Unit 3 Overall Review

Question 1

An _______ in real estate is ownership of any combination of the bundle of rights to real property, including the rights to possess, use, transfer, encumber and exclude.

Answer 1

Interest

Question 2

An ______ is an owner’s interest in a property in which two or more parties share ownership.

Answer 2

Undivided interest

Question 3

If a private interest-holder does not have the right to possess, the interest is an _________.

Answer 3

encumbrance

Question 4

If the interest-holder is not private the interest is some form of public interest -
1.
2.
3.

Answer 4

1. police power
2. eminent domain
3. escheat

Question 5

An estate in land is an interest that includes the right of __________.

Answer 5

possession

Question 6

Depending on the length of time one may enjoy the right to possess the estate, the relationship of the parties owning the estate, and specific interests held in the estate, an estate is a _________ or a ________.

Answer 6

freehold estate or a leasehold estate

Question 7

A freehold estate of potentially unlimited duration is a ___________: an estate limited to the life of the owner is a _________.

Answer 7

fee simple estate

life estate

Question 8

____________ - perpetual estate that is not conditioned by stipulated or restricted uses. It may be freely passed on to heirs.

Answer 8

fee simple absolute

Question 9

______________ - ownership can continue indefinitely, provided the use of the property conforms to certain stated conditions. It is perpetual, provided the usage conforms to stated conditions.

Answer 9

fee simple defeasible

Question 10

2 types of fee simple defeasible are ________ and ___________

Answer 10

determinable and condition subsequent

Question 11

A _______ is a freehold estate that is limited in duration to the life of the owner or another named person. Upon the death of the owner, the estate passes to the original owner or another named party.

Answer 11

life estate

Question 12

Conventional life estate - __1_____ and __2___

Answer 12

1. ordinary

2. pur autre vie

Question 13

Legal life estate -
1.
2.
3.

Answer 13

1. homestead,
2. dower and curtesy
3. elective share

Question 14

A life tenant has the responsibility to protect the property for the ___A____ or the ____B____ interest. If the life tenant damages or misuses the property, it is known as ___C_____.

Answer 14

A. Remainderman

B. Revisionary

C. Act of Waste

Question 15

Leasehold Estates:

______________:

• Has a definite beginning and ending date
• Does not require notice to terminate at the end of the term.
• Renewal is not automatic

Answer 15

Estate for years

Question 16

Leashold Estates:

_______________:

• No definite ending date
• Either party may terminate tenancy by giving proper notice to the other party

Answer 16

Estate from period-to-period

Question 17

Leasehold Estates:

______________:

• Landlord lets you stay without a lease
• Notice can be given by either party without warning
• Death of either party immediately terminate tenancy.

Answer 17

Estate at will

Question 18

Leasehold Estates:

__________:

• Holdover tenant is in unlawful possession of the property.
• The landlord must evict tenant through the courts.

Answer 18

Estate at Sufferance

Question 19

The tenant acquires a __________.

The landlord acquires a ____________.

Answer 19

tenant - leasehold interest

landlord - leased fee estate

Question 20

A tenant has the sole right to _______________________________.

Answer 20

occupy and use the premises without interference from outside parties, including the landlord.

Question 21

The landlord may enter the premises for _____________________, but ______________

Answer 21

specified purposes such as inspections, but the interference must be reasonable and limited

Question 22

The landlord can do nothing ____________________

Answer 22

outside of the lease’s express provisions that would impair the tenant’s enjoyment of income deriving from the use of the premises.

Question 23

____________ - buyers and creditors must take their respective interests subject to the terms of the lease.

Answer 23

Conveyance of leased property.