Real Estate - Ch 3 Test - Interests and Estates

Which of the following is true of a homestead?

A homestead interest cannot be conveyed by one spouse.

What distinguishes a freehold estate from a leasehold estate?

A leasehold endures only for a specific period of time.

Which of the following rights is conveyed with a leasehold estate?

The right to possess and use the premises.

If the duration of an owner's rights in an estate cannot be determined, the owner possesses

a freehold estate.

An interest in real estate that does not include the right to possess is considered

an encumbrance.

The distinguishing feature of a leasehold estate is

duration limited by a lease term.

The distinguishing feature of a defeasible fee simple estate is that

the estate may revert to a grantor or heirs if the prescribed use changes.

Upon the death of the owner, a life estate passes to

the original owner or other named person.

An estate from period-to-period will continue as long as

the tenant makes, and landlord accepts, regular rent payments.

How is a conventional life estate created?

A fee simple owner grants the life estate to a life tenant.

Which of the following is an illustration of the legal concept of elective share?

A widow who was excluded from a will makes a claim to a portion of the couple's principal residence.

Bob grants his sister Mary an estate for as long as she lives, but her heirs cannot inherit the estate. What kind of estate is it?

An ordinary life estate.

Two people own a house, each having an undivided equal interest. Which of the following best describes what they own?

Each owns fifty percent of the estate represented by the real property, but no physical portion of the real property.

A one-year lease on a house has expired, but the tenant continues sending monthly rent checks to the owner, and the owner accepts them. What kind of leasehold estate exists?

Estate from period to period

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 defeasible.

What distinguishes a pur autre vie life estate from an ordinary life estate?

The pur autre vie estate endures only for the lifetime of a person other than the grantee.

Homestead, dower and curtesy, and elective share are examples of

a legal life estate.

The right to zone land and the right to acquire ownership of land by eminent domain are both examples of

a public interest.

Dower refers to

a wife's life estate interest in her husband's property.

The highest form of ownership interest one can acquire in real estate is the

absolute fee simple estate.

If a tenant occupies a leased property without the consent of the landlord after a lease expires, the type of estate that results is called

an estate at sufferance.

Encumbrances and police powers are

interests that do not include possession.

Which of the following life estates is created by someone other than the owner?

legal life estate

An interest in real estate is best defined as ownership of

one or more of the bundle of rights to real property.