Chapter 2: Estates and Tenancies

Question 1

Estate in land is defined as what?

Answer 1

The interest an individual has in real property

Question 2

An estate includes what?

Answer 2

A present or future right to ownership possession of real property

Question 3

What are the two types of estates?

Answer 3

Freehold and nonfreehold

Question 4

What is a freehold estate defined as?

Answer 4

The duration of the owner’s rights cannot be determined: the rights may endure for a lifetime, for less than a lifetime, or for generations beyond the owner’s lifetime.

Question 5

what type of estate implies “ownership”?

Answer 5

Freehold estates

Question 6

What is a non freehold estate defined as?

Answer 6

Distinguished by its specific duration, as represented by the lease term

Question 7

Non freehold estate is also referred to as?

Answer 7

a leasehold estate

Question 8

Both freehold and non freehold estates are referred to as?

Answer 8

Tenancies

Question 9

The owner of the freehold estate is the?

Answer 9

freehold tenant

Question 10

The renter of a non free hold estate is the?

Answer 10

leasehold tenant

Question 11

The interest in real estate is defined as?

Answer 11

the ownership of any combination of the bundle of rights to real property

Question 12

The bundle of rights include?

Answer 12

posses, use, transfer, encumber, and exclude

Question 13

What is a fee simple freehold estate defined as?

Answer 13

The highest form of ownership interest one can acquire in real estate

Question 14

What is a title defined as?

Answer 14

The bundle of rights in a piece of property. The legal way of saying who has legal ownership and the right to use a particular property.

Question 15

What is a grantee defined as?

Answer 15

Is the recipient of a property and will be the person taking the title

Question 16

What is a grantor defined as?

Answer 16

The person who is transferring title and relinquishing the property

Question 17

A freehold estate of potentially unlimited duration is called a?

Answer 17

A fee simple estate

Question 18

An estate limited to the life of the owner is called a ?

Answer 18

A life estate

Question 19

what type of estate that is most common form of estate?

Answer 19

fee simple estate

Question 20

What type of estate is not limited by one’s lifetime?

Answer 20

fee simple estate

Question 21

What type of real estate is the hightest form of ownership interest?

Answer 21

Fee simple absolute

Question 22

What type of estate is most often called “inheritable fee simple”?

Answer 22

fee simple absolute

Question 23

What type of estate can revert to previous owners for violation of conditions?

Answer 23

Fee simple defeasible

Question 24

What are the 2 types of fee simple defeasible estate?

Answer 24

determinable and condition subsequent

Question 25

What type of estate passes to another person upon death of a named party?

Answer 25

fee estate

Question 26

The holder of the life estate is called?

Answer 26

life tenant

Question 27

The interest of a named party to receive estate after the holder's death is known as?

Answer 27

The remainder

Question 28

The interest of previous owner to receive estate after holder's death is known as?

Answer 28

The reversion

Question 29

The limited of lifetime of life tenant or another named party is known as?

Answer 29

Full ownership interest

Question 30

Conventional life estate is created by?

Answer 30

agreements between parties

Question 31

The death of the life tenant and passes to remainderman or previous owner is known as?

Answer 31

the ordinary conventional life estate

Question 32

The death of another person and passes to remaindeman or previous owner is known as?

Answer 32

the pur autre vie

Question 33

Legal life estate is the....

Answer 33

automatic creation of estate through operation of law

Question 34

legal life estate is designed to...

Answer 34

protect family survivors

Question 35

The right to one's principle residence is known as?

Answer 35

homestead

Question 36

The laws to protect homestead from certain creditors is known as?

Answer 36

the homestead laws

Question 37

A life estate interest of a widow(er) in the real property is known as?

Answer 37

Dower and curtesy

Question 38

The right to claim decrease spouse's property in lieu of will is known as?

Answer 38

Elective share

Question 39

An interest in property that is less than a freehold estate is known as...?

Answer 39

a non free hold estate

Question 40

What estate not inheritable and do not involve ownership?

Answer 40

a non free hold estate

Question 41

The execution of a lease by a fee owner, the lessor, or landlord to the lessee or tenant is known as?

Answer 41

A leasehold estate or leasehold

Question 42

A leasehold estate creates a situation where two or more people have an interest in an estate is called a....?

Answer 42

tenancy

Question 43

This tenancy is for a definite period of time. It may endure for any length of term agreed to by the landlord and tenant.

Answer 43

The tenancy for years

Question 44

At the end of this term, this tenancy automatically terminates, without any requirements of notice by either party.

Answer 44

The tenancy of years

Question 45

This tenancy has lease terms that renew automatically upon acceptance of monthly.

Answer 45

periodic tenancy (month-to-month)

Question 46

This tenancy continues until one of the parties provides sufficient of notice by either party.

Answer 46

periodic tenancy

Question 47

This tenancy is for an indefinite period subject to rent payment.

Answer 47

tenancy at will

Question 48

This tenancy can be created by agreement or by failure to create a tenancy for years, and it can be canceled with sufficient notice.

Answer 48

tenancy at will

Question 49

This tenancy against a landlord's will and occurs when a tenant occupies the premises without consent of the landlord or an agreement. This usually occurs when a tenant fails to vacate at the expiration of the lease

Answer 49

tenancy at sufferance

Question 50

What is undivided interest defined as?

Answer 50

An owner's interest in a property in which 2 or more parties share ownership

Question 51

What are the 3 types of life estate?

Answer 51

fee estate, conventional life estate, legal life estate