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This allows someone, other than the owner, to use the land.
What is an easement.
An application of property that gives someone an interest in what belongs to another, usually to secure an extension of credit by a lender.
What is a security interest.
A _____ arises when someone contributes materials and/or service to real estate, usually a building, and is not paid.
What is a mechanic's lien.
The Property granted to tenants by a landlord
What is a leasehold estate
Property ownership acquired through open, notorious, actual, exclusive, continuous, and wrongful possession of land for a statutorily prescribed period of time.
What is adverse possession.
Under this type of bailment, the Bailee must use extraordinary care of the items placed in its possession.
What is a bailment for the sole benefit of bailee.
The law that governs secured transactions in personal property.
What is Article 9 of the UCC.
If your home is being foreclosed on, many states will allow you to retain ownership of the property if you pay the full amount of the debt before the sale. This is called the _______________.
A property that grants land ownership for the lifetime of a specified person
What is a life estate
What is a public nuisance.
Under this deed, the grantor surrenders all claims against the land but does not give the grantee any warranties.
What is a quitclaim deed.
A type of document to secure an extension of credit through conveying an interest in real property and that does not require the lender to foreclose on the property through judicial foreclosure.
What is a deed of trust.
The event that creates an enforceable security interest under the UCC.
What is attachment?
An estate that is undivided and must be held equally between the owners
What is a joint tenancy
The type of law that divides counties or municipalities into use districts designated residential, commercial or industrial.
What is a zoning ordinance.
A method of acquiring ownership of property that requires intent of the donor.
What is a gift.
The general way of perfecting a security interest under the UCC is to file a ___________.
What is a financing statement (also known as a UCC-1)
The _______ limits all exercise of property over resources to a duration of "lives in being plus twenty-one years".
What is the rule against perpetuities.
Robin conveys a life estate to Charlie. What estate does Robin retain?
What is a reversion?
Reversion and Remainder interests are two types of _____ estates.
What are future estates.
Name One difference between a Joint Tenancy and a Tenancy in Common.
Tenancy in Common may have different ownership shares.
Joint Tenancy has the right of survivorship and Tenancy in Commons may not.
National Bank foreclosed on Robin's house because she failed to pay her loan. Unfortunately, the foreclosure did not produce enough money to completely satisfy the debt Robin owed to the Bank. The Bank can sue Robin for the ______________.
What is a deficiency.
Mario houses an amateur casino out of his home. This means that people are constantly coming and going, and Mario's house is noisy at all time of the day. Tony is Mario's neighbor and is tired of all the noise at Mario's house. What cause of action will allow Tony to sue Mario for his loss of peace and quiet?
What is a private nuisance.
In 2008, Danny gives Tony a life estate in one of his houses specifying that, upon the end of the life estate, the property is to go to Tony's son, Mike. What kind of estate does Mike have?
A Remainder Interest
Rachel owns a beach house and wants to build a deck. Zoning restrictions limit decks to 120 square feet, but Rachel wants to build one that is 144 square feet. What should Rachel do?
Ask the city for a variance of the zoning restrictions.