Aic 301 3 |38 Questions| With Correct Answers.

Fee simple estate {Ans: A full ownership interest in property with the unconditional right to dispose of it.}Tenancy by the entirety {Ans: The joint ownership, recognized in some states, of property acquired by husband and wife during marriage. Upon the death of one spouse, the survivor becomes the owner of the property.}Bailment {Ans: The temporary possession by one party (the bailee) of personal property owned by another party (the bailor) for a specific purpose, such as cleaning or repair.}Consignor {Ans: The party who is shipping goods.}Holdover tenant {Ans: A tenant who has a lease for a number of years and, at the expiration of the lease, continues to occupy the premises.}Possessory lien {Ans: A bailee's right to retain possession of a bailor's property as security for the payment of a debt or performance of some other act.}