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LEGL 2700 Roessing Test 2 Questions and Answers 100% Pass
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LEGL 2700 Roessing Test 2 Questions and Answers 100% Pass Mortgage - a transfer of an interest in property for the purpose of creating a security for debt; a type of security interest in land, usually securing an extension of credit Real Property - property in land and interests in land Person...

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  • 30 de noviembre de 2024
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  • 2024/2025
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  • legl 2700 roessing test 2 questions and answers 10

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LEGL 2700 Roessing Test 2 Questions and
Answers 100% Pass


Mortgage - ✔✔a transfer of an interest in property for the purpose of creating a security for debt; a type

of security interest in land, usually securing an extension of credit


Real Property - ✔✔property in land and interests in land


Personal Property - ✔✔all property that does not involve land and interests in land


Tangible Property - ✔✔physical property


Fixture - ✔✔a particular kind of interest in land; an object of personal property that has become an object

of real property 1) by physical annexation (attachment) to the land or its buildings or 2) because its use

has become closely associated with the use to which the land is put


Estate - ✔✔the bundle of rights and powers of real property ownership


Fee Simple - ✔✔the maximum bundle of rights, or estate permitted by law


Life Estate - ✔✔a property that grants land ownership for the lifetime of specified person


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



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©EmilyCharlene 2024. All Rights Reserved.

,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


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


-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


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©EmilyCharlene 2024. All Rights Reserved.

, 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


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


Secured Transaction - ✔✔any credit transaction creating a security interest; an interest in personal

property that secures the payment of an obligation


Collateral - ✔✔the valuable thing put up by someone to secure a loan or credit




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