Property Law & Intellectual Rights 2 of 2 (43)

Question 1

Interest in Real Property

Answer 1

A claim to real property that may be fee simple, which is outright ownership; fee simple defeasible, which is outright ownership upon the achievement of a condition or the occurrence of an event; life interest, which is a claim to the property for the lifetime of the holder or some other party; or a leasehold interest, which gives a lessee rights to the property during the term of the lease.

Question 2

Concurrent Ownership

Answer 2

When two or more parties have rights to the same property simultaneously, which may be in the form of tenancy in common (ownership rights in the same property, in any proportion, without a right of survivorship), joint tenancy (ownership rights in the same property, that are equal in all respects, with the right of survivorship, but with each joint tenant having the ability to transfer their interest prior to death, without any right of survivorship), or tenancy by the entirety (when two parties, such as spouses, own property jointly giving each spouse a right of survivorship, which is severed upon divorce, death, or mutual agreement).

Question 3

Mortgage

Answer 3

A security interest in real property, which the buyer may:

Assume: The buyer of real property accepts liability for the unpaid balance of a mortgage secured by the property, but the seller remains liable as well. The property may also be taken

Subject To: The buyer of real property makes payments on the mortgage debt, but does not accept liability for it and the seller remains liable.

Question 4

Money Laundering Control Act

Answer 4

Makes money laundering, which is making money gained through illegitimate means appear as if it was earned legally, a federal crime.