From Principles Workbook Unit 2

Question 1

What are the two types of estate?

Answer 1

Freehold estate and leasehold estates

Question 2

Freehold estate is

Answer 2

estate of ownership

Question 3

Leasehold state is

Answer 3

estate of possession

Question 4

What is the duration of a freehold estate?

Answer 4

indefinite

Question 5

What is the duration of a leasehold estate?

Answer 5

can be terminated

Question 6

What are the three freehold estates?

Answer 6

1. Fee simple absolute
2. Fee simple defeasible (also called a qualified fee because there are deed conditions)
3. LIfe estate

Question 7

Which type of estate is the greatest, most complete form of ownership?

Answer 7

fee simple absolute

Question 8

what are the four types of leasehold estates?

Answer 8

1. estate for years
2. estate from period to period
3. estate at will
4. estate at sufferance

Question 9

are easements revocable?

Answer 9

no

Question 10

what is escheat

Answer 10

government’s reversionary right when a property is abandoned

Question 11

When is escheat exercised?

Answer 11

when owner dies intestate (no will) and without heirs

Question 12

do easements transfer with land?

Answer 12

yes

Question 13

what is a revocable, nonexclusive permission that grants privilege to use property? also can be cannceled

Answer 13

license

Question 14

alienation

Answer 14

fee estate gives the owner the right to sell, will or give the property away

Question 15

what is a fee simple estate?

Answer 15

right to occupy and use land forever

Question 16

when do life estates terminate?

Answer 16

terminate upon death of life tenant.. cannot be willed

Question 17

liens, easements and restrictive covenants are

Answer 17

encumbrances

Question 18

what type of estate has a specific termination date?

Answer 18

estate for years

Question 19

what is remainder estate

Answer 19

belongs to the party who will obtain title upon death of the measuring life

Question 20

which of the following estates usually does NOT terminate on the death of the holder of the estate?
A. life estate
B. estate for years
c. estate at will
d. estate at sufferance

Answer 20

B. Estate for years
an estate for years is a contract and terminates on the date specified int eh elase, not upon death of the lessor or lessee.

Question 21

how can easements be terminated?

Answer 21

by release, merger or abondonment.