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Flashcards in chapter 3 Deck (6)
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1
Q

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

A

taxation

2
Q

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

A

Fee simple Absolute

3
Q

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

A

Estate or Tenancy for years

4
Q

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

A

Homestead Estates

5
Q

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

A

periodic tenancy

6
Q

automatic and cannot be waived by contract or other written agreement

A

Homestead protection