O's give, E's receive Flashcards Preview

NJ Real Estate Exam EO > O's give, E's receive > Flashcards

Flashcards in O's give, E's receive Deck (7)
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1

define trustee

holds the property of another in trust

2

define trustor

the party who places his property in trust with a trustee. The borrower in a deed of trust

3

executor

persons named in a will to carry out the terms of the will

4

adminstrators

person named by a court to carry out the terms of a will, or when a person dies intestate

5

receiver

a person appointed by the court to preserve and control property pending final determination of the court (bankruptcy)

6

lessor

one who conveys an estate to another under a lease; landlord, owner

7

lessee

a party who has the right to possession and occupancy under a lease agreement; tenant