Chapter 7 Mastering Real Estate

Question 1

Define Estate

Answer 1

The degree, quantity, nature, and extent of interest in real estate (ownership rights)

Question 2

What is the allodial system?

Answer 2

Individual can hold absolute ownership rights in land. (Private ownership)

Question 3

What estates are inheritable?

Answer 3

Fee simple absolute and Fee Simple Defeasible

Question 4

What estates can not be inherited?

Answer 4

Conventional Life Estates and Legal Life Estates

Question 5

What is a fee simple absolute?

Answer 5

Complete ownership

Question 6

What is a fee simple defeasible or qualified fee estate?

Answer 6

It has an encumbrance on the title that runs with the land.

Question 7

When a defeasible estate ends, what three possibilities will happen to it?

Answer 7

Pass to the grantor (REVERSION interest)
Pass to the grantor’s heirs (REVERSION interest)
Goes to a specified third party (REMAINDER INTEREST)

Question 8

What is a fee simple conditional subsequent estate?

Answer 8

Includes a prohibited use of the property.

Question 9

What is a fee simple determinable estate?

Answer 9

The estate remains in effect as long as a condition is satisfied.

Question 10

What is a life estate?

Answer 10

A freehold estate based on someone’s life. These are not inheritable.

Question 11

Who is a life tenant?

Answer 11

A person who owns a life estate.

Question 12

What is a conventional life estate?

Answer 12

They are creators by the actions of a grantor by a deed, will, or trust.

Question 13

What is a legal life estate?

Answer 13

These are created by statue (law). (Statutory estates).

Question 14

What are the two kids of conventional life estates?

Answer 14

Ordinary (Ordinary life estate) and pur autre (Based on the life of another)

Question 15

What is waste in reference to an estate?

Answer 15

Unauthorized use or neglect of the property.

Question 16

What is reversion interest?

Answer 16

Property ownership reverts back to the original owners.

Question 17

What is remainder interest?

Answer 17

Ownership passes to a third party.

Question 18

Define curtesy.

Answer 18

The husband’s life estate in his deceased wife’s estate.

Question 19

Define dower.

Answer 19

The wife’s life estate in her husband’s estate.

Question 20

Define homestead.

Answer 20

A portion of the value of the homeowner’s estate is protected from certain judgments or debts.

Question 21

What are riparian rights?

Answer 21

Rights pertaining to land boarding streams and rivers (moving water).

Question 22

What are littoral rights?

Answer 22

Rights pertaining to land along a non-flowing body of water (lake, ocean, sea).

Question 23

Where does ownership extend to in littoral rights?

Answer 23

to the high water mark

Question 24

Where do riparian right extend?

Answer 24

Nonnavigable to the center of the water

Navigable - to the high water mark at the water’s edge

Question 25

What is the doctrine of prior appropriation?

Answer 25

First in right, first in time

Question 26

Define Accretion

Answer 26

The gradual addition of land by the forces of nature

Question 27

Define Alluvion

Answer 27

New deposits of land as a result of accretion

Question 28

Define Erosion

Answer 28

The gradual loss of land through natural forces

Question 29

Define Avulsion

Answer 29

The sudden removal of land by the forces of nature.