Question 1

A distinction between real property and personal property is that the former cannot be moved while the latter can.

Accepted Answer

Real property, also known as real estate, refers to land and anything permanently attached to it, such as a house or a tree. It cannot be moved. Personal property, on the other hand, includes items that are moveable, such as furniture or a car.

Question 2

Real property refers to land only.

Accepted Answer

Real property includes not only land, but also any structures, buildings, and permanent fixtures attached to the land.

Question 3

Leasehold estates are another way of describing landlord and tenant relationships.

Accepted Answer

Leasehold estates refer to the legal relationship between a landlord who owns the property and a tenant who leases the property.

Question 4

Because a tenancy is primarily contractual and so does not "run with the land," it will not bind a purchaser of a building.

Accepted Answer

A tenancy can bind a purchaser of a building if the tenancy is properly recorded or the purchaser has actual knowledge of it, as it creates an interest in the property that can "run with the land" under certain conditions.

Question 5

A periodic tenancy refers to a lease in which the parties agree to no set termination date but to the rental period being automatically renewed.

Accepted Answer

A periodic tenancy can continue until either the landlord or tenant gives proper notice to terminate the agreement.

Question 6

A right of way is an example of an estate in land since it gives the holder of it the right to go across the land.

Accepted Answer

A right of way is an example of an easement, not an estate in land, because it grants a specific right to use the land of another for a specific purpose, without transferring ownership.

Question 7

An estate in the land describes a person's right to the exclusive possession and use of that land.

Accepted Answer

An estate in land refers to a person's legal right to possess and use a piece of land exclusively. It may also include certain rights and limitations, such as the right to sell or lease the property or the obligation to pay property taxes.

Question 8

After a default and pursuant to an application by a mortgagee,the court will issue a preliminary order of ___________,setting a time limit within which time the mortgage must be redeemed by paying what is owed.

Accepted Answer

The answer of After a default and pursuant to an...

Question 9

"Life estate" refers to the land leased to a tenant for the period of his or her life.

Accepted Answer

A life estate is an interest in property that lasts for the duration of a person's life, but it is not a lease. It grants the life tenant rights to use and benefit from the property during their lifetime, after which the property passes to another party.

Question 10

In a three-year commercial lease,the tenant must give the landlord two months notice upon leaving.

Accepted Answer

The requirement for notice upon leaving in a commercial lease depends on the specific terms agreed upon in the lease contract and can vary widely. There is no universal rule that a tenant must give two months' notice.

Question 11

A remainderman is a third party with the right to the remainder of the fee simple after the death of life tenant.

Accepted Answer

This is the correct definition of a remainderman.

Question 12

Term lease describes a period-to-period rental.

Accepted Answer

A term lease refers to a rental agreement for a specific, fixed period, not a period-to-period rental which is more flexible and typically renews automatically.

Question 13

The separation or division of joint ownership is referred to as severance.

Accepted Answer

This is true - severance refers to the separation or division of joint ownership.

Question 14

When people have a tenancy in common and one of them dies,the deceased person's share in the property goes to the survivor.

Accepted Answer

When people have a tenancy in common, the deceased person's share in the property will go to their estate and will be distributed according to their will or laws of intestacy. It will not automatically go to the survivor.

Question 15

It is common today for a ___________,needing more funds,to transfer the equity of redemption to another creditor as security for a further loan.

Accepted Answer

The equity of redemption refers to the right of the mortgagor (borrower) to redeem their property from the mortgagee (lender) by paying off the outstanding mortgage balance. If the mortgagor needs more funds, they may transfer this right to another creditor as security for a further loan. Therefore, the mortgagor is the most appropriate choice for the blank.

Question 16

A right of way can be acquired by prescription when a person's habitual use of land is not interfered with by the owner.

Accepted Answer

This statement is true. A right of way can be acquired by prescription when a person's habitual use of land is not interfered with by the owner for a certain amount of time (usually 20 years). This is based on the legal concept of adverse possession, where a person can gain ownership of land through continuous use over a certain period of time.

Question 17

A joint tenancy can be changed to a tenancy in common in a will.

Accepted Answer

A joint tenancy cannot be changed to a tenancy in common through a will because joint tenancy includes the right of survivorship, meaning upon the death of one tenant, their interest automatically passes to the surviving joint tenants, not through the will.

Question 18

One of the important features of residential tenancies is that the parties are free to override the provisions of the various residential tenancies acts by clearly doing so in a written lease agreement.

Accepted Answer

Most residential tenancies acts are designed to protect tenants' rights and establish minimum standards for rental properties, and parties cannot override these protections and standards even with a written lease agreement.

Question 19

Most people understand that a mortgage involves the __________ borrowing money and giving the creditor a claim against their property (land and buildings)as added security in the event of a default.

Accepted Answer

The correct term for the party borrowing money in a mortgage agreement is the "debtor." This is because the debtor is the one who owes the debt to the creditor, secured by a claim against their property.

Question 20

An agreement for sale includes the right to retake possession if the person buying land fails to pay installments.

Accepted Answer

An agreement for sale typically includes a clause that allows the seller to retake possession of the property if the buyer fails to make their installment payments as agreed upon.

Quiz 13: Real, Personal, and Intellectual Property