What is the difference between real property and personal property?
Real property includes land plus the buildings and fixtures permanently attached to it.
Personal property is property that is not permanently affixed to land: e.g., furniture, cars, equipment.
What is meant by an estate?
An estate is everything comprising the net worth of an individual, including all land and real estate, financial securities, cash and other assets that the individual owns or hast a controlling interest in.
How can a leased fee estate have a value that could be transferred to another party?
The original fee owner can give up some property rights to a lessee. the value of the leased fee estate will depend on the amount of lease payments expected during the term of the lease plus the value of the property when the lease terminates and the original owner receives the reversionary interest.
What is an abstract of title?
It’s a historical summary of the publicly recorded documents that affect title.
Name the three general methods of title assurance.
Genral Warranty Deed:
Special Warranty Deed
Quitclaim Deed
Would it be legal for you to give quitclaim deed for the Statue of Liberty to your friend?
Yes, the quitclaim deed simply says that the grantor “quits” whatever claim he has in the property in favor of the grantee.
Lessee
A person who receives land
Lessor
A person who holds title
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