Cannon Trust School 1 – Exam Review Study Guide & Prep Questions.pdf
Cannon Trust School 1 – Exam Review Study Guide & Prep Questions.pdf
Cannon Trust School 1 – Exam Review Study Guide & Prep Questions.pdf
Cannon Trust School 1 –
Exam Review Study Guide
& Prep Questions
Guidehttps://www.stuvia.com/dashboard!@_)#*)(@$)($@*($@)($@*_
Cannon Trust School 1 – Exam Review Study Guide & Prep Questions.pdf
Cannon Trust School 1 – Exam Review Study Guide & Prep Questions.pdf
Cannon Trust School 1 – Exam Review Study Guide & Prep Questions.pdf
,Cannon Trust School 1 - Exam Review Study Guide_Prep.pdf Cannon Trust School 1 - Exam Review Study Guide_Prep.pdf Cannon Trust School 1 - Exam Review Study Guide_Prep.pdf
Terms in this set (103)
Real Property Refers to land, buildings or other fixtures on land and carious rights which
go along with land and some interest in it
Personal Property Anything that is not real property, immovability may be m moved with or by
its owner
Tangible Property Personal property that can be moved and which has physical existence
Example: Car, clothes, furniture, tools, jewelry
Intangible Property Personal property which are not capable or being touched or seen.
Example: Stocks & bonds, ownership of debt, right to bring legal action
Present Interest A present interest is the right to immediately use, possess, or enjoy
property or income from property.
Cannon Trust School 1 - Exam Review Study Guide_Prep.pdf Cannon Trust School 1 - Exam Review Study Guide_Prep.pdf Cannon Trust School 1 - Exam Review Study Guide_Prep.pdf
, Cannon Trust School 1 - Exam Review Study Guide_Prep.pdf Cannon Trust School 1 - Exam Review Study Guide_Prep.pdf Cannon Trust School 1 - Exam Review Study Guide_Prep.pdf
Life Estate When a fee simple owner grants ownership of the property to another
person for the duration of that persons life, and become the "Life Tenant"
Term of Years Someone has the right to use and occupy a property for a specific amount
of time
Fee Simple Full ownership of real property, right to pass full ownership to someone
else, whether during the original owners lifetime or upon his death;
absolute ownership
Remainder Interest Is an interest where the property will or may be passed to successive
owner(s) at a given time or at the occurrence of an event
Reversionary Interest Interest where the property will or may be returned to the original owner
Differentiate what is subject to probate or avoids
probate
Cannon Trust School 1 - Exam Review Study Guide_Prep.pdf Cannon Trust School 1 - Exam Review Study Guide_Prep.pdf Cannon Trust School 1 - Exam Review Study Guide_Prep.pdf
Cannon Trust School 1 – Exam Review Study Guide & Prep Questions.pdf
Cannon Trust School 1 – Exam Review Study Guide & Prep Questions.pdf
Cannon Trust School 1 –
Exam Review Study Guide
& Prep Questions
Guidehttps://www.stuvia.com/dashboard!@_)#*)(@$)($@*($@)($@*_
Cannon Trust School 1 – Exam Review Study Guide & Prep Questions.pdf
Cannon Trust School 1 – Exam Review Study Guide & Prep Questions.pdf
Cannon Trust School 1 – Exam Review Study Guide & Prep Questions.pdf
,Cannon Trust School 1 - Exam Review Study Guide_Prep.pdf Cannon Trust School 1 - Exam Review Study Guide_Prep.pdf Cannon Trust School 1 - Exam Review Study Guide_Prep.pdf
Terms in this set (103)
Real Property Refers to land, buildings or other fixtures on land and carious rights which
go along with land and some interest in it
Personal Property Anything that is not real property, immovability may be m moved with or by
its owner
Tangible Property Personal property that can be moved and which has physical existence
Example: Car, clothes, furniture, tools, jewelry
Intangible Property Personal property which are not capable or being touched or seen.
Example: Stocks & bonds, ownership of debt, right to bring legal action
Present Interest A present interest is the right to immediately use, possess, or enjoy
property or income from property.
Cannon Trust School 1 - Exam Review Study Guide_Prep.pdf Cannon Trust School 1 - Exam Review Study Guide_Prep.pdf Cannon Trust School 1 - Exam Review Study Guide_Prep.pdf
, Cannon Trust School 1 - Exam Review Study Guide_Prep.pdf Cannon Trust School 1 - Exam Review Study Guide_Prep.pdf Cannon Trust School 1 - Exam Review Study Guide_Prep.pdf
Life Estate When a fee simple owner grants ownership of the property to another
person for the duration of that persons life, and become the "Life Tenant"
Term of Years Someone has the right to use and occupy a property for a specific amount
of time
Fee Simple Full ownership of real property, right to pass full ownership to someone
else, whether during the original owners lifetime or upon his death;
absolute ownership
Remainder Interest Is an interest where the property will or may be passed to successive
owner(s) at a given time or at the occurrence of an event
Reversionary Interest Interest where the property will or may be returned to the original owner
Differentiate what is subject to probate or avoids
probate
Cannon Trust School 1 - Exam Review Study Guide_Prep.pdf Cannon Trust School 1 - Exam Review Study Guide_Prep.pdf Cannon Trust School 1 - Exam Review Study Guide_Prep.pdf
