2. Fee Simple

a) An interest in land that is the broadest property interest allowed by law; full ownership of land.

b) The basic charges incurred in the drafting of a simple legal document.

c) The lowest fees that can legally be charged by a notary public.

3. Lessor a) An offer to pay a lower price. b) A junior judge. c) A person who conveys (rents) property through a lease.

4. Joint Tenancy

a) Ownership of real property by two or more co-owners who take identical interests in the property.

b) An arrangement by which both parents share responsibility for and authority over a child.

c) An obligation that binds two or more debtors to single performance for two or more creditors.

5. Adverse Possession

a) The rule that an agent's knowledge will not be imputed to a principal.

b) The principle that if a party fails to introduce evidence that it is within its possession to introduce, it may be inferred that the evidence is unfavorable.

c) The use or enjoyment of real property with a claim of right.

2. Mortgage

a) A conveyance of title to property that is given as security for the payment of a debt.

b) The right of a bank to satisfy a customer's matured debt by seizing the customer's money or property in the bank's possession.

c) A written instrument by which land is conveyed.

3. Encumbrance

a) A claim on property

b) A contract with multiple obligations

c) A lawsuit filed without justification

4. Foreclosure

a) The administration of a mortgage loan, including the collection of payments, release of liens, and payment of property insurance and taxes.

b) The difference between the mortgage principal and the amount the mortgage actually sells for.

c) A legal proceeding by the lender to terminate a mortgagor's interest in property, either to gain title or to force a sale in order to satisfy the unpaid debt.

5. Working Interest

a) A prison-treatment program allowing an inmate to be released during the day to work in the community.

b) The rights to the mineral interest granted by an oil-and-gas lease.

c) An organization formed to negotiate with employers, on behalf of workers about job-related issues.

10.Covenant

a)A legally enforceable claim that another will do or will not do a given act.

b) A legal obligation that is owed or due to another and that needs to be satisfied.

c) A formal agreement or promise, usually in a contract.

11. Partition

a) A contract that precludes a party from entering into a comparable agreement with someone else.

b) Zoning for a particular piece of land without regard for the zoning of the larger area surrounding it.

c) The act of dividing; especially the division of real property held jointly or in common by two or more persons into individually owned interests.

11. Attachment

a) The attack on a person's reputation.

b) The seizing of a person's property to secure a judgment or to be sold in satisfaction of a judgment.

c)The judicial process of restoring a person's civil rights.

Ex. 4. Make one sentence joining the two given ones. Use the following words: whereas and while.

Example: Real property refers to land and anything permanently attached to the land, whereas/while (but, on the contrary) personal property refers to all other property.

Whereas/While real property refers to land and anything permanently attached to the land, personal property refers to all other property.

1. A freehold estate refers to an estate in which ownership is for an indeterminate length of time. Leasehold is the term for the right to possession and use of land for a fixed period of time.

2. Fee simple is the expression for the absolute ownership of real property. Fee tail refers to an estate that may be inherited only by a limited class of heirs.

3. A lease is an agreement by which a lessor gives the right of possession of real property to a lessee for a specified term and for a specified consideration. A licence is only the right to use without having exclusive possession.

4. An easement is a right to make limited use of another’s real property. Usufruct refers to the right to use and derive profit from property belonging to someone else, provided that the property itself is not harmed in any way.

5. A grantor is a person who transfers property. A grantee is a person to whom property is transferred.

6. A landlord is the owner who gives another person a lease in turn for rent. A tenant is a person to whom a lease is given in return for rent.

7. A decedent is a person who writes a will on how he wants his property to be disposed of after his death. A heir is a person who is entitled to inherit property.

Ex. 5. Translate the words and phrases in brackets from Ukrainian into English.

Full ownership of real property is called ("просте право власності"), ("правовий титул на абсолютне право власності"), or sometimes just ("просте право"). The characteristics which (відрізняє) fee simple title from lesser grades of ownership is the right to pass full ownership to someone else, whether during the original owner's lifetime or (після його смерті).

Among other important rights included in fee simple ownership are the right to: use the real property (на власний розсуд); take (орендну плату), products, or profits the property (приносить); (заставляти через іпотечну заставу) the property; limit the use of the property; allow others to use the property; and sell the property.

The fee simple owner must: pay taxes on the land; (дотримуватись вимог зонування) and other restrictions on the use of the land; honor the rights of others who own (частки у землі) (co-owners, (квартиронаймачі), (орендарі), mortgagees, (власники сервітуту), etc.). Further, the fee simple owner must use the land in such a way that the use (не втручається) with the rights of other landowners and the public.

It is possible for a fee simple owner (передавати право власності) of her property to another person for the (термін) of that other person's life. This type of ownership is called (довічним володінням майном). The person who holds the life estate is called (довічним власником). With certain important exceptions, a life tenant can (поводитися з) the property in much the same way a fee simple owner can (поводитися з) her property.

The life tenant cannot (диктувати) how the property will be distributed upon the life tenant's death. The life tenant cannot sell (абсолютну частку власності у нерухомості). When a life estate is created, a (наступне майнове право) is also created. The person who holds the remainder interest (the remainderman) automatically (здобуває) fee simple title to the property when the life tenant dies.

Ex. 6. Fill in the gaps with the words and phrases from the box.

is terminated by divorce or dissolution enjoys full ownership a portion file a lawsuit to partition the property multiple ownership "convey" Condominium ownership fractional share dispose of a right of survivorship Joint tenancy survivorship tenancy in common be defeated undivided a joint tenant mortgage interest

The usual type of (1) ……….. of property is (2)………….. , in which each owner has an (3)……………, (4)……….. of the property. The shares may be equal or unequal. Regardless of the size of his share, each tenant in common (5) ……………. of his share, and can sell, (6) ………., use, or (7)………… it as a full owner. If one tenant wishes to take his share, he may (8) ………….

(9)…………. with right of (10) ………… is a kind of ownership created by statute. Joint tenancy is similar to tenancy in common, except that joint tenants have (11) …………. That is, when (12) ……… dies still owning her share, the surviving tenants divide that share among them.

The right of survivorship may (13) ………….. where, for example, all joint tenants (14) ………… (sell) their (15) ………….., or the joint tenants are husband and wife and their marriage (16) ………. It should be noted that joint and survivor ownership is commonly used for personal property as well as real property - a joint bank account, for example, normally is joint and survivor property.

(17)……….. is a hybrid of individual and multiple ownership. When a person is a condominium owner, he normally owns (18) ………. of the property involved outright, and a portion as a tenant in common.

Ex. 7. Fill in the gaps with the derivatives of the given in brackets words.

1. If the owner gives temporary (1) …………. (possess) and use of her property to another in return for the (2) ……….. (pay) of rent or something else of value, by means of a written (3) ………… (agree) called a lease, the party to whom possession of the property is given acquires a (4) …………. (lease) interest or leasehold estate. In such a case, the landowner is called the lessor and the person to whom the property is rented is called the lessee or tenant. The term, or time, of the lease may be weeks, months, or years.

2. A "lien" is a charge or (5) ………….. (encumber) on property to secure the payment of a debt or the (6) …………. (perform) of some act. There are many other types of liens: a tax lien, a (7) ………. (judge) lien, etc. The procedure for enforcing a lien is called foreclosure.

3. Frequently, property will be subject to many liens. In such cases, when one lien-holder sues to foreclose, all (8) ………… (lien/hold) are notified and their claims dealt with in the same suit. This process is called "marshalling of liens". Some liens, for example tax liens, have statutory (9) …….. (prior).

4. An (10) ………. (ease) is formal permission, granted in writing by deed or similar document, to use another's property. Easements are commonly granted to utility companies to install and maintain water, sewer, etc. gas, across private property. A license is informal (11) ………… (permit) to use another's property, e.g. to use a path across an owner's property.

5. An owner might lease the mineral rights to her property to an oil (12) …………… (explore) company in return for a flat payment when the lease is signed, plus a (13) ………….. (royal) of, for example, one-eighth of the value of any oil or (14) …………… (nature) gas brought to the surface.

Ex. 8. Fill in the missing words in the text below and then translate it into Ukrainian.

Real Property. The terms (1) …………….. real estate, and realty all refer to land, to buildings and other (2) ……….. on land, to different kinds of interests in land, and to various rights which go along with land or some interest in it. Fixtures, crops, and minerals are sometimes referred to as (3) ………….. because they have some characteristics of both real and (4) …………………… property. There are many degrees of ownership of land, ranging from full ownership down to permission from the owner to use a portion of the land for specific purposes. All of these degrees of ownership may be called "interests in land". (The term "interest in land" is usually used to describe degrees of ownership which are less than complete (5) …………….). Certain types of ownership carry particular rights, such as the right of a landowner to receive any rent the land might yield.

Personal Property. Broadly speaking, personal property is anything that is not real property. The key characteristic of personal property is its movability. Personal property can be tangible or (6) …………... Tangible personal property is property that can be moved and which has physical existence. Intangible personal property includes various rights or interests which are not capable of being touched or seen. Examples include ownership of (7) ………….. and bonds, ownership of a debt, and the right to bring a legal action. Personal property includes (8) ………………… in a bank account, interest in a joint bank (9) ………….., or a payable on death account. A joint and (10) ………….. bank account is an account in the names of two or more persons who have an equal right to the assets in the account and the right of survivorship. The payable on death account ("POD") is an account payable on request to one person during his or her lifetime and upon his or her death to one or more named persons.

Ex. 9. Read the following article and retell it in English, give your own point of view on the suggested problem.

ПРО НОВИЙ ПОРЯДОК ДЕРЖАВНОЇ РЕЄСТРАЦІЇ РЕЧОВИХ ПРАВ НА НЕРУХОМЕ МАЙНО ТА ЇХ ОБМЕЖЕНЬ

Наталія ГАЙДАЙ (Правовий тиждень, № 25, 29 червня 2010)

Закон України "Про внесення змін до Закону України "Про державну реєстрацію речових прав на нерухоме майно та їх обмежень" та інших законодавчих актів України" від 11.02.2010 р. (далі - нова редакція Закону) вніс зміни як до об’єктного, так і до суб’єктного складу зазначених правовідносин, а також змінив процедуру відповідної державної реєстрації.

Об’єкти, що підлягають державній реєстрації

У новій редакції Закону розширено перелік прав, що підлягають реєстрації. Зокрема, до нього увійшли: право господарського відання, оперативного управління, оренди земельної ділянки, користування (найму, оренди) будівлею або іншими капітальними спорудами, їх окремими частинами, а також іпотека, довірче управління майном і податкова застава, предметом якої є нерухоме майно. Тоді як право господарського відання та оперативного управління раніше взагалі не підлягали державній реєстрації, реєстрацію іпотеки, поки нова редакція Закону не набрала чинності, здійснюють державні нотаріальні контори і приватні нотаріуси, які вносять записи до Державного реєстру іпотек.

Отже, якщо нова редакція Закону набере чинності 1 січня 2012 р., як це передбачають Прикінцеві і перехідні положення, вона скасує необхідність реєстрації договору оренди земельної ділянки, встановивши необхідність державної реєстрації права такої оренди. Але нова редакція Закону внесла зміни не до всіх статей Закону "Про оренду землі", які встановлюють необхідність державної реєстрації договору оренди та суборенди земельної ділянки.

До набрання чинності новою редакцією Закону відповідно до ст. 794 Цивільного кодексу України державній реєстрації підлягає договір найму будівлі або іншої капітальної споруди (їх окремої частини), укладений на строк не менше ніж на три роки. Відповідно до нової редакції Закону ст. 794 ЦКУ викладена в новій редакції, згідно з якою державній реєстрації підлягає не сам договір, а право користування нерухомим майном, яке виникає на підставі договору найму будівлі або іншої капітальної споруди (їх окремої частини), укладеного на строк не менше ніж на три роки. До набрання чинності новою редакцією Закону державну реєстрацію податкової застави здійснюють нотаріуси шляхом внесення запису до Державного реєстру обтяжень нерухомого майна.

Таким чином, розширення переліку прав, що підлягають реєстрації, по суті, не змінило об’єктного складу правовідносин з державної реєстрації нерухомого майна та їх обмежень, але уніфікувало процедуру, яка раніше здійснювалась різними органами і відображалась у різних реєстрах.