Question

Match the definitions:

An object that formerly was personal property but has become real property:

Interests in real property that include possession of the property:

The most complete and traditional ownership interest in real estate:

Legal provision that protects a residence from creditors, reduces property taxes, and limits the increase in assessed value:

Relationship between two parcels of land, one dominant and the other servient:   

The right to use land for a specific, limited purpose unrelated to any adjacent parcel:

Non-possessory interest in real estate created by developers of a subdivision to improve the perceived quality of the lots:

An interest in real property for the benefit of the county in which the property is located as security for ad valorem taxes owed on the property:

An interest in real property for the benefit of those who have lent money to finance the property:

An interest in real property for the benefit of those who have supplied labor or materials to improve the property:

Terms:

            fixture           

            estates           

            fee simple absolute           

            tax lien           

            easement appurtenant           

            easement in gross           

            homestead exemption           

            tax lien           

            mortgage lien           

            mechanics lien           

Answer 1

A) Fixture : An object that formerly was personal property but has become real property.

B) Estate : Interest in real property that include possession of the property

C) Fee simple interest : The most complete and traditional ownership interest in real estate

D) Homestead exemption : Legal provision that protects a residence from creditors, reduces property taxes, and limits the increase in assessed value.

E) Easement appurtenant : Relationship between two parcels of land, one dominant and the other servient.

F) Easement in gross : The right to use land for a specific ,limited purpose unrelated to any adjacent parcel.

G) Tax lien : Non possessory interest in real estate created by developers of a subdivision to improve the perceived quality of the lots.

H) Tax lien: An interest in real property for the benefit of the country in which the property is located as security for ad valorem taxes owed on the property .

I) Mortgage lien: An interest in real property for the benefit of those who have lent money to finance the property

J) Mechanics lien :An interest in real estate property for the benefit of those who have supplied labor or materials to improve the property