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Unit 7: Interests in Real Estate > Estates > Flashcards

Estates Flashcards

1
Q

A(n) ___ is the degree, quantity, nature, and extent of interest a person has in real property.

A

Estate In Land

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2
Q

Not all interests in real estate are ___.

A

estates

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3
Q

To be an estate in land, an interest must allow ___ either now or in the future.

A

Possession

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4
Q

Estate in land must be measured according to ___.

A

Time

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5
Q

___ is an estate in land in which ownership is for an indeterminate length of time.

A

Freehold Estate

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6
Q

___ and ___ estates continue for an indefinite period and may be passed along to the owner’s heirs.

A

Fee simple (indefeasible fee) and Defeasible fee

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7
Q

A(n) ___ estate is based on the lifetime of a person and ends when the individual dies.

A

Life estate

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8
Q

When does a life estate end?

A

When the individual dies

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9
Q

___ estates are the opposite of freehold estates.

A

Leasehold

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10
Q

___ estate is a tenant’s right to occupy real estate during the term of the lease.

A

Leasehold

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11
Q

Estates at will and estates at sufferance are ___ estates.

A

Leasehold

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12
Q

Leasehold estates last for…

A

a fixed period of time

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13
Q

In Illinois, freehold and leasehold estates are recognized as…

A

the same found in most states

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14
Q

Fee simple estates are of ___ duration.

A

Unlimited

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15
Q

In the death of an owner, a fee simple passes to ___ or ___.

A

Heirs or according to will

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16
Q

___ is the highest interest in real estate recognized by law.

A

Fee Simple Absolute

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17
Q

___ is the maximum possible estate or right of ownership of real property.

A

Fee Simple Absolute

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18
Q

What is the duration of Fee Simple Absolute?

A

Forever

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19
Q

With fee simple absolute, the holder is entitled to…

A

All rights to the property

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20
Q

What are the only limitations to fee simple absolute?

A

Certain public and private restrictions / Government powers

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21
Q

___ is an estate in which the owner has a fee simple title that may be divested on the occurrence or nonoccurence of a specified event.

A

Fee Simple Defeasible

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22
Q

What are the two categories of defeasible fee estates?

A

1) Conditions precedent / fee simple determinable
2) Condition subsequent

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23
Q

A(n) ___ is only created by using the words “on the condition that.”

A

Condition subsequent

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24
Q

When a(n) ___ is created, words such as “as long as,” “while,” or “during” might be used.

A

Fee simple determinable / conditions precedent

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25
Q

___ means that the new owner must not perform some action or activity.

A

Condition subsequent

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26
Q

If a property’s new owner breaks the condition from condition subsequent, the former owner can…

A

Retake possession of the property through legal action

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27
Q

Bob grants land to his church on the condition that “no alcohol is consumed on the premises.” This is a fee simple subject to a(n) ___.

A

Condition subsequent

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28
Q

Bob grants land to his church on the condition that “no alcohol is consumed on the premises.” Because of this condition subsequent, if alcohol is consumed on the property, Bob has the right to…

A

Reacquire full ownership of the property

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29
Q

___ is a fee simple defeasible estate that may be inherited.

A

Fee simple determinable

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30
Q

In Illinois, when an owner gives land to the church, “as long as the land is used only for religious purposes,” it is called a(n) ___.

A

Fee simple determinable

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31
Q

If the limitation to a fee simple determinable is violated, the owner can ___ without ___.

A

Reclaim ownership without going to court

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32
Q

If the limitation to a fee simple determinable is violated, the deed is…

A

Automatically returned to the former owner

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33
Q

___ is a person’s present right to an interest in real property that will not result in possession or enjoyment until sometime in the future.

A

Future Interest

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34
Q

The right of reentry and possibility of reverter are considered as ___.

A

Future interests

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35
Q

In Illinois, the original grantor’s right of reverter may only continue for ___ years.

A

40 years

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36
Q

___ is an interest in real or personal property that is limited in duration to the lifetime of its owner or some other designated person(s).

A

Life Estate

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37
Q

A life estate is a(n) ___ estate.

A

Freehold

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38
Q

What makes a life estate different from other freehold estates?

A

Life estates cannot be inherited

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39
Q

Life estates pass to future owners…

A

According to prearranged provisions of the life estate

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40
Q

___ and ___ life estates are created through grant or conveyance to another.

A

Conventional and Pur Autre Vie

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41
Q

___ life estate is created by statute or law.

A

Legal

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42
Q

Life estates avoid the ___ process.

A

Probate

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43
Q

A(n) ___ is entitled to the rights and benefits of ownership from both possession and ordinary use and profits just as if the individual held a fee simple interest.

A

Life tenant

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44
Q

A(n) ___ is a person in possession of a life estate.

A

Life tenant

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45
Q

A life tenant’s ownership is subject to the limitation of the ___.

A

Life estate

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46
Q

If a life tenant injures property, such injury is called ___ in legal terms.

A

Waste

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47
Q

Who’s job is it to assist a client with life estates, determinable fees, or fees with conditions subsequent?

A

A real estate attorney

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48
Q

Who’s responsibility is it to note estates in a sales transaction?

A

Listing agents

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49
Q

A(n) ___ life estate is created intentionally by the owner.

A

Conventional

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50
Q

A(n) ___ life estate may be established either by deed when ownership is transferred during the owner’s life, or by a provision of the owner’s will after their death.

A

Conventional

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51
Q

A conventional life estate is conveyed to a(n) ___.

A

Life tenant

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52
Q

The life tenant has full ___ of the ownership for the duration of his life.

A

Enjoyment

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53
Q

What happens when a life tenant dies?

A

Estate ends and ownership passes

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54
Q

A woman who has a fee simple estate in a property conveys a life estate to a man for his lifetime. The man is the ___.

A

Life tenant

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55
Q

A woman who has a fee simple estate in a property conveys a life estate to a man for his lifetime. On his death, the life estate terminates. Who owns the property now?

A

The woman

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56
Q

A woman who has a fee simple estate in a property conveys a life estate to a man for his lifetime. On his death, the life estate terminates. If the life estate was created by the woman’s will, how is subsequent ownership of the property determined?

A

Provisions of the will

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57
Q

A life estate based on the lifetime of a person other than the life tenant is called a life estate ___.

A

Pur autre vie

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58
Q

A life estate pur autre vie provides for the life tenant’s ownership only until…

A

the death of the person whose life the estate is measured

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59
Q

A man often does not pay his apartment rent. He is set to inherit his family home after his father dies. In the meantime, a woman sets up a life estate pur autre vie giving the man rights of s life tenant to a cottage she owns. When does the man’s life tenancy terminate?

A

The moment of his father’s death

60
Q

A man often does not pay his apartment rent. He is set to inherit his family home after his father dies. In the meantime, a woman sets up a life estate pur autre vie giving the man rights of s life tenant to a cottage she owns. The moment his father dies, who has ownership rights to the cottage?

A

The woman or her heirs

61
Q

When a life estate ends, it is replaced by a(n) ___.

A

Fee simple estate

62
Q

The future owner of a fee simple estate may be designated in one of what two ways?

A

1) Remainder interest
2) reversionary interest

63
Q

In ___ interest, the creator of a life estate may name someone as the person to whom the property will pass when the life estate ends.

A

Remainder

64
Q

A ___ is the person to whom the property will pass when the life estate ends in a remainder interest.

A

Remainderman

65
Q

In ___ interest, the creator of a life estate may choose not to name a remainderman.

A

Reversionary

66
Q

In ___ interest, the creator of a life estate will recapture ownership when the life estate ends.

A

Reversionary

67
Q

In reversionary interest, ownership is said to “revert to the ___.”

A

Original owner

68
Q

Craig conveys a ranch to Jean for Jean’s lifetime and designates James to be the remainderman. While Jean is still alive, James owns a remainder interest, which is a nonpossessory estate; that is, James does not possess the property but has interest in it nonetheless. This is a(n)…

A

future interest in the fee simple estate.

69
Q

Craig conveys a ranch to Jean for Jean’s lifetime and designates James to be the remainderman. While Jean is still alive, James owns a remainder interest, which is a nonpossessory estate; that is, James does not possess the property but has interest in it nonetheless. If Jean dies, who automatically becomes the fee simple owner?

A

James

70
Q

Craig conveys a life estate in a ranch to Jean during and based on Jean’s life. On Jean’s death, ownership of the ranch…

A

Reverts to Craig.

71
Q

Craig conveys a life estate in a ranch to Jean during and based on Jean’s life. On Jean’s death, ownership of the ranch reverts to Craig. This is because Craig has retained a(n) ___ interest.

A

Reversionary

72
Q

Craig conveys a life estate in a ranch to Jean during and based on Jean’s life. Craig has future interest in the ownership and may reclaim the fee simple estate when…

A

Jean dies

73
Q

Craig conveys a life estate in a ranch to Jean during and based on Jean’s life. Craig has ___ in the ownership and may reclaim the simple fee estate when Jean dies.

A

Future interest

74
Q

Craig conveys a life estate in a ranch to Jean during and based on Jean’s life. If Craig dies before Jean, who will assume ownership of the ranch when Jean dies?

A

Craig’s heirs or other individuals specified in Craig’s will

75
Q

___ are the amount, right, or kind of legal interest in real property.

A

Estates

76
Q

What are the two main types of estates?

A

1) Freehold estates
2) Leasehold

77
Q

___ estates refer to ownership for an indefinite duration, while ___ refers to possession for a fixed term.

A

Freehold; Leasehold

78
Q

___ estates allow you to own property for as long as you want until you dispose of it.

A

Freehold

79
Q

Apartment rentals are ___ estates.

A

Leasehold

80
Q

What type of freehold estate includes the complete bundle of legal rights?

A

Fee Simple absolute

81
Q

What type of freehold estate means that the new owner could lose their ownership of the land in the event of a specific occurrence?

A

Fee simple defeasible

82
Q

What type of fee simple defeasible estate allows for automatic reversion?

A

Fee simple determinable

83
Q

If Bob tells the new owner, “You may have this land as long as you don’t raise horses on it,” he is creating a(n) ___ estate.

A

Fee simple determinable

84
Q

The words “so long as,” “while,” and “during” create a ___ estate.

A

Fee simple determinable

85
Q

A(n) ___ estate is created using the words “on the condition that.”

A

Condition subsequent

86
Q

When it comes to an owner reclaiming ownership of property, how is fee simple determinable and condition subsequent different?

A

Fee simple determinable allows for automatic reversion, condition subsequent requires going to court

87
Q

John sold Jane an acre of land “so long as she doesn’t raise horses on it.” Jane decided to raise horses anyway. How can John reclaim ownership of his land?

A

Automatic reversion

88
Q

John sold Jane an acre of land “on the condition that she doesn’t raise horses on it.” Jane decided to raise horses anyway. How can John reclaim ownership of his land?

A

He must seek reversion in court

89
Q

John sold Jane an acre of land “so long as she doesn’t raise horses on it.” John gave Jane a(n) ___ estate.

A

Fee simple determinable

90
Q

John sold Jane an acre of land “on the condition that she doesn’t raise horses on it.” John gave Jane a(n) ___ estate.

A

Condition subsequent

91
Q

Mr. Brown gives a deed to Miss Green. She owns this property for as long as she is alive. Miss Green is the ___.

A

Life tenant.

92
Q

Mr. Brown gives a deed to Miss Green. She owns this property for as long as she is alive and is the life tenant. When Miss Green dies, the life estate reverts to ___.

A

Mr. Brown

93
Q

Mr. Brown gives a deed to Miss Green. She owns this property for as long as she is alive. Who is the grantor?

A

Mr. Brown

94
Q

Mr. Brown gives a deed to Miss Green. She owns this property for as long as she is alive. Because Miss Green is the life tenant, she cannot allow ___ to happen to the property while she is alive.

A

Waste

95
Q

Mr. Brown gives a deed to Miss Green. She owns this property for as long as she is alive. In the deed, Mr. Brown states that upon Miss Green’s death, the life estate will revert to Mr. Yellow. Mr. Yellow is the ___.

A

Remainderman

96
Q

The difference between reversionary and reminder interest is that…

A

Remainder interest is stated on the deed

97
Q

Joe becomes estranged from his father. Joe’s friend grants Joe a condo based on how long Joe’s father is alive. This is known as an estate by ___.

A

Pur autre vie

98
Q

A remainderman is named in the ___.

A

Deed

99
Q

If real estate is a life estate, this must always be ___.

A

Disclosed

100
Q

A life estate is ___ but not ___.

A

Transferable, not inheritable

101
Q

Bob rents an apartment to Susan. Who holds the leasehold estate?

A

Susan

102
Q

Bob rents an apartment to Susan. What type of estate does Bob hold?

A

Leased Fee Estate

103
Q

Bob rents an apartment to Susan. Bob has a(n) ___ interest.

A

Reversionary

104
Q

When a tenant leaves a property, the landlord automatically reclaims the property by ___ interest.

A

Reversionary

105
Q

Bob buys a three flat building, which included tenants in two of the units. Bob has to abide by the leases because the leases are ___.

A

Appurtenant

106
Q

Bob buys a three flat building, which included tenants in two of the units. What happens to the leases of the tenants?

A

The leases transfer with the ownership of the property

107
Q

In estate tenancy for years, when does the lease terminate?

A

Specific date

108
Q

Bob rents an apartment to Susan, and the lease has a termination date of November 1. Bob dies on October 1. When will Susan’s lease terminate?

A

November 1

109
Q

Bob rents an apartment to Susan, and the lease has a termination date of November 1. Bob sells the unit to John on September 1. When will Susan’s lease terminate?

A

November 1

110
Q

If a lease specifies that it will automatically terminate on a specific date, but the landlord or tenant dies before that date, the lease ___.

A

Continues

111
Q

___ estate is a leasehold estate that automatically renews for a set period upon payment of rent, for example month to month.

A

Periodic estate

112
Q

In Illinois, termination of a periodic estate requires notice equal to ___ for termination.

A

The term of the lease

113
Q

John’s lease indicates a periodic estate on a monthly basis in Chicago. How much notice is required to terminate the lease?

A

One month

114
Q

Susan has lease indicating a periodic estate on a monthly basis in Chicago. On July 15, she notifies her landlord that she will be terminating the lease. Because she must complete the term of the lease before termination, what date will Susan’s lease terminate?

A

August 30

115
Q

In Illinois, if a periodic estate is on a year to year basis, either party may terminate the case by giving ___ days written notice at any time within the 4 months preceding the last ___ days of the lease (both blanks are the same answer).

A

60

116
Q

In Illinois, if a periodic estate is on a year to year basis, either party may terminate the case by giving 60 days written notice at any time within the ___ months preceding the last 60 days of the lease.

A

4

117
Q

In a(n) ___, the tenant occupies the property at the landlord’s discretion with no fixed term.

A

Estate at Will

118
Q

A(n) ___ is a leasehold estate that may be terminated by notice, death, or sale.

A

Estate at will

119
Q

A(n) ___ is a holdover after legal tenancy.

A

Estate at sufferance

120
Q

A(n) ___ is an estate where the owner may evict a tenant or accept rent at the end of the lease term.

A

Estate at sufferance

121
Q

If rent is accepted from a Tennant at sufferance, estate at sufferance becomes a(n) ___.

A

Periodic estate

122
Q

To evict for non-payment of rent, how much notice is required?

A

5 days

123
Q

If a tenant pays rent within 5 days after the eviction notice is issued, what happens to the lease?

A

Lease remains in effect

124
Q

To evict a tenant for any reason other than non-payment of rent, how much notice is required?

A

10 days

125
Q

To evict a tenant for any reason other than non-payment of rent, and the breach is cured within the 10 day notice, can the eviction still continue?

A

Yes

126
Q

In Illinois, what is the first step in the process to evict a tenant?

A

Issue an eviction notice

127
Q

A(n) ___ eviction is where the tenant terminates a lease on their own after the property becomes uninhabitable.

A

Constructive

128
Q

Illinois Supreme Court’s “Implied Warranty of Habitability” states that if a property becomes ___ the lessee may repair the unit themselves and deduct that amount from their rent as long as it’s not an amount greater than one month’s rent.

A

Uninhabitable

129
Q

Illinois Supreme Court’s “Implied Warranty of Habitability” states that if a property becomes uninhabitable the ___ may terminate the lease.

A

tennant / lessee

130
Q

Illinois Supreme Court’s “Implied Warranty of Habitability” states that if a property becomes uninhabitable the lessee may claim ___.

A

Constructive eviction

131
Q

What are the 3 legal life estates used in many states?

A

1) Dower
2) Curtesy
3) Homestead

132
Q

___ is the life estate that a wife has in the real estate of her deceased husband.

A

Dower

133
Q

___ is the identical interest that a husband has in real estate of his deceased wife.

A

Curtesy

134
Q

Illinois has ___ the common-law concepts of dower and curtesy.

A

Abolished

135
Q

The ___ gives the surviving spouse the right to take an elective share on the death of the other spouse.

A

Uniform Probate Code

136
Q

___ is a legal life estate in real estate occupied as the family home.

A

Homestead

137
Q

___ is a legal life estate that protects a home from unsecured creditors during the occupant’s lifetime.

A

Homestead

138
Q

In Illinois, every homeowner is entitled to a homestead exemption up to a value of $___ per head of household, with a maximum limit of two heads of household.

A

$15,000

139
Q

In Illinois, every homeowner is entitled to a homestead exemption up to a value of $15,000 per head of household, with a maximum limit of $___.

A

$30,000

140
Q

The homestead exemption may continue after the death of the owner for the benefit of the survivor as long as…

A

the survivor continues to occupy the homestead

141
Q

In Illinois, how many homesteads are allowed per family at any one time?

A

One homestead per family

142
Q

___ rights state that a spouse may not sell the principal residence without the signature of the other spouse.

A

Homestead

143
Q

Why do deeds state the marital status of the grantor?

A

Homestead rights

144
Q

If only one spouse is on the title, who’s names must be included in the listing agreement to release homestead rights?

A

Both spouses

145
Q

In Illinois, the homestead is protected against claims of ___.

A

Unsecured creditors

146
Q

Illinois has ___ instead of dower or curtesy.

A

Homestead

Unit 7: Interests in Real Estate (4 decks)

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