Chapter 4 Quiz

A tract of land which is owned and occupied as a family residence is known as: Select one: a. An acreage. b. A homestead. c. Land. d. A lot.

b. A homestead. A homestead is the place of a home and includes the land which is around and near the dwelling.

Which of the following is NOT a freehold estate? Select one: a. An interest in land for at least a lifetime. b. A lease which doesn't require rent payments. c. A life estate. d. A fee simple estate.

b. A lease which doesn't require rent payments. Freehold is an interest in land that lasts at least a lifetime. All leases are leasehold estates.

Jean transfers a fee simple interest in her property to her daughter Lisa, but reserves for herself a life estate in the property. The interest that Lisa holds during Jean's life time is considered to be: Select one: a. An life interest, pour autre vie b. A remainder estate. c. A homestead interest. d. A reversionary interest.

b. A remainder estate.

An estate that may be terminated by any party at any time is an estate: Select one: a. For years b. At will c. In possession d. In termination

b. At will An estate that may be terminated by any party at any time is an estate at will.

The word "fee" means possession. Select one: a. True b. False

b. False Leasehold estates also include the right of possession, but they are not fee estates.

Life tenants may do anything they want to with the premises of their life estate property. Select one: a. True b. False

b. False Life tenants may not commit waste, must maintain the premises in good repair, and pay the mortgage, taxes and insurance.

The largest "bundle of rights" to real estate is a... Select one: a. Remainder estate. b. Fee simple estate. c. Life estate d. Homestead estate.

b. Fee simple estate

The highest form of freehold estate one can hold in real property is a: Select one: a. Conditional fee estate. b. Fee simple estate. c. Fee simple defeasible estate. d. Life estate.

b. Fee simple estate.

Which of the following is NOT a freehold estate? Select one: a. Life estate b. Leasehold estate c. Fee simple estate d. Fee simple determinable estate

b. Leasehold estate

Which of the following is NOT a leasehold estate? Select one: a. Estate at will b. Life Estate c. Estate at sufferance d. Estate for years

b. Life Estate

If title to real property will pass to someone, other than the grantor, upon termination of an estate, the interest held by the person who will receive the property has a: Select one: a. Reversionary interest. b. Remainder interest. c. Equitable interest. d. Ostensible interest.

b. Remainder interest.

Which of the following choices would be associated with a statutory estate? Select one: a. An estate in remainder. b. The homestead exemption. c. A freehold estate. d. A leasehold estate

b. The homestead exemption. The HE is a statutory estate designed to protect the family home from general creditors.

A person who rents a property from June 1 to June 30 of the same year would have: Select one: a. An estate for years. b. A periodic estate. c. A tenancy at will. d. An easement.

a. An estate for years. Even though the lease period is one month, the lease has a definite beginning and end period and is therefore an estate for years.

A clause in a deed stating that title would revert to the grantor, if the grantee operated a dance hall on the property, would be a: Select one: a. Condition b. Public control factor c. Variance d. Special use permit

a. Condition

A real property owner leaves a life estate to one party and a remainder estate to another. The remainder estate is unrestricted. The type of estate that will be received by the remainderman is a: Select one: a. Fee simple estate. b. Life estate. c. Leasehold estate. d. Fee simple determinable estate.

a. Fee simple estate.

An estate at will is: Select one: a. A form of co-ownership. b. An inheritance of property by will. c. A tenancy of uncertain duration. d. A life estate.

c. A tenancy of uncertain duration. An estate at will is one where someone is allowed to occupy a property, at the will of the owner, for an undetermined length of time.

Bob owns a home. He has a son who is financially irresponsible and Bob is concerned that the son would sell the house and end up leaving nothing to Bob's granddaughter. Bob gives a life estate in the home to his son. Upon the death of the son, the property will go the granddaughter. The granddaughter holds what type of estate while her father (Bob's son) is still alive? Select one: a. Fee simple. b. Estate in reversion. c. Estate in remainder. d. Fee simple defeasible.

c. Estate in remainder.

Which of the following would diminish a fee simple estate? Select one: a. Death of the owner. b. Sale of the property. c. Rental of the property. d. All of the above.

c. Rental of the property. Of the owner dies or sells the property, they have nothing to diminish. If the owner rents, they give up right of possession, reducing ownership.

Mr. Jones has been out of the country on business. During this period of time his lease with his tenant, Smith, expired. Smith did not renew his lease, but continues to live in his apartment without the consent of Jones. Mr. Smith is considered to be: Select one: a. Tenant at will. b. Periodic tenant. c. Tenant at sufferance. d. Tenant in default.

c. Tenant at sufferance. Smith stayed in the leased apartment after the lease expired and without consent.

Mary has a life estate interest in a property and her daughter has been named as the remainderman. Mary leases the property to Susan for 5 years. One year later Mary dies. Her daughter serves notice on Susan to vacate the property. Which of the following statements is correct? Select one: a. The lease is valid for four more years. b. The lease was invalid from the beginning. c. The lease was valid only during Mary's lifetime. d. The lease was fraudulently obtained and is a violation of the statute of frauds as it applies to leases.

c. The lease was valid only during Mary's lifetime.

Agnes has an interest in property and by virtue of her interest she may place a deed restriction on the property that will apply to any future owner. Her interest in the property would be: Select one: a. A life estate. b. A non-freehold interest. c. An easement. d. A fee simple estate.

d. A fee simple estate. Placing a deed restriction is included in the "bundle of rights" concept of ownership in a fee simple estate.

Charlie rents a house from Sally for five months. Charlie holds what type of estate in the house? Select one: a. None at all, since he does not own the house. b. An estate at will. c. An estate of periodic tenancy. d. An estate for years.

d. An estate for years. Since a specific time period is mentioned, Charlie owns an estate for years.

After buying and settling into her new home, Joanne discovered that the fence of her neighbor, Gloria, encroached ten feet on Joanne's side of the property line. Which of the following is true? Select one: a. Joanne may sue Gloria to have the fence removed if there has not been enough time for Gloria to get an easement by prescription. b. Joanne has legal recourse in the courts only if she did not inspect the property before she bought it. c. Joanne has to own the property for at least three months before she may take any action on getting her land back. d. Joanne really doesn't have any legal recourse since the fence was there before she bought the property.

a. Joanne may sue Gloria to have the fence removed if there has not been enough time for Gloria to get an easement by prescription. Joanne should have inspected the property and had a survey done to verify the location of the fence.

An elderly couple sells their property to a church under an agreement whereby the church allows the couple to occupy the property for the rest of their lives. The couple's interest is considered to be: Select one: a. Life estate. b. Tenancy at will. c. Joint tenancy with the church. d. Tenancy at sufferance.

a. Life estate.

If a third party is not named, the grantor of a life estate retains a: Select one: a. Reversionary interest b. Less-than-freehold estate c. Remainder estate d. Fee simple determinable estate

a. Reversionary interest

Sam has a life estate in a five-acre tract of land. When Sam dies, the property will pass to his nephew. Sam wishes to sell his interest in the property. Which of the following is true? Select one: a. Sam's buyer will acquire the same interest held by Sam. b. Sam cannot sell his interest. c. Sam's nephew can sue to prevent the sale. d. Sam can only sell his interest with his nephew's permission.

a. Sam's buyer will acquire the same interest held by Sam.

Community property is a statutory estate. Select one: a. True b. False

a. True

If a property owner holds fee simple defeasible title, his or her title is subject to certain specified conditions. Select one: a. True b. False

a. True

The wording in a deed "to B for the life of C" creates an estate known as pur autre vie. Select one: a. True b. False

a. True