Chapter 4

True

A condominium is considered real property? (T/f)

Life Estate

A freehold estate created for the duration of the life or lives of certain named persons is known as a?

Periodic Tenancy

A lease that automatically renews for successive periods unless terminated by either party is also known as?

Estate for years

A leasehold estate for any specific period of time is known as?

Estate at will

A leasehold estate that may be terminated at the desire of either party is known as?

Tort Liability

A legal obligation of one party to a victim as a result of a civil wrong or injury is referred to as?

eviction

A legal proceeding by a lessor landlord to recover possession of real property is known as?

Leasehold Estate

A non freehold estate of limited duration, providing the right of possession and control but not title is referred to as a?

Lessee

A person to whom property is rented under a lease is referred to as the?

Grantor

A person who conveys title to real property by deed is known as the?

Grantee

A person who receives title to real property by deed in known as the?

Fee Simple Estate

Absolute ownership of real property is also known as?

True

An estate for years is not automatically renewed (t/f)

Fee Simple Determinable

An estate that will end automatically when the stated event or condition occurs is known as?

Estate in Remainder

An estate which vests after the termination of the prior estate is known as?

Fee Simple Absolute

An inheritable estate in land providing the greatest interest of any form of title is known as?

Tenancy in Common

An ownership of realty by two or more persons, each of whom has an undivided interest, without the right of survivorship is known as?

Constructive Eviction

Any disturbance of the tenants possession of the leased premises by the landlord whereby the premises are rendered unfit or unsuitable for the purpose for which they were leased in known as?

Estate at Sufferance

Continuing to occupy property after lawful authorization has expired is known as?

False

Leases under one year must be in writing (t/f)

Lessor

One who rents property to another under a lease is referred to as the...?

True

Periodic tenancy is also referred to as an estate from year to year (t/f)

Estate in Reversion

Property or estate ownership that reverts back to the grantor after a temporary ownership period is known as?

Estate

The degree, quantity, nature and extent of interest that a person has in real and personal property is known as?

True

There are two primary types of estates, freehold estate and leasehold estates? (T/f)

condominium

This includes five or more units wherein the owner has a fee simple interest in the air space, or four walls in which they live or occupy, plus common areas which are owned as a tenancy in common

Ownership in Severalty

Title to real property held in the name of only one person is known as?

Estate at will Periodic tenancy Estate for years

Which of the following is an example of a leasehold estate?

lease

This is a contract whereby for a consideration usually termed rent, one who is entitled to the possession of real property transfers such rights to another for life, for term of years or at will?

Joint Tenancy

Undivided ownership of a property interest by two or more persons each of whom has the right to an equal share in the interest and a right of survivorship is known as?