Quiz 7 Review

Question 1

escheat

Answer 1

Reversion of property to the state in the absence of legal heirs or claimants

Question 115

Define

adverse possession

Answer 115

possession of real property without consent of the owner that can result in acquiring tittle after a period of prescribed years upon compliance with requirements of statutes

Question 117

Define

ancillary administration

Answer 117

an auxiliary administration of a decedent’s estate in a state other than the state of the decedent’s domicile

Question 127

Define

chose in action

Answer 127

a right not reduced to possession by recoverable by a lawsuit (wages)

Question 128

Define

codicil

Answer 128

an amendment to a last will and testament

Question 138

Define

deed of trust

Answer 138

a deed by which a borrower conveys legal title to real estate to a trustee who holds title as security for a lender

Question 148

Define

easements

Answer 148

a rights of use over the property of another. Frequently refers to right-of-way across privately owned land.

Question 150

Define

eminent domain

Answer 150

the power of government or of individuals and corporations authorized to perform public functions, to take private property for public use. 5th Amendment requires just compensation

Question 161

Define

heirs

Answer 161

persons entitled to succeed to the property of a decedent who died intestate

Question 163

Define

intangible personal property

Answer 163

property with no tangible value, such as bonds, promissory notes or stock certificates

Question 165

Define

intestate

Answer 165

without a will

Question 168

Define

joint tenants with right of survivorship

Answer 168

a form of property ownership whereby upon death of one party, that party’s interest in the property becomes the property of the surviving joint tenants

Question 190

Define

personal representative

Answer 190

one who administers an estate, sometimes known as an executor of a testate estate or an administrator of an intestate estate

Question 192

Define

probate

Answer 192

the judicial determination of the validity of a will

Question 195

Define

quitclaim deed

Answer 195

a legal conveyance by a grantor to a grantee of an interest, in any, the grantor has in land described in the deed

Question 199

Define

restrictive covenants

Answer 199

agreements among property holders restricting the use of property or prohibiting the rental or sale of it to certain parties

Question 207

Define

tangible personal property

Answer 207

property that has physical form and substance and value in itself

Question 209

Define

tenants in common

Answer 209

a form of ownership of property whereby each tenant in common owns an undivided interest in the property

Question 212

Define

testator/testatrix

Answer 212

a person who executes a last will and testament

Question 213

Define

trust

Answer 213

a legal relationship created when a party known as the grantor or settlor transfers legal title to assets to a second party known as the trustee for the benefit of a third party known as the beneficiary

Question 214

Define

trustee

Answer 214

one who holds legal title to assets transferred by a grantor or settlor to be held and administered for the benefit of a third-party beneficiary

Question 217

Define

warranty deed

Answer 217

a deed from a grantor conveying an interest in real property to the grantee with various covenants, including the grantor’s warranty defend the title to the property conveyed

Question 218

Define

will

Answer 218

an expression (in most instances written) that makes known the intent of the signer (testator) as to the disposition of his or her property. Also the last will and testament

Question 219

holographic will

Answer 219

a handwritten will that, in many jurisdictions, does not require witnesses

Question 220

trust corpus

Answer 220

all the property transferred to a trust