Vocab
document which transfers ownership of real estate
Deed
What is the most common type of loan?
Fixed-rate loan
land and things attached to the land
Real Property
temporary placement of control over or possession of personal property by one person, -the bailor, into the hands of another, the bailee, for a designated purpose upon which the parties have agreed
Bailment
legal ownership and the right to use a piece of property
Title
What loan is suitable for homeowners who plan to move and sell their home before their fixed-rate period is up?
Adjustable-rate loan
Which of the following is an example of real property?
A. computer
B. book
C. tree naturally growing on a piece of land
D. tomato growing in a vegetable garden
C. tree naturally growing on a piece of land
Joseph agrees to fix Jan’s bicycle if he can use it for a field trip. Who is benefiting from the bailment?
Both. It is a mutual bailment
a legal document in which the drafter outlines what to do with specific property after his or her death
Will
What type of loan is also know as a gap loan?
Bridge loan
Which of the following is NOT considered a real property? 1. A piece of land, 2. Pillars which support a house, 3. A building, 4. A desk lamp
4. A desk lamp
Julie agrees to look after Michael’s car when he is on vacation. Who is benefiting from this bailment.
The bailor
person who has died, usually the grantor of the trust
Decedent
What type of loan provides a single interest rate and monthly payment for the life of the loan?
Fixed-rate loan
Leslie agrees to lend his car to Carrie for no charge. Who is befitting from this bailment.
The bailee
any legal individual or corporation who can take tile of property on behalf of a beneficiary
Trustee
Which loan is best fit for a home buyer with little saving for a down payment?
FHA loan
A. Bailor-bailee bailment
B. Bailment for the sole benefit of the bailee
C. Mutual benefit bailment
D. Bailment for the sole benefit of the bailor
Which one above is not a real bailment?
A) Bailor- bailee bailment