National Ownership: Interests and Estates: Unit 3

Estate for years

A lease agreement was signed for 8 months by the lessor and the lessee. What kind of lease is this? - Tenancy at will - Periodic tenancy - Estate for years - Life estate

A freehold estate

A life estate is classified as which of the following? - An estate in fee simple - A freehold estate - A defensible fee - An estate for years

Estate for years

An actor rented a house from May 15 to August 5 while she was working on location. What kind of estate does she possess? - Tenancy from period to period - Estate at will - Estate for years - Freehold estate

terminates on the death of lessor or lessee

An estate at will: - cannot be terminated. - is terminated only if so stated in the lessee's last will and testament. - terminates on the death of lessor or lessee. - terminates on the date specified in the lease agreement.

an estate in land

An interest in real estate that includes the right to possess is considered: - an estate in land. - a freehold estate. - a fee simple estate. - an encumbrance.

undivided interest

Bill and Bob share ownership of a real property, but neither owns a physical portion of the property. The kind of interest they each own is an: - invisible interest. - intangible interest. - undivided interest. - insipid interest.

a legal life estate.

Homestead, dower and curtesy, and elective share are examples of a: - a conventional life estate. - a legal life estate. - an estate created by an owner's agreement. - a fee simple absolute.

The legal life estate is created by statute while the conventional life estate is created by a grant.

How does a legal life estate differ from a conventional life estate? - The legal life estate is created by a grant, while the conventional estate is created by custom. - The legal life estate is created by statute while the conventional life estate is created by a grant. - The conventional life estate focuses on protecting the rights of surviving family members while the legal life estate focuses on laws of descent. - The conventional life estate does not have to be described in a written document, while the legal life estate does.

an estate in land.

If a party has an interest in real estate that includes the right of possession, the party owns: - an encumbrance. - a fractional part of an estate. - an enjoinment. - an estate in land.

Fee simple defeasible

In what kind of estate does ownership revert to the grantor of the estate if usage fails to conform to a stated condition in the grant? - Fee simple absolute - Land Trust - Life estate with a remainderman - Fee simple defeasible

fee simple absolute

Of the two kinds of fee simple estate, the kind that is a perpetual estate with no usage restrictions is the: - fee simple aggregate. - fee simple absolute. - fee simple defeasible. - fee simple determinable.

an interest in real estate

Ownership of some combination of the bundle of rights defines: - an undivided interest. - an interest in real estate. - an estate in land. - a private interest.

the grantor must retake possession within a certain time frame if the grantee violates a restriction.

The distinguishing feature of a condition subsequent estate is: - the grantor must retake possession within a certain time frame if the grantee violates a restriction. - the grantor automatically regains title if the grantee violates a restriction. - the estate passes to a third party if the grantee violates a condition. - the grantee can impose new restrictions on the grantee's use of the property even after title has passed.

duration limited by a lease term.

The distinguishing feature of a leasehold estate is: - ownership of an interest by a tenant. - temporary ownership of the full bundle of rights in a property. - unlimited ownership of one right in the bundle of rights in a property. - duration limited by a lease term.

A remainder estate.

The grantor of a life estate names a third party to receive the title when the life tenant dies. What will the third party hold? - A less-than-freehold estate. - A third party estate. - A remainder estate. - A pass-along estate

any combination of the bundle of rights.

To own an interest in real estate, a person must own: - any combination of the bundle of rights. - the right to use the real estate. - legal title to the real estate. - the complete bill of rights.

the property will be used for the public good.

To take a property by eminent domain, the government must show that: - the owner is not putting the property to its highest and best use. - the property will be used for the public good. - the property has limited value on the open market. - the owner agrees to part with the property.

may repossess the property within a limited time frame if restrictions are violated.

Unlike a determinable estate, the grantor of a condition subsequent estate: - has no control over how the property is used. - automatically retakes ownership if restrictions are violated. - may repossess the property within a limited time frame if restrictions are violated. - is limited in the kind of restrictions that can be placed on the grantee.

Absolute and defeasible.

What are the two types of fee simple estate? - Absolute and defeasible. - Absolut and Smirnoff. - Absolved and Repentant. - Abseil and Climb.

The process by which ownership of real estate reverts to the state when there are no legal owners.

What is "escheat?" - The principle that gives governments the right to levy real estate taxes. - The process by which a squatter can obtain legal title to real estate. - The process by which a municipality condemns land and takes it for public use. - The process by which ownership of real estate reverts to the state when there are no legal owners.

the owner of a freehold estate

Which of the following is a freehold tenant? - The owner of a freehold estate. - The lessee in a leased property. - The lessee of a freehold estate. - Any owner of an estate in land.

No private property is exempt from the exercise of this power.

Which of the following statements about eminent domain is TRUE? - It can only be applied in cases where the owner agrees with the government's superior claim. - The government agency exercising the power is under no obligation to compensate the owner. - The government may take a privately-owned property and use it for any purpose whatever, including reselling for a profit. - No private property is exempt from the exercise of this power.

It includes the complete bundle of rights with virtually unlimited duration.

Why is a fee simple estate called the highest form of ownership interest? - It cannot be taken by eminent domain or have a lien placed against it. - It includes the complete bundle of rights with virtually unlimited duration. - It extends upwards to infinity. - It is not subject to estate taxes when passed on to legal heirs.

fee simple estate.

if an estate includes the complete bundle of rights and unlimited duration of tenancy, it is a: - simple life estate. - determinable estate. - fee simple estate. - legal life estate.