Roessing Test 2 Questions And Answers
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LEGL 2700 Roessing Test 2 Questions And Answers Leasehold Estate the property granted to tenants (lessees) by a landlord (lessor) Joint Tenancy a property ownership that is undivided (common) and equal between two or more owners; permits survivorship Tenancy in Common a property ownership th...

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  • October 19, 2024
  • 41
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • legl 2700 roessing test 2 questions and answers

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LEGL 2700 Roessing Test 2 Questions And
Answers

Leasehold Estate the property granted to tenants (lessees) by a landlord (lessor)




Joint Tenancy a property ownership that is undivided (common) and equal between two or

more owners; permits survivorship




Tenancy in Common a property ownership that is undivided (common) but not necessarily

equal between two or more owners




Easement the right of one other than the owner of land to some use of that land




Bailment an owner's placement of an object into the intentional possession of another

person with the understanding that the other person must return the object at some point or

otherwise dispose of it




Bailor in a bailment, the person who transfer possession of tangible, personal property to

another person with eh understanding that the other person must return the object at some point

or otherwise dispose of it

, LEGL 2700 Roessing Test 2 Questions And
Answers

Bailee in a bailment, the person who takes possession of object owned by another and

must return it or otherwise dispose of it




Ownership refers to the exclusive legal right to possess, transfer, and use resources;

"property"




Contract a legally enforceable promise




Rule of First Possession rule that says one becomes an owner by reducing to possession

previously unowned objects or abandoned objects




Adverse Possession (pg 206-207) Gives you ownership of land (and it only applies to

land) under state statute when the possessions is as follows:

-open and notorious

-actual and inclusive

-continuous

-wrongful

, LEGL 2700 Roessing Test 2 Questions And
Answers
-for a prescribed period of time




Confusion property ownership that arises when identical masses of objects are mixed

together




Accession property acquired by adding something to an owned object




Gift transfer of ownership by intent and the delivery of the object gifted




Title "ownership"; sometimes represented as a document




Deed a document representing the title or ownership of land




Security Interests an application of property that gives someone an interest in what

belongs to another, usually to secure an extension of credit




Deeds of Trust a type of document to secure an extension of credit through an interest in

the land

, LEGL 2700 Roessing Test 2 Questions And
Answers

Land Sales Contract a type of document to secure an extension of credit through an

interest in the land purchased




Mortgagees the creditor in a mortgage agreement




Mortgagors the owner of land who places a mortgage on it




Foreclosure if a mortgagor fails to perform his/her obligations as agreed, the mortgagee

may declare the whole debt due and payable, and he/she may foreclose on the mortgaged

property to pay the debt secured by the mortgage; usual method authorizes the sale of the

mortgaged property at a public auction and the proceeds of the sale are applied to debt




Deficiency in a land based security interest, the amount of the loan which remains unpaid

after the land has been sold




Right of Redemption the right to buy back; a debtor may buy back or redeem his or her

mortgaged property when he/she pays the debt

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