Ch 4 Unit 3: Quiz

What is Escheat?

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

Homestead, dower and curtsy, and elective share are examples of an

A) A conventional life estate B) A legal life estate C) An estate created by an owner's agreement D) A fee simple absolute

Encumbrances are examples of

A) Illegal interests B) Eminent domain C) Public interest D) Private interest D

I lease agreement was signed for eight months by the lessor and lessee, what kind of lease is this?

A) Tenancy at will B)Periodic tenancy C)Estate for years D)Life estate C

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

A) The legal life estate is created by a grant, while the conventional estate is created by custom. B) The legal life estate is created by statue while the conventional life estate is created by a grant C) The conventional life estate focuses on protecting the rights of surviving family members & the legal life estate focuses on laws of decent. D) The conventional life estate does not have to be described in a written document, while the legal life estate does. B

Which of the following is a freehold tenant?

A) The owner of the freehold estate B) Lessee in a leased property C) lessee of a freehold estate D) Any owner of an estate in land A

Which best describes a tenancy at sufferance?

A) When the tenant has received oral permission to stay B) When the tenants stay beyond their lease without consent C) When a tenant has received notice to terminate the lease D)When the tenants lease has a definite termination date B

What has replaced most Dowery and curtesy laws?

Community property laws an elective share laws.

Two people on a house to each have an undivided interest. Which of the following best describes with my own?

Each owns 50% of the estate represented by the real property, but no physical portion of the real property.

What is Escheat?

Process of reversion to the government ownership. Abandonment (dying with no will and no heirs with the property being taken by the state government)

An estate at will

terminates on the death of lessor or lessee.

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

A) A real estate agents right to advertise the property for sale B) The lenders right to file a lien against the property C) A power companies right to enter a property to service equipment D) tenants right to exclude *Even though they have no interest in a piece of real estate, a licensee may advertise the property for sale with the permission of the property owner

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

A) Any combination of the bundle of right B) The rights to use the real estate C) Legal title to share real estate D) The complete bill of rights A

In what kind of estate does ownership revert to the grantor of the estate if usage fails to conform to a stated condition and the grant?

A) Fee simple absolute B) Land trust C) Life estate with a remainder-man D) fee simple determinable

Unlike a determinable estate, the grantor of a condition subsequent estate

A) Has no control over how the property is used B) Automatically re-takes ownership if the restrictions are violated C) May repossess the property within a limited timeframe if restrictions are violated D) It's a limited and the kind of restrictions that can be placed on the grantee C

The distinguishing feature of a leasehold estate is

A) Ownership of an interest by tenant B) Temporary ownership of the full bundle of rights in a property C) Unlimited ownership of one right in the bundle of rights in a property D) Duration limited by a lease term D

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

A) Public interest B)A possessory interest C)An encumbrance D)And estate in law A

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

A) an estate at sufferance B) A holdover estate C) An adverse leasehold D) a hostile leasehold A

Bob grants Mary an estate for as long as she lives, but her heirs cannot have the estate. What kind of estate is this?

A) an estate pur autre vie B) estate for years C) ordinary life estate D) legal life estate C

Ownership of which of the following is used to defined and "interest in real estate? "

A) deed B) bundle of rights C) acreage D) attachment B

An estate is transferred with the stipulation that alcohol will never be consumed on the premises or seller will take back the property. This kind of estate is

A) fee simple absolute B) Pur autre vie C) Conventional remainder D) fee simple defeasible D

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

A) leasehold interest B) fee simple interest C) an encumbrance D) a tenancy C

If an estate includes the complete bundle of rights and unlimited duration of tenancy, it is a

A)Simple life estate B)Determinable estate C) Fee simple estate D) Legal life estate C

Which of the following right is conveyed with the leasehold estate?

A)The right to exclude everyone from the premises B) The right to encumber the fee interest C) The right to sell the premises D) The right to possess and use the premises