chapter 4 quiz
A legal obligation of one party to a victim as a result of a civil wrong or injury is referred to as...?
tort liability
A condominium is considered real property...? (t/f)
true
An estate for years is NOT automatically renewed...? (t/f)
true
A person who receives title to real property by deed is known as the...?
grantee
A person who conveys title to real property by deed is known as the...?
grantor
An inheritable estate in land providing the greatest interest of any form of title is known as...?
fee simple absolute
Title to real property held in the name of only one person is known as...?
Ownership in severalty
Which of the following is an example of a leasehold estate...?
Estate at Will Periodic Tenancy Estate for years
Absolute ownership of real property is also known as...?
fee simple estate
An ownership of realty by two or more persons, each of whom has an undivided interest, without the right of survivorship is known as...?
tenancy in common
Undivided ownership of a property interest by two or more persons each of whom has a right to an equal share in the interest and a right of survivorship is known as...?
joint tenancy
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...?
condominium
An estate which vests after the termination of the prior estate is known as...?
estate in remainder
A person to whom property is rented under a lease is referred to as the...?
lessee
The degree, quantity, nature, and extent of interest that a person has in real and personal property is known as...?
estate
A leasehold estate that may be terminated at the desire of either party is known as...?
estate at will
A leasehold estate for any specific period of time is known as...?
estate for years
A legal proceeding by a lessor landlord to recover possession of real property is known as...?
eviction
One who rents property to another under a lease is referred to as the...?
lessor
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 a term of years, or at will...?
lease
A lease that automatically renews for successive periods unless terminated by either party is also known as...?
periodic tenancy
Leases under one year MUST be in writing...? (t/f)
false
A non-freehold estate of limited duration, providing the right of possession and control but not title is referred to as a...?
leasehold estate
Any disturbance of the tenant's possession of the leased premises by the landlord whereby the premises are rendered unfit or unsuitable for the purpose for which they were leased is known as...?
constructive eviction
A freehold estate created for the duration of the life or lives of certain named persons is known as a...?
life estate
Property or estate ownership that reverts back to the grantor after a temporary ownership period is known as...?
estate in reversion
Continuing to occupy property after lawful authorization has expired is known as...?
estate at sufferance
An estate that will end automatically when the stated event or condition occurs is known as...?
fee simple determinable
Periodic tenancy is also referred to as an estate from year to year...? (t/f)
true
There are two primary types of estates, freehold estate and leasehold estates...? (t/f)
true
