National Ownership Unit 3 quiz

What are the two types of fee simple estate?

Absolute and defeasible.

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 (An ordinary life estate ends with the death of the life estate owner and then passes back to the original owner.)

What has replaced most dower and curtsey laws?

Community property laws and elective share laws.

An actor rented a house from May 15 to August 5 while she was working on location. What kind of estate does she possess?

Estate for years ( estate for years is a leasehold estate for a definite period of time, with a set beginning date and a set ending date.)

Which of the following is NOT an example of an interest in real estate?

Even though he or she has no interest in a piece of real estate, a licensee may advertise the property for sale with the permission of the property's owner.

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

Once the life tenant dies, the life estate portion reverts back to whom?

Grantor

Which of the following actions is an expression of the public interest known as police power?

Passage of zoning ordinances to control land use

What is the difference between a fee simple determinable estate and a fee simple condition subsequent estate?

Reversion of ownership is automatic in the determinable estate.

How does a legal life estate differ from a conventional life estate?

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

What is "escheat?"

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

Which best describes a tenancy at sufferance?

When the tenant stays beyond her lease without consent.

If a party has an interest in real estate that includes the right of possession, the party owns

an estate in land. (Interests are distinguished by whether they include possession or not. If the interest-holder has the right of possession, that party is considered to have an estate in land.)

To own an interest in real estate, a person must own

any combination of the bundle of rights.

The distinguishing feature of a leasehold estate is

duration limited by a lease term. (In a freehold estate, the duration of the owner's rights cannot be determined. In a leasehold estate the leaseholder's rights are temporary and limited to a specific duration (the lease term).

Of the two kinds of fee simple estate, the kind that is a perpetual estate with no usage restrictions is the

fee simple absolute. (The fee simple absolute estate is a perpetual estate that is not conditioned by stipulated or restricted uses. It may also be freely passed on to heirs.)

Encumbrances are examples of

private interests.

An estate at will

terminates on the death of lessor or lessee.

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. If the restrictions of a condition subsequent estate are violated, the previous owner (grantor) may repossess the property, however, reversion of the estate is not automatic and the grantor must re-take physical possession within a certain time frame.

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

undivided interest.