Ownership of Real Property

Question 1

What is a freehold estate?

Answer 1

An estate in land in which the ownership is for an indeterminate length of time

Question 2

Definition of a fee simple estate?

Answer 2

the maximum possible estate one can possess in real property. Least limited interest and most complete and absolute ownership of the land.

Question 3

Define fee simple absolute?

Answer 3

highest and most complete form of ownership.

Question 4

Define life estate?

Answer 4

an estate of ownership in which the owner has the right only as long as the life of the person identified in the deed.

Question 5

Define reversion?

Answer 5

the right of future possession and use by the grantor of a life estate

Question 6

Define remainder?

Answer 6

The right of future possession and use that goes to someone other than the grantor upon death.

Question 7

Define tenancy in common?

Answer 7

Concurrent ownership of a property between two ore more persons. May take equal or unequal parts.

Question 8

Define joint tenancy?

Answer 8

All co-owners take title of the property at the same time, by the same document and all have equal share

Question 9

What are the 4 unities of a joint tenancy (TTIP)?

Answer 9

unity of Time
unity of Title
unity of Interest
unity of Possession

Question 10

define community property

Answer 10

ownership theory that each spouse has equal interest in property acquired by the efforts of either spouse during marriage.