Chat with AIExam 2: Basic Principles of Real Estate Law
Explain the purpose of a UCC-1 financing statement.
(35) 
VerifiedIf a real estate transaction involves both real and personal property and financing is involved, a lend ing institution may require the pledging of personal property as part of the collateral for the loan. In such a situation, it is important for the lending institution to perfect its security interest in the personal property. Perfecting a security interest is a way of indicating priority status among creditors. This is done by filing a UCC-1 financing statement, sometimes referred to as a filing statement or financing statement, in the same ofice in which mortgages on real property are recorded. By filing a UCC-1 financing statement, the lender is giving notice to third parties of its security interest in the personal property described in the statement.
The greatest estate one may hold is a fee simple absolute.
(29) VerifiedTrue
In community property states, community property includes:
(41) VerifiedC
Deine homestead property, and list the three contexts in which homestead property is important.
(39) If an estate for years is created for a period of more than one year, the lease conveying the interest must be in writing in order to be enforceable.
(35) Personal property is transferred by a document called a ____________.
(39) Explain the following:
(a) surface rights,
(b)air rights, and
(c)subsurface rights.
(41) ____________ means acquiring title through taking possession of land that belongs to another without the owner's consent and retaining possession for a statutory period of time.
(37) The following type of joint ownership requires the presence of the four unities:
(32) A ____________ is an object that at one time was personal property but, through the process of attachment to real property, has become part of the real property.
(32) ____________ rights are those rights pertaining to a landowner whose land abuts a lake, ocean, or sea.
(35) The following type of joint ownership does not include the right of survivorship:
(38) The holder of a leasehold estate possesses all of the following property rights except:
(33) Curtesy rights allow a widow a certain percentage of her deceased husband's property.
(36) Today, in most states, this type of leasehold is disallowed:
(31) If the grantor specifes to whom title to real property passes upon termination of a life estate, the person so indicated is referred to as a ____________.
(33) Littoral rights are those pertaining to a landowner whose land abuts a river.
(42) 
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