CHAPTER 1 - ESTATES and REAL PROPERTY

Life Estate

A type of freehold estate, not of inheritance, but which is held by the tenant for his own life or the life or lives of one or more other persons, or for an indefinite period which may endure for the life or lives of persons in being and beyond the period of life.

Which of the following best describes property? A. A bundle of rights. B. Unlimited right of possession C. Taxable interest D. Intangible.

A. A bundle of rights.

An estate of inheritance would be the same as: A. A fee estate B. An estate at will C. A life estate D. And estate a reminder

A. A fee estate.

Less -Than-Freehold-Estates (Non-Freehold Estates)

An estate owned by a tenant, who rents or leases property; commonly known as a lease or leasehold.

Freehold Estate

And estate of indeterminable duration, for example fee simple or life estate.

Estate (Ownership Interest)

As applied to the real estate practice, the term signifies the quantity of interest, share, right, equity, of which riches or fortune may consist, in real property. (The degree, quantity, nature, and extent of interest which a person has in real property.)

If you were to lease a beach home from July 1 to July 20, the leasehold would be classified as: A. A periodic tenancy B. An estate for years C. A tenancy of sufferance D. A tenancy at will

B. An estate for years

The word "Estate" is used to express the degree, quantity, nature, duration or extent of an interest one may have or hold in real property. Which of the following is classified as an estate? A. Mortgage, B. Lease C. Real estate taxes D. Judgement

B. Lease.

"A" deeded the title to a residence to "B" but reserved a life estate for himself. Upon "A's" death, title to the property would: A. Revert to "B" B. Pass to "B" C. Revert to "A's" heirs D. Escheat to the State

B. Pass to B.

Ownership of land includes: A. The surface and everything beneath the land but no air space B. The right to lateral and subjacent support C. Unlimited use of underground water D. Trade fixtures of a tenant

B. The right to lateral and subjacent support

Leases on agricultural lands may not run for more than: A. 20 Years B. 99 Years C. 51 Years D. The life of the lessor

C. 51 years

Which of the following is a less-than-freehold estate? A. A fee simple defeasible estate B. Fee simple absolute C. A leasehold estate D. A life estate

C. A leasehold estate.

Which of the following are not classified as real property? A. Buildings B. Fixture C. Harvested crops D. Appurtenant easements

C. Harvested crops

Abel gave to Baker a LIFE ESTATE based on the life of Cady. Upon the death of Cady, title is to be returned to Abel. While Cady is living, Able holds what type of estate?! A. In life B. In remainder C. In reversion D. Any of the preceding

C. In reversion

The right to possess, use, encumber, dispose of and to exclude, most accurately describes: A. Tenancy B. Real estate C. Ownership D. Equity

C. Ownership.

A lease in which the amount of rent is based upon the tenants dollar volume of business is known as: A. Graduated lease B. Participation lease C. Percentage lease D. Flat lease

C. Percentage lease.

Abel leases a store to Baker for 10 years. Abel, the landlord, died shortly after he entered into the lease. It was then discovered that able had held only a life estate. Under the circumstances, the lease would now be: A. Enforceable B. Void C. Valid D. Illegal

C. Void

Personal property when attached to a building or land in such a way that it becomes part of the real property, is known as: A. An attachment B. An appurtenances C. An encroachment D. A fixture

D. A fixture.

An estate in real property for a definite and specified period of time, fixed in advance and based upon an agreement for the payment of rent is known as: A. A periodic tenancy B. A month-to-month tenancy C. An estate for years D. A freehold estate

D. An estate for years.

If a tenant is delinquent on his or her rent under a written lease, the landlord can have the person evicted by: A. The sheriff without court action B. Giving 30 days notice C. Physical force D. Bringing court action

D. Bringing court action.

If Smith leases a residence for a six month term and at the expiration of the lease, retained possession of the property without the consent of the landlord, Smith would hold an: A. Estate for years B. Estate at will C. Estate from period to period D. Estate at sufferance

D. Estate at sufferance.

The right to use underground waters, known as percolating waters, is owned by the: A. State of California B. United States government C. Water Resources Government D. Land owners above underground water, for their reasonable use.

D. Landowners above underground water, for their reasonable use.

Real property is all that is: A. Transferable B. Movable C. Intangible D. Not personal property

D. Not personal property

Abel conveys title to real property to Baker for the life of Cady. If Baker were to die, the estate: A. Is canceled B. Reverts to Abel C. Best in Cady interest until Abel's death D. Passes to the heirs or devisees of Baker

D. Passes to the heirs or devisees of Baker.

Fee/Fee Simple (Estate of Inheritance/Perpetual Estate)

Greatest interest a person can have in land. Indefinite duration. Freely transferable. Can be disposed of during owners life or upon death.

Estate in Remainder

If title to property is to pass onto a third person upon death of designated person on whose life the estate depends.

Estate in Reversion

If title to property is to return to original grantor or grantor's heirs following death of designated person on whose life the estate depends .

Estate for Years (Leasehold Estates)

One of which is to continue for a definite. That has been fixed in advance. Period may be measured in days, weeks, months, or years.

Tenancy at Will

One which confirms a right to possession for an indefinite period of time and no express reservation of rent. Terminable at the wheel of either party. Converts to periodic tenancy as soon as landlord except periodic rents. Example: Tenant enters property with permission of landlord pending completion of lease negotiations but has paid no rent.

Estate from Period to Period (Periodic Tenancy)

One which continues for successive periods of the same length, unless terminated sooner by notice (week to week, month to month, year to year.

Fee Simple Absolute

Owner hold it with out any qualifications or limitations.

Fee Simple Defeasible

Owner holds it subject to special conditions or limitations and if these conditions are breached, title goes back to original owner or errors. Title is "defeated"