chapter 3

Question 1

ad valorem means according to value and create the highest priority lien and always get paid first at foreclosure

Answer 1

taxation

Question 2

considered to be the best type of ownership, as it places the least number of limitations on the owner, it gives them most rights

Answer 2

Fee simple Absolute

Question 3

is a lease that has a specific starting and ending date and survives death or the sale of the property

Answer 3

Estate or Tenancy for years

Question 4

can still be foreclosed on for non payment of taxes, mortgage lien, mechanic’s and materials lien, property association fees, home equity loan,

Answer 4

Homestead Estates

Question 5

a lease that automatically renews itself for like periods of time, it take a notice to terminate

Answer 5

periodic tenancy

Question 6

automatic and cannot be waived by contract or other written agreement

Answer 6

Homestead protection