AIC 301 EXAM: LATEST A+ QUESTIONS AND ANSWERS
BREAKDOWN
A real estate development consisting of a group of units, in which the air space within the boundaries
of each unit is owned by the unit owner, and all remaining real and personal property is owned jointly
by all the unit owners.
Condominium
The claim of ownership of land by possession that is exclusive, open, hostile, unpermitted, and
continuous for a statutory period.
Adverse possession
A property owner's right to have land supported by the land adjacent to it.
Lateral support
A property owner's right to have land supported by the earth below it.
Subjacent support
Alterations or additions made to the building at the expense of an insured who does not own the
building and who cannot legally remove them.
Improvements and betterments
Fixtures and equipment that may be attached to a building during a tenant's occupancy, with the
intention that they be removed when the tenant leaves.
Trade fixtures
A landlord-tenant estate in which the tenant has permission to occupy a premises as a landlord
desires.
Tenancy at will
A landlord-tenant estate created for a definite period.
Estate for years
A landlord-tenant estate with no fixed termination date and automatic renewal until one of the
parties gives notice of intent to terminate.
Periodic tenancy
A tenant who has a lease for a number of years and, at the expiration of the lease, continues to
occupy the premises.
Holdover tenant
A legal document that provides title to the goods in storage and assures delivery to the holder of the
receipt.
, Warehouse receipt
A document acknowledging receipt of goods from the shipper, given by the carrier, which includes the
terms of the contract of carriage for the goods.
Bill of lading
A person or organization in the business of transporting property of others.
Carrier
The party who is shipping goods.
Consignor
The person or organization that receives property being transported by a carrier.
Consignee
The body of federal law that allows debtors who are unable to pay their creditors to divide their
assets among their creditors to discharge the debts.
Bankruptcy law
An interest in property (real or personal) that allows the property to be sold on default to satisfy the
debt for which the security interest was given.
Security interest
The failure to exercise the degree of care that a reasonable person in a similar situation would
exercise to avoid harming others.
Negligence
A wrongful act or an omission, other than a crime or a breach of contract, that invades a legally
protected right.
Tort
A person or an organization that has committed a tort.
Tortfeasor
The person or entity who files a lawsuit and is named as a party.
Plaintiff
The party in a lawsuit against whom a complaint is filed.
Defendant
An element of negligence that exists when parties are in such a relationship that the law imposes on
one party the responsibility for the exercise of care toward the other party.
Legal duty
BREAKDOWN
A real estate development consisting of a group of units, in which the air space within the boundaries
of each unit is owned by the unit owner, and all remaining real and personal property is owned jointly
by all the unit owners.
Condominium
The claim of ownership of land by possession that is exclusive, open, hostile, unpermitted, and
continuous for a statutory period.
Adverse possession
A property owner's right to have land supported by the land adjacent to it.
Lateral support
A property owner's right to have land supported by the earth below it.
Subjacent support
Alterations or additions made to the building at the expense of an insured who does not own the
building and who cannot legally remove them.
Improvements and betterments
Fixtures and equipment that may be attached to a building during a tenant's occupancy, with the
intention that they be removed when the tenant leaves.
Trade fixtures
A landlord-tenant estate in which the tenant has permission to occupy a premises as a landlord
desires.
Tenancy at will
A landlord-tenant estate created for a definite period.
Estate for years
A landlord-tenant estate with no fixed termination date and automatic renewal until one of the
parties gives notice of intent to terminate.
Periodic tenancy
A tenant who has a lease for a number of years and, at the expiration of the lease, continues to
occupy the premises.
Holdover tenant
A legal document that provides title to the goods in storage and assures delivery to the holder of the
receipt.
, Warehouse receipt
A document acknowledging receipt of goods from the shipper, given by the carrier, which includes the
terms of the contract of carriage for the goods.
Bill of lading
A person or organization in the business of transporting property of others.
Carrier
The party who is shipping goods.
Consignor
The person or organization that receives property being transported by a carrier.
Consignee
The body of federal law that allows debtors who are unable to pay their creditors to divide their
assets among their creditors to discharge the debts.
Bankruptcy law
An interest in property (real or personal) that allows the property to be sold on default to satisfy the
debt for which the security interest was given.
Security interest
The failure to exercise the degree of care that a reasonable person in a similar situation would
exercise to avoid harming others.
Negligence
A wrongful act or an omission, other than a crime or a breach of contract, that invades a legally
protected right.
Tort
A person or an organization that has committed a tort.
Tortfeasor
The person or entity who files a lawsuit and is named as a party.
Plaintiff
The party in a lawsuit against whom a complaint is filed.
Defendant
An element of negligence that exists when parties are in such a relationship that the law imposes on
one party the responsibility for the exercise of care toward the other party.
Legal duty
