Chapter 3: Interests & Estates Flashcards
An interest in real estate is best defined as ownership of…
one or more of the bundle of rights to real property
Encumbrances and police powers are…
interests that do not include possession
What distinguishes a freehold estate from a leasehold estate?
A leasehold endures only for a specific period of time
The highest form of ownership interest one can acquire in real estate is the…
absolute fee simple estate
The distinguishing feature of a defeasible fee simple estate is that…
the estate may revert to a grantor or heirs if the prescribed use changes
Upon the death of the owner, a life estate passes to…
the original owner or other named person
How is a conventional life estate created?
A fee simple owner grants the life estate to a life tenant
What distinguishes a pur autre vie life estate from an ordinary life estate?
The pur autre vie estate endures only for the lifetime of a person other than the grantee
Which of the following life estates is created by someone other than the owner?
Legal life estate
Which of the following is true of a homestead?
A homestead interest cannot be conveyed by one spouse
Dower refers to…
a wife’s life estate interest in her husband’s property
Which of the following is an illustration of the legal concept of elective share?
A widow who was excluded from a will makes a claim to a portion of the couple’s principal residence
A one-year lease on a house has expired, but the tenant continues sending monthly rent checks to the owner, and the owner accepts them. What kind of leasehold estate exists?
Estate from period to period
