Review Property Ownership 3

Question 1

A Freehold estate which is inheritable is a

Answer 1

Fee Estate

Question 2

Most distinguishing feature of a fee estate is that it is

Answer 2

Inheritable

Question 3

A Fee estate is one type of

Answer 3

Freehold estate

Question 4

An estate which is limited only by the government’s rights is called a

Answer 4

Fee Simple Estate

Question 5

An indefeasible fee estate is known as a

Answer 5

fee simple estate

Question 6

The least restricted form of ownership is a

Answer 6

Fee Simple Estate

Question 7

Qualified Fee Estate

Answer 7

Subject to limitations other than the government’s rights

Question 8

Another name for fee simple estate or another name for a qualified fee estate is a
DEFEASIBLE FEE

Answer 8

An estate that is subject to some condition to determine when it will begin or end. Also referred to as determinable, conditional or qualified fee. A defeasible fee creates an encumbrance on the title and runs with the land.

Question 9

The main type of qualified fee estate is called a

Answer 9

fee simple determinable

Question 10

A fee estate which will terminate if a condition stated in the deed comes into being or is terminate is called a

Answer 10

fee simple determinable estate

Question 11

Example of a fee simple determinable estate

Answer 11

Carol conveyed her property to Mary fo so long as it was used only as a single-family residence.

Question 12

A freehold estate which is not normally inheritable is called a

Answer 12

Life Estate

Question 13

A Life estate is one type of

Answer 13

Freehold Estate

Question 14

an estate held for the duration of someone’s life is called a

Answer 14

Life Estate … duh!!!

Question 15

Example: Jack grants an estate in land to Martha with the stipulation that ownership reverts to him on Marthas death, Matha owns a

Answer 15

A life Estate - not inheritable

Question 16

a person who holds a life estate is known as

Answer 16

In legal terms, it is an estate in real property that ends at death when ownership of the property may revert to the original owner, or it may pass to another person. The owner of a life estate is called a “life tenant”.

Question 17

All life estates originate from and return to a

Answer 17

fee estate

Question 18

When a life estate is granted, the grantor’s interest in the property is a

Answer 18

FEE estate

Question 19

a Life tenant can sell, mortgage or convey what kind of estate?

Answer 19

a Life Estate.

Question 20

In a regular life estate, the duration of the estate is based on the life of the grantee or grantor?

Answer 20

The grantee

Question 21

In a life estate PUR AUTRE VIE, the duration of the life estate is based on the

Answer 21

LIFE OF THE THIRD PARTY

Question 22

Remainderman

Answer 22

A life estate is an interest in property that is created when a person making a will or trust gives another person the use of property only during the other person’s lifetime. … The second party is the remainderman, or person with a remainder interest who is entitled to full ownership upon the death of the life tenant.

Question 23

Ownership of a life estate in reversion reverts to the

Answer 23

grantor

Question 24

Ownership of a life estate in ‘remainder’ reverts to the

Answer 24

remainderman

Question 25

A wife’s right to receive a share of her husbands property upon his death is called a

Answer 25

Dower Estate

Question 26

A husbands interest in property owned by his wife at the time of her death is called a

Answer 26

courtesy estate

Question 27

The provision of a life estate to a widow or widower in some stated is called

Answer 27

a Homestead PROTECTION