section 3 interests and esates Flashcards
An interest in real estate is best defined as ownership of
a. the full bundle of rights to real property.
b. an estate.
c. one or more of the bundle of rights to real property.
d. the right to possession and use of real property.
c. one or more of the bundle of rights to real property.
Encumbrances and police powers are
a. interests that do not include possession.
b. limited forms of an estate.
c. unrelated to interests.
d. types of public interests.
a. interests that do not include possession.
What distinguishes a freehold estate from a leasehold estate?
a. A freehold includes the right to dispose or use.
b. A leasehold endures only for a specific period of time.
c. A freehold cannot be defeasible.
d. A leasehold is subject to government restrictions.
b. A leasehold endures only for a specific period of time.
The highest form of ownership interest one can acquire in real estate is the
a. dower and curtesy.
b. conventional life estate.
c. defeasible fee simple estate.
d. absolute fee simple estate.
d. absolute fee simple estate.
The distinguishing feature of a defeasible fee simple estate is that
a. it can be passed on to heirs.
b. it has no restrictions on use.
c. the estate may revert to a grantor or heirs if the prescribed use changes.
d. it is of unlimited duration.
c. the estate may revert to a grantor or heirs if the prescribed use changes.
Upon the death of the owner, a life estate passes to
a. the original owner or other named person.
b. the owner’s heirs.
c. the state.
d. the owner’s spouse.
a. the original owner or other named person.
How is a conventional life estate created?
a. It happens automatically when title transfers unless a fee simple is specifically claimed.
b. A fee simple owner grants the life estate to a life tenant.
c. It is created by judicial action.
d. It is created by a statutory period of adverse possession.
b. A fee simple owner grants the life estate to a life tenant.
What distinguishes a pur autre vie life estate from an ordinary life estate?
a. The pur autre vie estate endures only for the lifetime of the grantor.
b. The pur autre vie estate endures only for the lifetime of the grantee.
c. The pur autre vie estate endures only for the lifetime of a person other than the grantee.
d. The pur autre vie estate cannot revert to the grantor.
c. The pur autre vie estate endures only for the lifetime of a person other than the grantee.
Which of the following life estates is created by someone other than the owner?
a. Conventional life estate
b. Ordinary life estate
c. Legal life estate
d. Community property life estate.
c. Legal life estate
Which of the following is true of a homestead?
a. A homestead interest cannot be conveyed by one spouse.
b. A homestead interest cannot be passed to the children of the head of household.
c. A homestead interest is a form of conventional life estate.
d. A homestead is a primary or secondary residence occupied by a family.
a. A homestead interest cannot be conveyed by one spouse.
Dower refers to
a. joint tenancy of husband and wife.
b. a wife’s life estate interest in her husband’s property.
c. a wife’s homestead interest.
d. a child’s life estate interest in his or her parents’ homestead.
b. a wife’s life estate interest in her husband’s property.
Which of the following is an illustration of the legal concept of elective share?
a. A surviving spouse places a lien on a debtor’s property.
b. A widow who was excluded from a will makes a claim to a portion of the couple’s principal residence.
c. A spouse who loses her home because of her husband’s gambling debt sues in court for exemption from the debt.
d. A widower whose spouse died without a will sues to change the provisions of the will.
b. A widow who was excluded from a will makes a claim to a portion of the couple’s principal residence.
A one-year lease on a house has expired, but the tenant continues sending monthly rent checks to the owner, and the owner accepts them. What kind of leasehold estate exists?
a. Estate for years
b. Estate from period to period
c. Estate at will
d. Estate at sufferance
b. Estate from period to period
The principal residence protected against certain debts and creditors by statute
homestead
A leasehold, which is automatically renewed for the same term as in the original lease; also referred to as a periodic tenancy or an estate from period to period. Month to month rental. Notice needed to terminate.
estate from period- period
the authority of each State to act to protect and promote the public health, safety, morals, and general welfare of its people. Create, regulate, tax and condemn real property
police power
If the interest-holder enjoys the right of possession, the party is considered to have an estate in land, or familiarly, an estate.
estate in land
An interest in land that exists only for the duration of the life of some person, usually the holder of the estate.
life estate
estate interests in real estate having unlimited duration; titled interests
freehold
A freehold or leasehold estate held by a tenant.
tenancy
An interest, right or intrusion that limits the freehold interest of an owner of real property or otherwise adversely effects the marketability of title.
encumbrance
Tenant remains on the property, without the landlord’s permission, after the lease has expired
estate at sufferance
An occupation of space, for an indefinite period, which can be terminated by either the lessor or lessee at any time. Also referred to as tenancy at will.
estate at will
A wife’s interest in the real property of her husband.
dower
The rights that a husband acquires in the wife’s property upon her death.
curtesy
A future interest that takes effect upon the expiration of a life estate when the life tenant dies.
remainder
A minimum share of a deceased spouse’s estate, which a surviving spouse may claim in lieu of any amount specified in the deceased spouse will. For example, a wife omitted from her husband’s will may still claim an elective share of his estate.
elective share
ownership by two or more persons that gives each the right to use the entire property
undivided interest
A transfer of title from a life estate tenant back to the grantor
reversion
An interest for a certain, exact period of time in property leased for a specified consideration.
estate for years
The fee simple freehold estate is the highest form of ownership interest one can acquire in real estate . It includes the complete bundle of rights , and the tenancy is unlimited , with certain exceptions indicated below . The fee simple interest is also called the “ fee interest , “ or simply , the “ fee . “ The owner of the fee simple interest is called the fee tenant . Fee simple estates , like all estates , remain subject to government restrictions and private interests .
fee simple
An estate that entails temporary rights of use , possession , and to an extent , exclusion but not legal ownership . A leasehold estate is distinguished by its specific duration , as represented by the lease term . Ownership of a leasehold estate is not so considered because the leaseholder’s rights are temporary
leasehold
