Chapter 3 - Unit 3 Quiz Flashcards
Of the two kinds of fee simple estate, the kind that is a perpetual estate with no usage restrictions is the:
fee simple absolute
Ownership of which of the following is used to define an “interest in real estate.”
The bundle of rights
What is escheat
The process by which ownership of real estate reverts to the state when there are no legal owners.
If an estate includes the complete bundle of rights and unlimited duration of tenancy, it is a
fee simple estate
An interest in real estate that does not include the right to possess is considered an ________
encumbrance
How does a legal life estate differ from a conventional life estate?
The legal life estate is created by statute while the conventional life estate is created by a grant.
The distinguishing feature of a condition subsequent estate is
The grantor must retake possession within a certain time frame if the grantee violates a restriction
Unlike a determinable estate, the grantor of a condition subsequent estate
may repossess the property within a limited time frame if restrictions are violated
Homestead, dower and curtesy, and elective share are examples of a
legal life estate
If a life tenant purposely damages or misuses a property it is known as what?
an act of waste
Why is a fee simple estate called the highest form of ownership interest?
It includes the complete bundle of rights with virtually unlimted duration
Bob grants his sister Mary an estate for as long as she lives, but her heirs cannot inherit the estate. What kind of estate is it?
An ordinary life estate
An actor rented a house form May 15 to August 5 while she was working on location. What kind of estate does she possess?
Estate for years
States that do not have dower and curtsey usually have
community property laws and elective share laws
