Exercise 1: Test your knowledge with this quiz. 1. Rearrange the letters in bold to make a word: the absolute right to hold land or property for an unlimited time without paying rent is called rofedleh 2. What is the difference between the answer to number 1 above, and the word leasehold? 3. True or false: the way in which a piece of land is held (as in 1 and 2 above) is called land tenure. Choose the correct word in bold to complete this definition; a person or company which rents a house, flat or office in which to live or work is called a tender/tenure /tenement / tenant / tentacle 5 In Britain, a person who arranges for the sale of property is called an estate agent.What is the American equivalent of this expression? 6. True or false: the transferring of property from one person to another is called conversion. 7. When you buy a house, why is it important to get the title deeds and keep them safe? 8 Imagine that you are buying a house with the help of a mortgage from the bank The national interest rate looks likely to rise rapidly over the next year or so. Should you consider getting a fored-rate mortgage or a variable-rate mortgage? 9. If you take out a mortgage to buy a house, and you use the house as security, the mortgage-lender might repossess (= take back) your house if you are unable to pay back the money What is this called? is it (a) disclosure (b) exposure (c) foreclosure 10. A married couple buy a house as joint tenants. Who actually owns the house? Is it: (a) the husband (b)the wife (c) they both own it equally (d) it depends how much each person paid towards the house The new owner of a house discovers that there is a right of way in his garden. What does this mean? (a) He can build another house in the garden if he wants. (b) He must sell part of the garden after a fixed period of time (c) Other people can walk through his garden to get from one place to another. (d) Farmers can let their cows and sheep use his garden. 12. A woman is buying a house. She makes a price offer, which is accepted by the seller. She is then gazumped. Would she be happy or unhappy about this? 13 Choose the correct word in bold to complete this definition: a liability such as a mortgage or charge which is often attached to a property or piece of land is called an enforcemen tl encumbrance/endowment/engrossment / encroachment 14 In Britain, house buyers must pay tax on the documents that record the purchase of the house lif the house costs more than a certain amount)What do we call this tax? Is it. (a) excise duty (b)customs duty (c) active duty (d) double duty (e) stamp duty

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Exercise 1: Test your knowledge with this quiz. 1. Rearrange the letters in bold to make a word: the absolute right to hold land or property for an unlimited time without paying rent is called rofedleh 2. What is the difference between the answer to number 1 above, and the word leasehold? 3. True or false: the way in which a piece of land is held (as in 1 and 2 above) is called land tenure. Choose the correct word in bold to complete this definition; a person or company which rents a house, flat or office in which to live or work is called a tender/tenure /tenement / tenant / tentacle 5 In Britain, a person who arranges for the sale of property is called an estate agent.What is the American equivalent of this expression? 6. True or false: the transferring of property from one person to another is called conversion. 7. When you buy a house, why is it important to get the title deeds and keep them safe? 8 Imagine that you are buying a house with the help of a mortgage from the bank The national interest rate looks likely to rise rapidly over the next year or so. Should you consider getting a fored-rate mortgage or a variable-rate mortgage? 9. If you take out a mortgage to buy a house, and you use the house as security, the mortgage-lender might repossess (= take back) your house if you are unable to pay back the money What is this called? is it (a) disclosure (b) exposure (c) foreclosure 10. A married couple buy a house as joint tenants. Who actually owns the house? Is it: (a) the husband (b)the wife (c) they both own it equally (d) it depends how much each person paid towards the house The new owner of a house discovers that there is a right of way in his garden. What does this mean? (a) He can build another house in the garden if he wants. (b) He must sell part of the garden after a fixed period of time (c) Other people can walk through his garden to get from one place to another. (d) Farmers can let their cows and sheep use his garden. 12. A woman is buying a house. She makes a price offer, which is accepted by the seller. She is then gazumped. Would she be happy or unhappy about this? 13 Choose the correct word in bold to complete this definition: a liability such as a mortgage or charge which is often attached to a property or piece of land is called an enforcemen tl encumbrance/endowment/engrossment / encroachment 14 In Britain, house buyers must pay tax on the documents that record the purchase of the house lif the house costs more than a certain amount)What do we call this tax? Is it. (a) excise duty (b)customs duty (c) active duty (d) double duty (e) stamp duty

Answer 1

1. The word is "feoffment." 2. The difference is that "leasehold" refers to a temporary right to hold land or property for a limited time, while "feoffment" refers to an absolute right to hold land or property for an unlimited time without paying rent. 3. True. The way in which a piece of land is held is called land tenure. 4. The correct word is "tenant." 5. The American equivalent of an estate agent is a real estate agent. 6. False. The transferring of property from one person to another is called a transfer or conveyance. 7. It is important to get the title deeds and keep them safe because they prove ownership of the property and can be used to prove your right to the property in case of a dispute. 8. It is recommended to consider getting a fixed-rate mortgage because the interest rate remains the same throughout the term of the loan, providing stability and predictability in your payments. 9. The correct answer is (c) foreclosure. 10. The correct answer is (c) they both own it equally. 11. The correct answer is (c) Other people can walk through his garden to get from one place to another. 12. The woman would be unhappy about being gazumped because it means that another buyer has come in and is now able to purchase the house at a higher price. 13. The correct word is "encumbrance." 14. The correct answer is (e) stamp duty.

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