Friday, September 20, 2013
Chapter 7 Questions
1) The use of eminent domain for urban redevelopment is not a dangerous infringement of private property rights and should be done more often.
2) The difference between a fixture and a trade fixture is that a fixture was once personal property that has been attached to real property that has become property and trade fixture is personal property that is used in a business.
3) An encroachment occurs when someone occupies property without the owner’s permission and gains ownership interest in the property.
4) A lien is a claim on real property as security for a debt or monetary obligation that can be placed on a property whenever you borrow money.
5) The rights of surviving joint tenants have in real property when a joint tenant dies are called rights of survivorship.
6) The concept of ________ comes from English common law in which unclaimed property of a deceased person (without a will or heirs) is taken by a government.
a. Just compensation
7) A freehold estate that ends upon the death of an individual.
a. Life tenant
c. Life estate
8) Because a property may have more than one lien, there is an order that determines the likelihood that a lienholder will be paid back. The order is as follows:
a. Tax, second level, mortgage
b. Mortgage, mechanics, tax
c. First level, perfect, judgment
d. Tax, mortgage, mechanics
Answers: 1)F 2)T 3)T 4)T 5)T 6)B 7)C 8)D