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9 Cards in this Set

  • Front
  • Back
1. With ___________ , if a tenant dies, the property passes BY OPERATION OF LAW to the remaining joint tenants.
2. With _________ , if tenant dies, the property DOES NOT passes BY OPERATION OF LAW to the other tenants, but rather goes to the decedent's heir of the persons named in the decedent's WILL
1.JOINT TENANCY
2. TENANCY IN COMMON
In what type of activities a tenant may engaged on the LEASED PREMISES?
in any LAWFUL ACTIVITY
Unless expressly prohibited by the lease, the tenant may__________ his leasehold interest in whole or in part
freely transfer
What 6 items is necessary for a valid mortgage?
1. Delivery
2. Description of the property
3. the Names of the parties
4. Words of grant
5. the Mortgagor's signature
6 the Mortgagor's acknowledgemnt
1.REAL PROPERTY Requirements for transfer - _____________
Creditor's rights - defined by ________
2. PERSONAL PROPERTY Requirements for transfer - _____________
Creditor's rights - covered by ________
1. by written will or by deed
by mortgage agreement and recording statues
2. either verbally or by bill of sale
under Article 9 of the UCC
Deed which makes no guarantee as to the title that the grantor has, but rather grantor releases any claim he has. "What I have is yours"
QUITCLAIM DEED
A __________ recording statute means that a subsequent purchaser prevails over a prior unrecorded deed ONLY if the party takes WITHOUT actual knowledge of the transfer and records first.
"NOTICE-RACE"
recovery formula under insurance policy
RECOVERY =
(Amount of Insurance / 80% x true value of property) x actual loss
Termination of agency by OPERATION OF LAW:
List of 6.
"DID BIL"
1 DEATH of P or A
2 INCAPACITY of the principal
3 DISCHARGE in bankruptcy of the P
4 DESTRUCTION of the subject matter of the agency
5 SUBSEQUENT ILLEGALITY
6 failure to acquire a necessary LICENSE