NPPE exam Questions & Answers 100% Accurate!

Lease - ANSWERExclusive right to occupy Mortgage - ANSWERproperty as security for a debt Easement - ANSWERThe right to use in some way Restrictive covenant - ANSWERa covenant imposing a restriction on the use of land so that the value and enjoyment of adjoining land will be preserved. License - ANSWERContractual right to use in some way Lien - ANSWERa right to keep possession of property belonging to another person until a debt owed by that person is discharged. Ex. Mechanic fixes car, guy doesn't pay, mechanic can sell car for compensation where is torrens system of registration used? What is it? - ANSWERBC, Alberta. Certificate of title shows all rights and who holds them Registry system is used where? What is it? - ANSWEROntario. Act of registration less significant, for information only Fee Simple right - ANSWERGreatest right to an individual with property. Right to sell, lease, occupy, mortgage Name two types of property - ANSWERReal property (land,buildings, fixtures) and Personal property (Tangible and Intangible) Word for tangible personal property - ANSWERChattels (often called goods) Sale governed by sale of goods act Term of protection for copyright, patent, trademark - ANSWER50 years, 20 years, 15 years (renewable) Term of protection for industrial design, integrated circuits - ANSWER10 years can the moral right be assigned? - ANSWERmoral right protects the artistic integrity of a work what is a fiduciary duty - ANSWERSpecial relationship of trust, put interests of par