REAL PROPERTY

Question 1

Real property is immovable. What does it consist of

Answer 1

1). Land
2). Improvements= valuable addition
3). Bundle of Rights associated because ownership of the land include:
A). Air rights
B). Mineral rights
C). Right to lease
D). Right to sell
E). Right to devise
F). Right to mortgage

Hawaii State owns the mineral rights by law.

Question 2

Difference between real estate and real property

Answer 2

Real estate is the physical property, not including the rights.

Real property is real estate plus the rights.

It is acceptable to use terms “realty” , “real estate”. And “real property” interchangeably.

Question 3

What does an estate consist of

Answer 3

1) . Tenements include land, rents or franchises, held by 1 person leasing it from another
2) . Hereditaments are real and personal property capable of being inherited

Question 4

Estate can also indicate a right, title or interest in real property
Estates can be categorized how

Answer 4

1) . Freehold estate is a right to title of real property for an uncertain duration
2) non- freehold

Question 5

Freehold estate is right to title for an uncertain duration.

A free hold estate can be

Answer 5

1) . A fee simple estate
2) A defeasible fee
3) . A life estate

Question 6

Life estate property ownership limited to a person’s life.
A life estate can be given by deed or will
Person receiving the life estate is a life tenant.
After life tenant dies.. the life estate goes back to grantor.

Answer 6

This is a reversionary interest

Question 7

A reversionary interest always precedes a life estate

Answer 7

A remainder interest always follows the life estate.

Question 8

A life tenant may sell, mortgage or lease his property.

If life tenant sells his interest to another grantee, the grantee receives the property for the life tenant.

Answer 8

This is a life estate pour authentic vie ( for the life of another)

Question 9

Non freehold estate is a right to use real property for a LIMITED duration.

Answer 9

Non freehold estates gives only possession. NOT OWNERSHIP.

EXAMPLE IS A LEASE

Question 10

Forfeiture when a property is seized against a person in connection with some kind of prohibited conduct

Answer 10

Federal and state statutes allow forfeiture of real property ( or an interest therein) and personal property is allowed for most felony offenses.

Personal property may be seized in particular misdemeanor offenses.

State finds forfeiture of property is a su
Ccessful deterrent to criminal activity.

Question 11

Types of freehold estates

Answer 11

Fee simple subject to condition subsequent,
Fee simple determinable
Life estate