Property Law & Real Estate Flashcards

Which interest gives a person the right to occupy property for a defined period in exchange for rent?

Answer: Leasehold estate

A leasehold gives possession for a limited term under a lease.

A public records search showing ownership history and recorded claims on a property is known as a:

Answer: Title search

A title search reviews public records for ownership and encumbrances.

A zoning variance is:

Answer: Permission to deviate from zoning requirements due to hardship

Variances allow limited exceptions to zoning rules where strict application causes hardship.

Under premises liability, an owner generally owes the highest duty of care to which type of visitor?

Answer: Invitee

Invitees, who enter for the owner's business benefit, are owed a duty to inspect and make premises reasonably safe.

A shared access road across a neighboring parcel that benefits the company's land is an easement:

Answer: Appurtenant

An appurtenant easement benefits a particular parcel and passes with the land.

When a landlord sells leased property, the existing lease generally:

Answer: Usually continues, binding the new owner

Leases typically survive a sale, subject to recording and local law.

A foreclosure occurs when:

Answer: A lender enforces its security interest after default and sells the property

Foreclosure lets a lender recover the debt by selling the collateral property after default.