If One Has the Right to Occupy a Piece of Property

question 56

Multiple Choice

If one has the right to occupy a piece of property until their death, at which point title to the property passes to heirs who have been named by the owner of the property, there is a:

• A) fee simple absolute
• B) joint tenancy
• C) tenancy in common
• D) residual interest
• E) none of the other choices

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Definitions:

Interest Rates

The percentage of a loan or deposit amount charged as interest to the borrower or paid to the investor.

Escalating Rate GIC

A Guaranteed Investment Certificate (GIC) with an interest rate that increases at predetermined intervals throughout the term.

Fixed-rate GIC

Guaranteed Investment Certificate with a fixed interest rate for the term of the investment.

Maturity

The date on which the principal amount of a financial instrument such as a bond or loan is due to be paid in full.