Principles 3

Question 1

Freehold estate

Answer 1

-Highest form of land ownership (In medieval England)

Question 2

Fee simple estate

Answer 2

• “present, possessory interest”
• Carries the maximum bundle of rights
• Has the right to use the property right now and for an indefinite period in the future.

Question 3

Fee simple absolute

Answer 3

• Highest (Most Complete) form of ownership.

- no restrictions on its use

Question 4

Life estsate

Answer 4

-Has the right to possession and use of property, but the estate lasts only as the life of a person identified in the deed or will that creates the estate.

Question 5

Reversion

Answer 5

-when the right of possession returns to the original property owner when the life estate ends.

Question 6

Remainder

Answer 6

-When the right of possession goes to a third person when life estate ends.

Question 7

Tenants

Answer 7

-Are those who rent or lease property from landlords.

Question 8

A conveyance of real estate is called?

Answer 8

Grant

Question 9

Ownership in severalty

Answer 9

• Also called “separate ownership“ or “sole ownership “

- Ownership by one person

Question 10

Concurrent ownership

Answer 10

• 4 types

- Ownership by more than one person at the same time.

Question 11

Tenancy in common

Answer 11

• co-Ownership of property in equal or unequal shares by two or more persons, each holding an undivided interest without right of survivorship.
• created when more than one person takes title, they are not married to each other, and no other method of taking title is specified.

Question 12

Unity of Possession

Answer 12

• Each tenant has the right to possession of the property and cannot be excluded by the cotenants.
• gives all co-owners the right to possession of the entire property.

Question 13

Joint tenancy (TTIP)

Answer 13

• Unity of TIME (Takes title at the same time)
• Unity of TITLE (receives title through the same deed)
• Unity of INTEREST (Owns an equal share)
• Unity of POSSESSION (Each has right to use all the property)
• ownership by two or more co-owners, all have equal shares and the right of survivorship

Question 14

Community Property

Answer 14

-Real Property or personal property acquired by a spouse during marriage or by a registered domestic partner.

Question 15

Separate Property is acquired

Answer 15

• By gift or inheritance to one spouse
• With the proceeds of other separate property, or
• As income from separate property

Question 16

General Partnership

Answer 16

-Is established when two or more persons carry on a business for profit as co-owners.

Question 17

Sole proprietorship

Answer 17

-business owned only by one owner

Question 18

Owner of a Corporation is called

Answer 18

Shareholders

Question 19

Non-profit corporations are owned by?

Answer 19

Members

Question 20

Partnership

Answer 20

Is an association of two or more persons to carry on a business as co-owners for profit.

Question 21

Quasi-Community property

Answer 21

• Any California estate acquired by an out-of-state married person that would have been considered community property of it had been by a resident of California
• Any California real estate acquired in exchange for real or personal property located anywhere, when The California real estate would have been considered community property if it had been acquired by California resident.