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Real Estate > Interest In Real Property > Flashcards

Interest In Real Property Flashcards

1
Q

When a deed does NOT specify the estate being conveyed, it is presumed to transfer

A

Fee Simple absolute

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2
Q

Possession, control, and enjoyment are included in

A

the bundle of legal rights

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3
Q

If Alycia deeds property to Bernice and her heirs, with the stipulation that if Bernice leaves no heirs the property will then go the Cynthia, then Cynthia now holds which type of estate?

A

Contingent remainder fee

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4
Q

In a deed that states “to Jonathon for his life,” the grantor has what type of interest?

A

Reversion

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5
Q

A life estate may be granted

A

for the duration of the life of someone other than the grantee

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6
Q

A freehold could be any of the following EXCEPT

A

an estate for years

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7
Q

Fee simple is all of the following EXCEPT

A

a less-than-freehold estate

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8
Q

A hospital receives a gift of real property from an elderly couple who reserves to themselves a life estate

A

remainderman

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9
Q

Which of these activities can the owner of a life estate NOT do?

A

Devise

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10
Q

A widow who is willed the use of the family home for the rest of her natural life, with provision that title shall pass to the children upon her death, holds

A

a life estate

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11
Q

Which statement is TRUE regarding a life estate

A

It may be created by will or deed

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12
Q

The degree, quantity, or nature of a person’s interest in real property is called his

A

estate

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13
Q

appurtenance

A

a right or improvement belonging to, and passing with, the land

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14
Q

easement appurtenance

A

right to one owner to use the other owner’s property for ingress and egress

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15
Q

bundle of rights

A

ownership concept describing all those legal rights that attached to the ownership of real property, including the right to sell, lease, encumber, use, enjoy, exclude, will, etc

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16
Q

business broker

A

someone who lists and sells businesses devoid of the real estate

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17
Q

chattel

A

personal property

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18
Q

How is personal property transferred?

A

Bill of Sale

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19
Q

defeasible fee estate

A

grantee could lose his interest upon the occurrence or non-occurrence of a specified event

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20
Q

Two types of defeasible estate

A

condition subsequent - possibility of re-entry

qualified limitation - grantee’s ownership automatically ends with the possibility of reverter (fee simple determinable)

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21
Q

devise

A

gift of real property by will. (donor is the deceased and the recipient is called a devisee)

22
Q

emblements

A

growing crops that are produced annually ( sugarcane isn’t an emblement)

23
Q

escheat

A

reversion of private property to the government in cases where the decedent dies w/o will or without any heirs capable of inheriting, or when a property is abandon

24
Q

fee simple

A

largest estate one can possess in real property.

25
Q

fixture

A

an article that was once personal property but has been so affixed to the real estate that it has become real property

26
Q

intestate

A

to die without a valid will

27
Q

less than freehold estate

A

one who rents or leases property

28
Q

life estate

A

estate in real or personal property that is limited in duration to the life of its owner or the life of some other designated person.

29
Q

littoral rights

A

landowner claim to use of the body of water bordering his or her property as well as the use of its shore area.

30
Q

probate

A

formal judicial proceeding to prove or confirm the validity of a will

31
Q

property

A

the rights or interests a person has in the thing owned

32
Q

real property

A

all land and appurtenances to land, including buildings, structures, fixtures, fences, and improvements erected upon or affixed to the same excluding, however growing crops.

33
Q

riparian rights

A

rights and obligations that are incidental to ownership of land adjacent to or abutting on watercourses, such as streams & lakes

34
Q

situs

A

economic and personal preference for one location of real estate over another

35
Q

tenement

A

rights in the land that pass with the conveyance.

36
Q

administrator/executor

A

administrator assigned by the courts to administer a decedent’s estate
executor is named in a defendant’s will to execute the decedent’s last will and testament

37
Q

remainder/reversion

A

termination of life estate, the property may revert back to the grantor(reversion) or transfer away from the grantor when a third party remainderman is designated

38
Q

executor/testator

A

testator writes a will, whereas an executor ( a personal representative ) executes or carries out the terms of the will after the testator dies

39
Q

devise/demise

A

a devise is a transfer of real property by will; a demise is a transfer by lease of the (demised) premises

40
Q

testate/intestate

A

testate - die with a will / intestate to die without a will ( state writes the will)

41
Q

Return of land to the grantor or grantors’ heirs when the grant is over is BEST described as

A

reversion

42
Q

An estate in land vested in a grantee “until she marries: is properly classifiable as

A

defeasible fee

43
Q

An example of a less-than-freehold estate

A

leasehold estate

44
Q

With respect the real property, the term estate is BEST described as

A

the nature and degree of an interest in real property

45
Q

Which statement provides the greatest assurance that you are getting fee simple ownership?

A

the owner can furnish title insurance

46
Q

who usually selects the administrator?

A

probate court

47
Q

Which of these characteristics does NOT describe a fee simple estate?

A

definite duration

48
Q

Fee Simple

A

indefinite duration, freely transferable and inheritable

49
Q

A man dies w/o leaving a valid will. He is said to have died.

A

intestate

50
Q

A woman possesses a fee simple estate. Which of the follow can she NOT do to the property?

A

use it contrary to zoning regulations

Real Estate (5 decks)

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