Ch. 8 - Estates and Interests

Question 1

The ownership of real estate and the bundle of rights associated with owning the real estate.

Answer 1

Real property

Question 2

The ownership of anything which is not real estate, along with the rights associated with owning the personal property item.

Answer 2

Personal property

Question 3

A set of legal rights that are attached to the ownership of a parcel of property.

Answer 3

the bundle of rights

Question 4

____ rights concern properties that border bodies of water that are not moving.

Answer 4

Littoral

Question 5

_____ rights concern properties that border moving water such as streams and rivers.

Answer 5

Riparian

Question 6

____ fixtures, are items of a tenant’s personal property that the tenant has temporarily attached to a landlord’s real property in order to conduct business.

Answer 6

Trade fixtures

Question 7

If the tenant fails to remove a trade fixture, it may become the property of the landlord. This is known as ____ .

Answer 7

accession

Question 8

Plants and crops that need human involvement and labor.

Answer 8

emblements

Question 9

Property that has a unique use to the persons who own and use it, such as churches, hospitals, schools and government buildings.

Answer 9

Special purpose real estate

Question 10

An _____ interest is an owner’s interest in a property in which two or more parties share ownership. The owner’s interest is in a fractional part of the entire estate, not in a physical portion of the real property itself.

Answer 10

undivided

Question 11

____ estate means, “I own the property.” It is what we think of as “ownership.” There is no definite ending date. The estate lasts at least a lifetime, because the property can be willed to a person’s heirs.

Answer 11

Freehold

Question 12

_____ estate means, “I rent the property.” It is what we think of as “renting” or “leasing.” There is usually a definite ending date.

Answer 12

Leasehold

Question 13

The _____ estate is the highest form of ownership interest one can acquire in real estate.

Answer 13

fee simple (this is a form of freehold estate)

Question 14

The ______ estate is a perpetual estate that is not conditioned by stipulated or restricted uses. It may also be freely passed on to heirs.

Answer 14

fee simple absolute

Question 15

_____ Is the most desirable estate that can be obtained in residential real estate. It is also the most common.

Answer 15

fee simple absolute

Question 16

The Bundle of Rights includes:

Answer 16

Right of quiet enjoyment
Right to give away
Right to sell by deed
Right to will
Right to exclude
Right to control with what's allowed by law

Question 17

What are the three main forms of ownership?
_____ - Held by only one owner.
_____ - Held by two or more people.
_____ - Held by a third party for the benefit of someone else.

Answer 17

In severalty
In co-ownership
In trust

Question 18

_____ is a common law doctrine that operates to ensure that property is not left in limbo and without an owner (the transfer of the title to a person’s property to the state when the person dies intestate without any other person capable of taking the property as heir)

Answer 18

Escheat

Question 19

A _______ is a hybrid form of ownership which combines ownership of a fee simple interest in the airspace within a unit with ownership of an undivided share, as a tenant in common, of the entire property’s common elements.

Answer 19

condominium

Question 20

________ estates have conditions attached to them. The property must be used for a certain purpose or under certain conditions and if the use changes or if prohibited conditions are present, the estate reverts to the previous grantor of the estate.

Answer 20

Fee simple defeasible

Question 21

In a ______ , the person owns shares in a non-profit corporation or cooperative association, which in turn acquires and owns an apartment building as its principal asset. Along with this stock, the shareholder acquires a _____ lease to occupy one of the apartment units.

Answer 21

cooperative (co-op)

proprietary