PSI Property Ownership Test Solved 100%
Inchoate - Answer Incomplete or right not yet perfectedInterests, generally property interests, that are likely to vest but have not yet actually done so. The inchoate interest usually is dependent on an event occurring that triggers the interest, such as a relative's death triggering an inheritance. The interest that the inheriting relative has in the inheritance is inchoate until the death occurs, at which point it becomes a real interest. License - Answer Revocable permission to use another's land Trade Fixture - Answer A commercial tenant's removable fixtures Tenancy In Common - Answer No right of survivorship where the heirs inherit the deceased person's percentage of ownership Novation - Answer Contractual substitution of obligations from one party to another , releases liability Lis Pendens - Answer Latin for "Litigation type action" is pending JTWROS - Answer Joint tenancy with the right of survivorship Appurtenance - Answer Something "in addition to," such as a right of way across someone else's property Valuable Consideration - Answer Money or commodity used in a contract Prescriptive Easement - Answer An easement created by open, notorious, hostile, and continuous usage
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