Chapter 1 Real Estate Imestment: Basic Legal Concepts 15 1. What is the difference between real property and personal property? 2. What is meant by an estate? 3. How can a leased fee estate have a value that could be transferred to another party? 4. What are title records? What is an abstract of title? 5. What is a deed? How is it different from the title? 6. What is meant by a title record? Why are these records so important? 7. What is a future estate? Give an example. 8. Name the three general methods of title assurance and briefly describe each. Which would you recommend to a friend purchasing real estate? Why? 9. Would it be legal for you to give a quitclaim deed for the State of Liberty to your friend