Interests and Estates

Question 1

What is an undivided Interest?

Answer 1

an owner’s interest in a property in which parties share ownership.

Question 2

When is a party considered an estate in land?

Answer 2

If an interest-holder enjoys the right of possession.

Question 3

What enables a non-owning party to restrict the owner’s bundle of rights?

Answer 3

An Encumbrance

Question 4

What are the prime and other examples of public interests?

Answer 4

Prime - Police Power

Right to acquire ownership through eminent domain and ownership claimed by escheat

Question 5

what factors differentiate a freehold and leasehold estate?

Answer 5

 The length of time the holder may enjoy the right to possess the estate;
 The relationship of parties owning the estate;
 Specific interests held in the estate.

Question 6

What are the limitations on the owners rights in a freehold estate?

Answer 6

Cannot be determined.
they may last for a lifetime, for less than
a lifetime, or for generations beyond the owner’s lifetime.

Question 7

What determines the length of a leasehold estate?

Answer 7

the lease

Question 8

What are the two types of freehold estates and their differences?

Answer 8

A freehold estate of potentially unlimited duration is a fee simple estate: an estate limited to the life of the owner is a life estate.

Question 9

What do you call the owner of a fee simple interest

Answer 9

a Fee Tenant

Question 10

Fee simple estates are subject to ___ & ___.

Answer 10

Gov restrictions and private interests

Question 11

what are the types and descriptions of fee simple estates?

Answer 11

The fee simple absolute estate is a perpetual estate that is not conditioned by stipulated or restricted
uses. It may also be freely passed on to heirs.
In defeasible estates, ownership can continue indefinitely, provided the use of the property conforms to certain stated conditions.

Question 12

What are the two types of fee simple defeasible estates?

Answer 12

determinable and condition subsequent

Question 13

What are the 3 distinguishing characteristics of a life estate?

Answer 13

 The owner enjoys full ownership rights during the estate period.
 Holders of the future interest own either a reversionary or a remainder interest.
 The estate may be created by agreement between private parties.

Question 14

How is a conventional life estate created?

Answer 14

by grant from a fee simple property owner to the grantee, the life tenant.

Question 15

How does an ordinary life estate end?

Answer 15

With the death of the life estate owner

Question 16

what is the extent of a put aurte vie life estate?

Answer 16

it endures over the lifetime of a third person.

Question 17

What is the focus of a legal life estate?

Answer 17

Defining and protecting the property rights of surviving family members upon the
death of the husband or wife.

Question 18

What is the purpose of a homestead law?

Answer 18

protect family members against losing their homes to general creditors attempting to collect on debts.

Question 19

What is a dower?

Answer 19

a wife’s life estate interest in the husband’s property.

Question 20

What is a curtsey?

Answer 20

right enjoyed by the husband in a deceased wife’s property.

Question 21

How do marital rights affect property sales?

Answer 21

a legal life estate makes it impossible for one partner to sell the property without the consent of the
other.

Question 22

What does an elective share allow a person to do?

Answer 22

It enables a surviving spouse to make a minimum claim to the deceased spouse’s property in place
of the provisions in the decedent’s will.

Question 23

What is required for a community property to be sold or encumbered?

Answer 23

the consent of both parties

Question 24

What type of ownership constitutes true ownership of the property for the owner’s life.

Answer 24

Life Tenancy

Question 25

If the life tenant damages or misuses the property, it is known as an ____.

Answer 25

Act of waste.

Question 26

What are the three elements of an Estate for Years?

Answer 26

 Has a definite beginning and ending date.
 Does not require notice to terminate at the end of the term.
 Renewal is not automatic.

Question 27

What are the elements of an Estate from Period-To-Period

Answer 27

 No definite ending date.

 Either party may terminate tenancy by giving proper notice to the other party.

Question 28

What is an estate at will?

Answer 28

 Landlord lets you stay without a lease.
 Notice can be given by either party without warning.
 Death of either party immediately terminates tenancy.

Question 29

What is an Estate at Sufferance?

Answer 29

 Holdover tenant is in unlawful possession of the property.
 The landlord must evict tenant through the courts; cannot lock the tenant out, turn off utilities, or forcibly
remove the tenant.

Question 30

What are the sole rights of the tenant?

Answer 30

occupy and use the premises without interference from outside parties, including the landlord.

Question 31

Under what conditions may a landlord enter the properties premise?

Answer 31

for specified purposes, but the interference must be reasonable and limited.

Question 32

How does a transfer or encumbrance affect a properties lease?

Answer 32

they do not extinguish the obligations and covenants of a lease.