Interest In Real Property

Question 1

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

Answer 1

Fee Simple absolute

Question 2

Possession, control, and enjoyment are included in

Answer 2

the bundle of legal rights

Question 3

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?

Answer 3

Contingent remainder fee

Question 4

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

Answer 4

Reversion

Question 5

A life estate may be granted

Answer 5

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

Question 6

A freehold could be any of the following EXCEPT

Answer 6

an estate for years

Question 7

Fee simple is all of the following EXCEPT

Answer 7

a less-than-freehold estate

Question 8

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

Answer 8

remainderman

Question 9

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

Answer 9

Devise

Question 10

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

Answer 10

a life estate

Question 11

Which statement is TRUE regarding a life estate

Answer 11

It may be created by will or deed

Question 12

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

Answer 12

estate

Question 13

appurtenance

Answer 13

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

Question 14

easement appurtenance

Answer 14

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

Question 15

bundle of rights

Answer 15

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

Question 16

business broker

Answer 16

someone who lists and sells businesses devoid of the real estate

Question 17

chattel

Answer 17

personal property

Question 18

How is personal property transferred?

Answer 18

Bill of Sale

Question 19

defeasible fee estate

Answer 19

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

Question 20

Two types of defeasible estate

Answer 20

condition subsequent - possibility of re-entry

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

Question 21

devise

Answer 21

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

Question 22

emblements

Answer 22

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

Question 23

escheat

Answer 23

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

Question 24

fee simple

Answer 24

largest estate one can possess in real property.

Question 25

fixture

Answer 25

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

Question 26

intestate

Answer 26

to die without a valid will

Question 27

less than freehold estate

Answer 27

one who rents or leases property

Question 28

life estate

Answer 28

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.

Question 29

littoral rights

Answer 29

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

Question 30

probate

Answer 30

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

Question 31

property

Answer 31

the rights or interests a person has in the thing owned

Question 32

real property

Answer 32

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

Question 33

riparian rights

Answer 33

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

Question 34

situs

Answer 34

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

Question 35

tenement

Answer 35

rights in the land that pass with the conveyance.

Question 36

administrator/executor

Answer 36

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

Question 37

remainder/reversion

Answer 37

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

Question 38

executor/testator

Answer 38

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

Question 39

devise/demise

Answer 39

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

Question 40

testate/intestate

Answer 40

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

Question 41

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

Answer 41

reversion

Question 42

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

Answer 42

defeasible fee

Question 43

An example of a less-than-freehold estate

Answer 43

leasehold estate

Question 44

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

Answer 44

the nature and degree of an interest in real property

Question 45

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

Answer 45

the owner can furnish title insurance

Question 46

who usually selects the administrator?

Answer 46

probate court

Question 47

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

Answer 47

definite duration

Question 48

Fee Simple

Answer 48

indefinite duration, freely transferable and inheritable

Question 49

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

Answer 49

intestate

Question 50

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

Answer 50

use it contrary to zoning regulations