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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 |
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In what type of activities a tenant may engaged on the LEASED PREMISES?
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in any LAWFUL ACTIVITY
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Unless expressly prohibited by the lease, the tenant may__________ his leasehold interest in whole or in part
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freely transfer
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What 6 items is necessary for a valid mortgage?
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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 |
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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 |
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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"
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QUITCLAIM DEED
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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.
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"NOTICE-RACE"
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recovery formula under insurance policy
RECOVERY = |
(Amount of Insurance / 80% x true value of property) x actual loss
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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 |