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...
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller UpperClass. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.49. You're not tied to anything after your purchase.
