Expert Verifed Ace the Test
Shortage of affordable housing - ANSWER ✔✔Home prices up 50%,
rent up 47%, people living in cheap housing often at risk of
environmental disasters
Round up settlement - ANSWER ✔✔thousands of lawsuits from
exposure to herbicide that caused non-Hodgkin lymphoma.
Real property - ANSWER ✔✔Land, including things under the land
(minerals, oil, etc), and things attached to the land (buildings, trees)
Personal property - ANSWER ✔✔Movable objects and intangible
items of value
,Bundle of property rights - ANSWER ✔✔Right to possess, control,
and use the property; right to exclude others from using the property;
right to make contracts with others about use of the property; right to sell
or donate the property
Land in accounting - ANSWER ✔✔land does not depreciate
Title to property - ANSWER ✔✔The means by which the owner has
legal possession; transferred by deed
Deed - ANSWER ✔✔The document by which title to property is
transferred
Fee simple - ANSWER ✔✔The right to exclusive possession of a
piece of land for an indefinite time
tenancies - ANSWER ✔✔possession or uses of lands by any kind of
right or title
Tenancy in common - ANSWER ✔✔Each tenant has an undivided
interest
Joint tenancy - ANSWER ✔✔A form of ownership where two or more
individuals hold title to the property together
, Life estate - ANSWER ✔✔An interest in property that lasts for the
lifetime of a specified individual
Trusts - ANSWER ✔✔Separation of legal and beneficial ownership
condominiums - ANSWER ✔✔units held in fee simple; land and
common areas held in common
Servitudes - ANSWER ✔✔limitations on or requirements about the
use of property
Easements - ANSWER ✔✔The right to enter land owned by another
and make certain use of it
Adverse possession - ANSWER ✔✔Hostile uses of another's land;
occupying land without permission (squatters rights)
Covenants - ANSWER ✔✔Agreements to restrict use of land that
bind successors
Fair Housing Act - ANSWER ✔✔A law enacted in 1978 to prevent
discrimination in housing
Leasehold - ANSWER ✔✔what your interest is called when you rent
property
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