Legal & Equitable Title: Differences & Importance

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What's the general term in real estate that means a person legally owns a piece of real estate and has the right to use and enjoy it?

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1. A trustee holds _____ to real estate held in trust while beneficiaries hold _____.

2. The seller of property in a contract for deed typically will retain _____ until the buyer completes the payments under the contract.

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About This Quiz & Worksheet

There are many aspects that differentiate legal titles from equitable ones. This combo quiz/worksheet can help you determine how much you know about these differences. The quiz will ask you questions about the general term used that means a person owns a piece of real estate and types of titles held by trustees and beneficiaries.

Quiz & Worksheet Goals

The quiz and worksheet assess your knowledge of the following:

  • Type of title the seller of a property will retain until payments are complete
  • Point in time when a buyer in a contract for deed obtains legal title
  • Document used to transfer legal title to another

Skills Practiced

The following skills will be practiced with these assessments:

  • Reading comprehension - ensure that you draw the most important information from the related lesson on legal and equitable titles in real property law
  • Defining key concepts - ensure that you can accurately identify the term used for when a person owns and has the right to use real property
  • Information recall - access the knowledge you've gained regarding the type of document used to transfer legal title
  • Knowledge application - use your knowledge to answer a question about the types of titles held by trustees and beneficiaries

Additional Learning

Examine these differences further by reviewing the lesson, Legal & Equitable Title: Differences & Importance. Objectives covered are as follows:

  • Identify scenarios when the two types of titles merge
  • Describe a real estate installment contract
  • Review an example of a situation involving a trustee and beneficiary
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