Estates Review
Which is a feature of a percentage lease? A rental based on a percentage of the value of a building. A definite periodic rent not exceeding a stated percentage. A rental amount based to some extent on a percentage of the tenant's gross receipts. A graduated rental amount, due monthly, not exceeding a stated percentage.
A rental amount based to some extent on a percentage of the tenant's gross receipts.
In a deed in which the grantor, Paul Jenkins, states "to Angelo for his life, and then to Paul Jenkins," the grantor has what type of interest? A life estate A remainder A reversion A right of reentry
A reversion
Which of the following statements concerning life estates is FALSE? All life estates are for the life of the tenant. All contracts for a life estate have to be in writing to be enforceable. A life estate can be a freehold estate. The life tenant is responsible to pay taxes on the property.
All life estates are for the life of the tenant.
Mr. Lane and Mr. Harris may own property together as 1) tenants by the entirety. 2) tenants in common. 3) tenants in partnership. I only II only III only All of the above.
All of the above.
Sue Reilly is a lessee in an apartment building owned by Pacific Management, Inc. If Pacific Management sells the building Reilly would have first option to lease from the new owner. Reilly's current lease would be unaffected by the sale. Reilly would have to move out or negotiate a new lease with the new owner. Reilly would be required to move out.
Reilly's current lease would be unaffected by the sale.
Which of the following would be used to enforce a condition that was created at the time the real property was conveyed? Cease and desist order Zoning board of appeals Reverter clause Violation citation
Reverter clause
Tenancy by the entirety provides for which of the following upon the death of one of the tenants? Inheritance by the heirs Life estate for the remaining tenants Surviving tenant acquires property through right of survivorship Tenancy reverts to the remainderman
Surviving tenant acquires property through right of survivorship
Which of the following tenancies do NOT involve a landlord and tenant relationship? Tenancy at sufferance Tenancy for years Tenancy in common Tenancy at will
Tenancy in common
Four unrelated persons wish to purchase a parcel of land together and each wants to be able to will his interest to his heirs. They need to take title as which of the following? Tenants in common Tenants by the entirety Tenants in partnership
Tenants in common
The owner of a fee simple estate who conveys his real estate and reserves to himself a life estate in the entire property, grants to the grantee an estate called homestead. dower. an incorporeal interest. a remainder interest.
a remainder interest.
Hampton signed a lease to rent a seashore cottage from June 1, 2002 to August 30, 2002. Hampton had a tenancy at will. a tenancy at sufferance. a month-to-month tenancy. an estate for years.
an estate for years
If a tenant rents a beach house from April 1st to July 1st, his tenancy is month to month. a fee simple estate. an estate for years. a periodic tenancy.
an estate for years.
The owner of a condominium and the lessee of an apartment have many things in common but their legal relationship with the property is different. With respect to their similarities both parties would hold an estate in real property. a less-than-freehold interest. a fee interest. an estate of inheritance.
an estate in real property.
Campbell willed the benefits of his real property to Baker for Baker's lifetime, after which the property will pass to Evans. Evans has a life estate. an estate at sufferance. an estate in remainder. an estate in reversion.
an estate in remainder.
If title to real property is held by tenants in common, all tenants have equal interest. an interest in the land, but no specific interest in any one part of the land. possession taken at the same time. possession taken by virtue of the same title, but possession not necessarily taken at the same time.
an interest in the land, but no specific interest in any one part of the land.
One of the features of taking title to real property as tenants in common is that ownership interests must be equal. each co-owner's interest may be conveyed separately. a co-owner cannot will his interest in a property. the last survivor owns the property in severalty.
each co-owner's interest may be conveyed separately.
A possessory right or ownership interest in real estate is called an abstract of title. estate. ad valorem. affidavit.
estate.
The most complete form of ownership our law recognizes today is the life estate. fee simple absolute. fee simple determinable. adverse possession.
fee simple absolute.
The maximum estate in land is called estate in severalty. fee simple. an estate for years. a life estate.
fee simple.
A lease with a fixed termination date and requires no notice from the landlord or the tenant for the tenant to vacate is an estate in freehold. at sufferance. at will. for years.
for years.
If property is held by two or more owners as tenants in common, upon the death of one owner, ownership of his interest would pass to the remaining owner or owners. his heirs or to whoever is designated under his will. the surviving owner and/or his heirs. None of the above
his heirs or to whoever is designated under his will.
To hold real property as tenants in common, individuals must: be married. hold equal interests. hold undivided interests. arrange for possession.
hold undivided interests.
A married couple obtains a divorce, thereby terminating their tenancy by the entirety of a section of Oregon land. If nothing else is said as to their holding, they will find that each has: a fee simple estate of 320 acres. an undivided half interest in 640 acres as tenants in common. the right of survivorship in the undivided estate of the other. a life estate in 320 acres.
an undivided half interest in 640 acres as tenants in common.
A tenancy in common requires: a married couple. an undivided interest. an equal interest. an arrangement for possession.
an undivided interest.
An estate for years automatically terminates at the stated expiration date. must be for at least two years. must be contracted for in increments of one year. terminates at the death of either principal.
automatically terminates at the stated expiration date.
Al Brown and Greg Black, both married men, purchased property as tenants in common. Greg Black then died. As a result Black's heirs received his interest and became tenants in common With Brown. Brown's wife automatically acquired Black's interest and became a tenant by the entirety with Brown. Brown received title alone as a tenant in severalty. Black's interest in the property reverted to the state since his wife's name was not on the deed.
Black's heirs received his interest and became tenants in common With Brown.
A fee simple is which type of estate? 1) An estate of inheritance 2) A freehold estate I only II only Both I and II Neither I nor II
Both I and II
A freehold may be which of the following? 1) A life estate 2)A fee simple estate I only II only Both I and II Neither I nor II
Both I and II
A life tenant may 1) sell his life interest. 2) not commit waste on the property. I only II only Both I and II Neither I nor II
Both I and II
A married couple who own property as tenants by the entirety must each sign which of the following documents in order for the documents to be legally binding upon both of them? 1) Deeds 2) Sales agreements I only II only Both I and II Neither I nor II
Both I and II
The interest that a tenant has by virtue of a lease is called a 1) leasehold estate. 2) less than freehold estate. I only II only Both I and II Neither I nor II
Both I and II
Which is usually true under commonly accepted principles of tenancy law? 1) Unless otherwise specified, a conveyance of property to a married couple is construed as a tenancy by the entirety. 2) Tenancy by the entirety is characterized by a right of survivorship, which may be severed by divorce or by joint conveyance of the married couple. I only II only Both I and II Neither I nor II
Both I and II
Which of the following statements concerning life estates is true? 1) A life estate is considered to be a freehold estate. 2) A life estate can be measured by the life of someone other than the holder of the life estate. I only II only Both I and II Neither I nor II
Both I and II
Before they were married, Keith and Susan Moyer each owned a house. After their marriage they did not change the deeds, but each kept the houses as rentals and together bought a new house as tenants by the entirety. Two years later Susan died. The property Susan owned prior to marrying Keith will automatically be inherited by Keith alone. pass to the state. be inherited by Susan's heirs excluding Keith. be inherited by Susan's heirs including Keith.
be inherited by Susan's heirs including Keith.
When owners of a tenancy by the entireties estate are divorced, they: become tenants at sufferance. become tenants in common. become joint tenants with right of survivorship. remain tenants by the entireties.
become tenants in common.
A life estate cannot be encumbered by the holder. must be measured by the life of only one person. can be created by will or deed. is created by the holder of the life estate.
can be created by will or deed.
A form of ownership not recognized in Oregon is severalty ownership. tenancy in common. tenancy by the entirety. community property.
community property.
An owner of a life estate for his own life can do all but which of the following? Sell the estate Mortgage the estate Devise the estate Lease the estate
Devise the estate
Which of the following is correct regarding tenancy in common? Each party must have acquired interest at the same time Each party may sell his interest without the consent of the other Parties may have unequal rights of possession Each party's interest must be equal
Each party may sell his interest without the consent of the other
Which of the following is a freehold estate? Estate for years Estate for life Estate at will Estate at sufferance
Estate for life
Which of the following is an estate less than freehold? Fee simple absolute Estate of inheritance Estate for years Estate in remainder
Estate for years
Which of the following is considered a freehold estate? Fee simple Lease Estate for years All of the above
Fee simple
Any owner who is a tenant in common 1) may do nothing regarding his interest without the consent of the other co-owners. 2) may convey all his interest without consent of the co-owners. 3)may devise his interest to an heir by his will. I only II only III only II and III only
II and III only
Which of the following are principal characteristics of fee simple title? 1) It is free of encumbrances 2) It is of indefinite duration 3) It may be transferred by a will I only II only I and II only II and III only
II and III only
A life estate 1) cannot be encumbered by the holder of the life estate 2) may be measured by the life of more than one person. 3) is an estate of inheritance. I only II only I and III only I, II and III
II only
If the deed which a married couple has to a parcel of land in Oregon states that each has title as tenants in common, then each party is entitled to 1) full right of survivorship in the estate of the other. 2) sell an undivided interest in the land without the consent of the other party. I only II only Both I and II Neither I nor II
II only
Lorraine Cruser owns a parcel of real property. She can change her fee simple title to less than a freehold estate by 1) selling the mineral rights. 2) a sale/leaseback arrangement. I only II only Both I and II Neither I nor II
II only
The interest that a landlord has during a valid tenancy is known as 1) profitable interest. 2) reversionary interest. I only II only Both I and II Neither I nor II
II only
Which of the following are freehold estates? 1) Leases 2) Life estates I only II only Both I and II Neither I nor II
II only
The sale of a commercial property that is under a long-term lease has which of the following effects? It terminates the lease upon 45 days notice by the new owner. It has no effect upon the term of the lease as far as the tenant is concerned. The sale cannot be made unless the present tenant is notified of the intention to sell and given an opportunity to terminate the lease. It terminates the lease and the tenant must negotiate a new lease with the new owner.
It has no effect upon the term of the lease as far as the tenant is concerned.
Which is not a characteristic of a fee simple estate? It must be free of all encumbrances. It must be inheritable. It must be transferable. It is of indefinite duration.
It must be free of all encumbrances.
In the language of real estate, which of the following terms does NOT belong with the others? Joint tenancy Hypothecation Second trust deed Subordination
Joint tenancy
Which of the following would be classified as an estate? Mortgage Lease Real estate taxes All of the above
Lease A mortgage is NOT an estate
Which of the following is a freehold estate? Estate at will Life estate Estate for years Leasehold
Life estate
Gary is the recipient of a life estate. Gary is the life tenant and the governing life. Mary Beth has an estate in remainder (holds the "remainderman" interest). Gary sells his estate to Juan and then Gary dies four months later. Title will pass to Jaun. Mary Beth. Gary's heirs. the state.
Mary Beth.
Which of the following is an interest in real property but not an estate? Leasehold Reversion Remainder Mortgage
Mortgage
Which of these words describes an interest but not an estate in real property? Reversion Remainder Mortgage Lease
Mortgage
Mr. Snook who had a fee simple estate sold it to Mr. Dunn but kept a life estate in the property based upon his own life and remained in possession. Mr. Snook then sold his interest to Mr. Britt and gave possession to Mr. Britt. When Mr. Dunn heard of the sale he demanded possession of the property. Who is entitled to possession? Mr. Snook, since the life estate was based on his life. Mr. Dunn, since the sale to Mr. Britt cancelled the life estate. Mr. Britt, who may possess the property until Mr. Snook dies. The property escheats to the state.
Mr. Britt, who may possess the property until Mr. Snook dies.
Mrs. Mary Smith and Leo Young own property together as tenants in common. The death of Mrs. Smith during Mr. Young's lifetime would result in which of the following? Mrs. Smith's interest in the property would pass to Mr. Young. Mrs. Smith's interest in the property would pass to her heirs or the person designated in her will. Leo Young would automatically own the property as a tenant in severalty. Mr. Young would have to file a lawsuit to claim his interest in the property.
Mrs. Smith's interest in the property would pass to her heirs or the person designated in her will.
The form of property ownership known as tenancy in common implies which of the following? 1) Automatic ownership of the entire property by the surviving partner in the event one partner dies 2)All of the owners must have equal interests I only II only Both I and II Neither I nor II
Neither I nor II
Under tenancy by the entirety, one spouse can: 1) transfer their interest by a will. 2) legally convey both spouses' interests without the other's permission. I only II only Both I and II Neither I nor II
Neither I nor II
An estate in severalty is held by 1) three or more persons. 2) two persons. I only II only Both I and II Neither I nor II
Neither I nor II one person
Under tenancy in common each owner must have 1) a unity of title. 2) equal interest in the property. I only II only Both I and II Neither I nor II
Neither I nor II only possession
A veteran purchases and occupies a home by giving a mortgage as security for the loan. He loses his job and falls into default. He is protected against foreclosure by the Veterans' Foreclosure Act. the Homestead Exemption. the Soldier's and Sailor's Relief Act. None of the above
None of the above
If Fred Shepard owns a freehold estate, which of the following actions would cause his interest to be converted to a less-than-freehold estate? Conveyance of the mineral and oil rights therein to a third party Conveyance of easement for right of way over the land Leasing of the land for agricultural purposes to a third party for five years None of the above
None of the above
If a person holds a fee simple estate in property, which of the following will result in his being left with a less-than-a-freehold estate. He sells the mineral and oil rights to another party. He decides to lease the land on a long- term lease. He assigns a right of way to a railroad company. None of the above.
None of the above.
Joseph Marino leased his life estate in a parcel of real property for five years. He died prior to the expiration of the five-year lease. Upon Marino's death it became apparent that the lease is still valid until the expiration date, and the lessee will continue to pay the previously agreed rental installments into Marino's estate. invalid because Marino only had a life estate in the property. invalid unless ratified by the Marino estate administrator. still valid until the expiration date, but the lessee must begin paying the previously agreed upon rental installments to the remainderman.
invalid because Marino only had a life estate in the property.
Reversion means land passes to grantee's heirs and assigns. land returns to the grantor. property is alienated. escheat.
land returns to the grantor.
An instrument which transfers possession of real property but does not transfer ownership is a deed. lease. mortgage. satisfaction piece.
lease.
An estate for years in real estate can also be called a leasehold. fee simple conditional. fee. joint tenancy.
leasehold.
If Tom dies and wills his real estate to his spouse for the remainder of her life and then she it passes to their son upon her death, the type of estate Tom's spouse owns is called life estate. curtesy. homestead. determinable fee estate.
life estate.
Tenancy in common: may only be held by a partnership. has a right of survivorship. is not recognized in many states. may have two or more persons as grantees.
may have two or more persons as grantees.
Jones conveys a house to Brown for life, then to Smith. Brown's heirs have no estate or interest. an interest equivalent to Brown's. a reversion. a remainder.
no estate or interest.
James Patrick devised a piece of property through his will to City Hospital for so long as the property was used for medical purposes. Several years later the City Hospital conveyed this property to a real estate development company. The development company built a shopping center on the property. As a result, the development company has a fee simple interest in the property. no interest at all in the property. a tenancy in common in the property. a remainder interest in the property.
no interest at all in the property.
Clara Wade and Lester Hall own a ranch as tenants in common, each has an undivided one- half interest. Hall is in sole possession of the land and is operating the ranch. Hall is NOT liable to Wade for payments of rent to Wade for his own use of the land. payments Wade makes on the mortgage executed by both. rents received from third parties for the use of a portion of the land. money received for the oil and minerals extracted from the land.
payments of rent to Wade for his own use of the land.
A tenancy which automatically renews itself on the last day of the term for a further term of the same duration until terminated by either party with proper notice is called a tenancy at will. periodic tenancy. tenancy at sufferance. term certain tenancy.
periodic tenancy.
In a tenancy in common, the co-owners share only one ownership right, the right of possession. survivorship. equality of interest. unity of interest.
possession.
In tenancy in common, there is always a unity of time. title. interest. possession.
possession.
Jones conveys property to Smith as long as Smith maintains a church on the land. Jones has a remainder. possibility of reverter. fee simple. leasehold.
possibility of reverter.
A man devised his residence to his widow, and upon her death, it was to go to his three children. The children received a life estate. reversion. partial estate. remainder estate.
remainder estate.
Two individuals accumulate real property in severalty while they are single. After they are married, this property must be changed to tenancy in common. becomes joint tenancy property. remains as their separate property. cannot be disposed of without the consent of the other.
remains as their separate property.
The right to future possession by the person creating a life estate is known as alienation. hypothecation. reversion. contingent.
reversion.
Under a long-term lease, the lessor (landlord) has remainder rights. reversionary rights. an estate for years. a ground interest.
reversionary rights.
Severalty ownership of real estate means. ownership by several persons of one pieceof property. there are several ways to own real estate. sole ownership by one person. a severance in condemnation proceedings.
sole ownership by one person
From the point of view of the lessee, the weakest possible tenancy is a periodic tenancy. tenancy for years. tenancy at sufferance. tenancy in common.
tenancy at sufferance.
No notice is necessary in Oregon to terminate tenancy at will. tenancy from year-to-year. tenancy from month-to-month. tenancy at sufferance.
tenancy at sufferance.
Right of survivorship is a feature of tenancy in severalty. tenancy by the entirety. tenancy in common. all of the above forms of tenancy.
tenancy by the entirety.
A lease that has a definite termination date is known as a tenancy for years. periodic tenancy. tenancy at will. tenancy at sufferance.
tenancy for years.
A form of co-ownership with an undivided interest and no right of survivorship is tenancy by the entirety. tenancy in common. joint tenancy. estate of survivorship.
tenancy in common.
An undivided interest without the right of survivorship is known as tenancy in common. tenancy in severalty. joint tenancy. tenancy by the entirety.
tenancy in common.
Robert, Tom, and Jerry are co-owners of a parcel of real estate. Tom dies and his interest passes under his will to become part of his estate. Tom was a: tenant by the entireties. joint tenant. tenant in common. partner.
tenant in common
David and Billie Rierson buy a home in Oregon. Although both of their names are specified in the deed, no mention is made in the deed concerning any preference for holding a title. This married couple will automatically hold the property as tenants in common. tenants by the entirety. tenants in partnership. joint tenants.
tenants by the entirety
A married couple usually hold real property in Oregon as: tenants by the entirety. joint tenants. tenants in common. tenants in partnership.
tenants by the entirety.
If two Oregon property buyers who are married do not document on the deed how they wish title to be taken, then title would be conveyed to them as: tenants in common. tenants by the entirety. tenants in severalty. tenants in common, with right of survivorship.
tenants by the entirety.
A brother and sister held title to property as tenants in common. The sister had a will drafted, providing that upon her death her interest in the property is to pass to her son. The brother and sister now hold title as tenants in common. tenants in severalty. life tenants. tenants by the entirety.
tenants in common.
If an Oregon deed is recorded naming "Alfred Johnson and Barbara Johnson, his spouse" as grantees, but if not actually married, then the title is automatically held as: tenants by the entirety. tenants in common. joint tenants. tenants in severalty.
tenants in common.
If two or more owners have concurrent unequal interests in the same property they can only hold title as joint tenants. tenants in common. tenants by the entirety. tenants for years.
tenants in common.
Two or more persons own land as tenants in common. One co-owner dies. The decedent's share passes to the other co-owners. the heirs or others as specified in his will. the county. the state.
the heirs or others as specified in his will.
Ownership in severalty occurs when: two or more persons have identical interests in the same property concurrently. a married couple share the ownership of the same property. two or more persons own the property in any form of title. the property is owned by one person.
the property is owned by one person.
If two corporations and three unrelated individuals take title as tenants in common to a parcel of Oregon land, the corporations may sell their shares without regard to the other tenants. the individuals may sell their shares without regard to the corporations. none of the co-tenants has the right of survivorship. their situation is accurately described by all of the above.
their situation is accurately described by all of the above.
An estate was granted 'to A, for the life of X.' A dies while X is still living. The estate ceases to exist. escheats to the state. vests in X for his life. vests in the heirs or devisees of A.
vests in the heirs or devisees of A.
Unless there exists a deed restriction to the contrary, the holder of a life estate may do all of the following to his holding except sell it. rent it. mortgage it. will it to another.
will it to another.
If four persons hold title to real property as tenants in common, they must each own a 1/4 interest. would be unable to determine which portion of the land is theirs. would have the right of survivorship. could not transfer their interest without the consent of the others.
would be unable to determine which portion of the land is theirs.
The term 'undivided interest' means 1)each co-owner has a right to possession of the entire property. 2)when one co-owner dies the remaining owners acquire his interest. I only II only Both I and II Neither I nor II
I only
Which of the following is considered to have a freehold estate? 1) The owner of a life estate 2) Lessee of an apartment 3) Beneficiary of a trust deed I only II only I and II only II and III only
I only
A fee simple estate is 1) freely transferable. 2) of indefinite duration. 3) inheritable. I and II only I and III only II and III only I, II and III
I, II and III
Which of the following statements concerning a life estate is false? All conveyances for a life estate have to be in writing to be enforceable. A life estate can never extend beyond the life of the life tenant. A life estate can be a freehold estate. A person holding a life estate does not have fee title.
A life estate can never extend beyond the life of the life tenant.
A lease is an instrument used to transfer 1) possession and use of real property for a specific consideration. 2) ownership of trade fixtures for a specific period. I only II only Both I and II Neither I nor II
I only
Tenancy by the entirety can only be: 1) created between married partners. 2) dissolved by death. I only II only Both I and II Neither I nor II
I only
Which of the following statements concerning tenancies is true? 1) When a married couple own property as tenants by the entirety, and one of them dies, the survivor becomes the owner of the whole interest. 2) When a married couple own property as tenants in common, and one of them dies, the survivor becomes the owner of the whole interest. 3) A tenancy by the entirety is severed by divorce. I only III only I and II only I and III only
I and III only No right of survivorship. Must be willed.
A conveyance of an estate in fee simple determinable 1) creates the possibility of an automatic reversion of title. 2) terminates upon the death of the grantee. I only II only Both I and II Neither I nor II
I only
A fee simple estate 1) may be freely transferred. 2) is of definite duration. I only II only Both I and II Neither I nor II
I only
What happens to real property owned by a married Oregon couple as tenants in common when one of them dies? The deceased spouse's share automatically passes to the surviving spouse. The deceased spouse's share will be inherited according to the person's will, or in the absence of a will, under the descent and distribution laws of Oregon. Because the tenants in common were married, the surviving spouse will receive a life estate for the deceased spouse's interest in the property. The deceased spouse's share of the property will escheat to the State of Oregon which will decide what to do with the property.
The deceased spouse's share will be inherited according to the person's will, or in the absence of a will, under the descent and distribution laws of Oregon.
Mr. Turner, who had a life estate, leased the property for five years. One year later he died. Mr. Barrett, who had the remainder interest, wants the lessee out. Which of the following is true? The lease is valid for four more years. The lease is invalid at its inception {holder of life estate can't lease}. The lease was valid only so long as Mr. Turner was alive. None of the above.
The lease was valid only so long as Mr. Turner was alive.
Judy Randolph owned fee simple title to a vacant lot adjacent to a school. She decided to make a gift of the lot to the school. She wanted to have some control over the use of the lot, so her attorney prepared a deed to convey ownership of the lot to the school as long as the lot was used for educational purposes. After completion of the gift, the school will own a fee simple estate. an easement. a license. a fee simple determinable estate.
a fee simple determinable estate.
The greatest interest one may have in land is called an estate for years. a fee simple estate. a leasehold estate. a life estate.
a fee simple estate.
The kind of estate that is the most freely inheritable and transferable is an estate in remainder. a life estate. a fee simple estate. an estate in reversion.
a fee simple estate.
A life tenant is one who has a lease. a freehold estate. an easement. no interest in the property.
a freehold estate.
A widow is willed the use of the family home for the rest of her natural life with provision that title shall go to the children upon her death holds a fee simple estate. a leasehold. an easement. a life estate.
a life estate.
All of the following are non-freehold estates EXCEPT estate at sufferance. estate from period to period. estate at will. a life estate.
a life estate.
A man had a one-year lease on an apartment which expired on January I, 2002. He stayed on after this date with the consent of the landlord and began to pay rent on a monthly basis. He now holds an estate in remainder. a tenancy at sufferance. a month-to-month tenancy. an easement.
a month-to-month tenancy.