Chapter 3 Interests And Estates

Question 1

What are the bundle of rights for a property

Answer 1

The bundle of rights for a property are the right to possess use transfer encumber and exclude

Question 2

What is an encumbrance

Answer 2

And encumbrance is the right of a non-owning party to restrict the owners bundles of rights examples are tax liens mortgages easements and encroachments

Question 3

The two types of Estates in land are

Answer 3

Freehold and leasehold

Question 4

Definition of freehold the state

Answer 4

A freehold estate the duration of the owners rights cannot be determined the rights may indoor for a lifetime for less than a lifetime of her generation be on the owners lifetime

Question 5

Lease hold a state definition

Answer 5

A leasehold estate is distinguished by a specific duration as represented by the lease term

Both leasehold in freehold Estates are referred to as Tenancies
The freehold estate is the freehold tenant and a renter or less he is the leasehold tenant

Question 6

The highest form of ownership interest one can acquire in real estate

Answer 6

Fee simple free interest or simply fee the owner of the fee simple interest is called the fee tenant

Question 7

Fee simple

Absolute

Answer 7

No conditions or restricted uses freely passed on to heirs

Question 8

Fee simple defensible

Determinable
Condition subsequent

Answer 8

Defeasance- must conform to stated conditions

Determinable the deed states limitations of restrictions are violated the estate automatically reverts to the grantor or heirs

Condition subsequent if conditions are violated the previous ow we may repossess the property must be done In a specific time frame

Question 9

Life tenant

If the owner dies with a will

If the owner dies with out a remainder estate

Answer 9

Life tenant is an agreement freehold for the persons life

If the life tenant names a third party that party is called a remainderman

If no remainder estate is established it reverts to the original owners or their heirs

Question 10

Homestead

Answer 10

Ones personal residence

Question 11

Elective share definition

Answer 11

Elective share is a state Statute enabling a surviving spouse to make a minimum claim to the deceased spouse real and personal property in place of the provisions in the descendants will

For example if a husband will exclude the wife from any inheritance to wife may make a claim on his death for her portion