Law & Order: Property Unit
This property includes the land, what’s built on it, and what grows from it.
What is real property?
T/F: Medical bills can be avoided by bankruptcy.
What is true?
A legally prescribed paper that distributes a person’s assets after death.
What is a will?
The person responsible for paying property taxes when the property is mortgaged.
What is the mortgagor?
This is the person who receives a gift of personal property.
What is a legatee?
A form of co-ownership where a deceased owner’s share transfers by will.
What is tenancy in common?
Protects the lender if the borrower defaults?
What is mortgage insurance?
The court process that validates a will and oversees estate distribution.
When an estate can’t pay all money gifts, they are reduced and paid proportionally.
What is abatement?
A trust used when the grantor wants the benefits but not knowledge of the assets.
What is a blind trust?
The right that lets surviving owners automatically take full ownership when one owner dies.
What is survivorship?
A mortgage must be written in the same form as this type of document.
What is a deed?
The type of claims paid last in priority.
What are unsecured claims?
This is the rule that courts follow when a will’s intent can be clearly understood.
What is carrying out the testator's intent?
The most complete ownership interest a person can hold in property.
What is fee simple estate?
Who normally holds possession in a mortgage arrangement.
Who is the mortgagee?
An act barred before bankruptcy that favors one creditor over others.
What is paying off one creditor while ignoring all the others?
The person allowed to claim part of an estate even if the will says otherwise.
Who is the surviving spouse?
The notable elements of the wage earner’s repayment plan.
What is the debtor keeps their assets and pays creditors with disposable income over time.
A will entirely handwritten by the person making it.
What is a holographic will?
Property held in trust divides ownership into which two types of title?
What is legal and beneficial?
A title that comes from a flawed or invalid document.
What is a color of title?
T/F. A divorce nullifies the parts of a will benefiting the ex-spouse.
What is True?
A reorganization plan imposed by court in spite of creditors’ objections.
What is a cram down?
A joint tenancy ended when one co-owner seeks a court-ordered division of the property.
What is a partition?