Estates Flashcards
(146 cards)
1
Q
A(n) ___ is the degree, quantity, nature, and extent of interest a person has in real property.
A
Estate In Land
2
Q
Not all interests in real estate are ___.
A
estates
3
Q
To be an estate in land, an interest must allow ___ either now or in the future.
A
Possession
4
Q
Estate in land must be measured according to ___.
A
Time
5
Q
___ is an estate in land in which ownership is for an indeterminate length of time.
A
Freehold Estate
6
Q
___ and ___ estates continue for an indefinite period and may be passed along to the owner’s heirs.
A
Fee simple (indefeasible fee) and Defeasible fee
7
Q
A(n) ___ estate is based on the lifetime of a person and ends when the individual dies.
A
Life estate
8
Q
When does a life estate end?
A
When the individual dies
9
Q
___ estates are the opposite of freehold estates.
A
Leasehold
10
Q
___ estate is a tenant’s right to occupy real estate during the term of the lease.
A
Leasehold
11
Q
Estates at will and estates at sufferance are ___ estates.
A
Leasehold
12
Q
Leasehold estates last for…
A
a fixed period of time
13
Q
In Illinois, freehold and leasehold estates are recognized as…
A
the same found in most states
14
Q
Fee simple estates are of ___ duration.
A
Unlimited
15
Q
In the death of an owner, a fee simple passes to ___ or ___.
A
Heirs or according to will
16
Q
___ is the highest interest in real estate recognized by law.
A
Fee Simple Absolute
17
Q
___ is the maximum possible estate or right of ownership of real property.
A
Fee Simple Absolute
18
Q
What is the duration of Fee Simple Absolute?
A
Forever
19
Q
With fee simple absolute, the holder is entitled to…
A
All rights to the property
20
Q
What are the only limitations to fee simple absolute?
A
Certain public and private restrictions / Government powers
21
Q
___ is an estate in which the owner has a fee simple title that may be divested on the occurrence or nonoccurence of a specified event.
A
Fee Simple Defeasible
22
Q
What are the two categories of defeasible fee estates?
A
1) Conditions precedent / fee simple determinable
2) Condition subsequent
23
Q
A(n) ___ is only created by using the words “on the condition that.”
A
Condition subsequent
24
Q
When a(n) ___ is created, words such as “as long as,” “while,” or “during” might be used.
A
Fee simple determinable / conditions precedent
25
___ means that the new owner must not perform some action or activity.
Condition subsequent
26
If a property’s new owner breaks the condition from condition subsequent, the former owner can…
Retake possession of the property through legal action
27
Bob grants land to his church on the condition that “no alcohol is consumed on the premises.” This is a fee simple subject to a(n) ___.
Condition subsequent
28
Bob grants land to his church on the condition that “no alcohol is consumed on the premises.” Because of this condition subsequent, if alcohol is consumed on the property, Bob has the right to…
Reacquire full ownership of the property
29
___ is a fee simple defeasible estate that may be inherited.
Fee simple determinable
30
In Illinois, when an owner gives land to the church, “as long as the land is used only for religious purposes,” it is called a(n) ___.
Fee simple determinable
31
If the limitation to a fee simple determinable is violated, the owner can ___ without ___.
Reclaim ownership without going to court
32
If the limitation to a fee simple determinable is violated, the deed is…
Automatically returned to the former owner
33
___ is a person’s present right to an interest in real property that will not result in possession or enjoyment until sometime in the future.
Future Interest
34
The right of reentry and possibility of reverter are considered as ___.
Future interests
35
In Illinois, the original grantor’s right of reverter may only continue for ___ years.
40 years
36
___ is an interest in real or personal property that is limited in duration to the lifetime of its owner or some other designated person(s).
Life Estate
37
A life estate is a(n) ___ estate.
Freehold
38
What makes a life estate different from other freehold estates?
Life estates cannot be inherited
39
Life estates pass to future owners…
According to prearranged provisions of the life estate
40
___ and ___ life estates are created through grant or conveyance to another.
Conventional and Pur Autre Vie
41
___ life estate is created by statute or law.
Legal
42
Life estates avoid the ___ process.
Probate
43
A(n) ___ is entitled to the rights and benefits of ownership from both possession and ordinary use and profits just as if the individual held a fee simple interest.
Life tenant
44
A(n) ___ is a person in possession of a life estate.
Life tenant
45
A life tenant’s ownership is subject to the limitation of the ___.
Life estate
46
If a life tenant injures property, such injury is called ___ in legal terms.
Waste
47
Who’s job is it to assist a client with life estates, determinable fees, or fees with conditions subsequent?
A real estate attorney
48
Who’s responsibility is it to note estates in a sales transaction?
Listing agents
49
A(n) ___ life estate is created intentionally by the owner.
Conventional
50
A(n) ___ life estate may be established either by deed when ownership is transferred during the owner’s life, or by a provision of the owner’s will after their death.
Conventional
51
A conventional life estate is conveyed to a(n) ___.
Life tenant
52
The life tenant has full ___ of the ownership for the duration of his life.
Enjoyment
53
What happens when a life tenant dies?
Estate ends and ownership passes
54
A woman who has a fee simple estate in a property conveys a life estate to a man for his lifetime. The man is the ___.
Life tenant
55
A woman who has a fee simple estate in a property conveys a life estate to a man for his lifetime. On his death, the life estate terminates. Who owns the property now?
The woman
56
A woman who has a fee simple estate in a property conveys a life estate to a man for his lifetime. On his death, the life estate terminates. If the life estate was created by the woman’s will, how is subsequent ownership of the property determined?
Provisions of the will
57
A life estate based on the lifetime of a person other than the life tenant is called a life estate ___.
Pur autre vie
58
A life estate pur autre vie provides for the life tenant’s ownership only until…
the death of the person whose life the estate is measured
59
A man often does not pay his apartment rent. He is set to inherit his family home after his father dies. In the meantime, a woman sets up a life estate pur autre vie giving the man rights of s life tenant to a cottage she owns. When does the man’s life tenancy terminate?
The moment of his father’s death
60
A man often does not pay his apartment rent. He is set to inherit his family home after his father dies. In the meantime, a woman sets up a life estate pur autre vie giving the man rights of s life tenant to a cottage she owns. The moment his father dies, who has ownership rights to the cottage?
The woman or her heirs
61
When a life estate ends, it is replaced by a(n) ___.
Fee simple estate
62
The future owner of a fee simple estate may be designated in one of what two ways?
1) Remainder interest
2) reversionary interest
63
In ___ interest, the creator of a life estate may name someone as the person to whom the property will pass when the life estate ends.
Remainder
64
A ___ is the person to whom the property will pass when the life estate ends in a remainder interest.
Remainderman
65
In ___ interest, the creator of a life estate may choose not to name a remainderman.
Reversionary
66
In ___ interest, the creator of a life estate will recapture ownership when the life estate ends.
Reversionary
67
In reversionary interest, ownership is said to “revert to the ___.”
Original owner
68
Craig conveys a ranch to Jean for Jean’s lifetime and designates James to be the remainderman. While Jean is still alive, James owns a remainder interest, which is a nonpossessory estate; that is, James does not possess the property but has interest in it nonetheless. This is a(n)…
future interest in the fee simple estate.
69
Craig conveys a ranch to Jean for Jean’s lifetime and designates James to be the remainderman. While Jean is still alive, James owns a remainder interest, which is a nonpossessory estate; that is, James does not possess the property but has interest in it nonetheless. If Jean dies, who automatically becomes the fee simple owner?
James
70
Craig conveys a life estate in a ranch to Jean during and based on Jean’s life. On Jean’s death, ownership of the ranch…
Reverts to Craig.
71
Craig conveys a life estate in a ranch to Jean during and based on Jean’s life. On Jean’s death, ownership of the ranch reverts to Craig. This is because Craig has retained a(n) ___ interest.
Reversionary
72
Craig conveys a life estate in a ranch to Jean during and based on Jean’s life. Craig has future interest in the ownership and may reclaim the fee simple estate when…
Jean dies
73
Craig conveys a life estate in a ranch to Jean during and based on Jean’s life. Craig has ___ in the ownership and may reclaim the simple fee estate when Jean dies.
Future interest
74
Craig conveys a life estate in a ranch to Jean during and based on Jean’s life. If Craig dies before Jean, who will assume ownership of the ranch when Jean dies?
Craig’s heirs or other individuals specified in Craig’s will
75
___ are the amount, right, or kind of legal interest in real property.
Estates
76
What are the two main types of estates?
1) Freehold estates
2) Leasehold
77
___ estates refer to ownership for an indefinite duration, while ___ refers to possession for a fixed term.
Freehold; Leasehold
78
___ estates allow you to own property for as long as you want until you dispose of it.
Freehold
79
Apartment rentals are ___ estates.
Leasehold
80
What type of freehold estate includes the complete bundle of legal rights?
Fee Simple absolute
81
What type of freehold estate means that the new owner could lose their ownership of the land in the event of a specific occurrence?
Fee simple defeasible
82
What type of fee simple defeasible estate allows for automatic reversion?
Fee simple determinable
83
If Bob tells the new owner, “You may have this land as long as you don’t raise horses on it,” he is creating a(n) ___ estate.
Fee simple determinable
84
The words “so long as,” “while,” and “during” create a ___ estate.
Fee simple determinable
85
A(n) ___ estate is created using the words “on the condition that.”
Condition subsequent
86
When it comes to an owner reclaiming ownership of property, how is fee simple determinable and condition subsequent different?
Fee simple determinable allows for automatic reversion, condition subsequent requires going to court
87
John sold Jane an acre of land “so long as she doesn’t raise horses on it.” Jane decided to raise horses anyway. How can John reclaim ownership of his land?
Automatic reversion
88
John sold Jane an acre of land “on the condition that she doesn’t raise horses on it.” Jane decided to raise horses anyway. How can John reclaim ownership of his land?
He must seek reversion in court
89
John sold Jane an acre of land “so long as she doesn’t raise horses on it.” John gave Jane a(n) ___ estate.
Fee simple determinable
90
John sold Jane an acre of land “on the condition that she doesn’t raise horses on it.” John gave Jane a(n) ___ estate.
Condition subsequent
91
Mr. Brown gives a deed to Miss Green. She owns this property for as long as she is alive. Miss Green is the ___.
Life tenant.
92
Mr. Brown gives a deed to Miss Green. She owns this property for as long as she is alive and is the life tenant. When Miss Green dies, the life estate reverts to ___.
Mr. Brown
93
Mr. Brown gives a deed to Miss Green. She owns this property for as long as she is alive. Who is the grantor?
Mr. Brown
94
Mr. Brown gives a deed to Miss Green. She owns this property for as long as she is alive. Because Miss Green is the life tenant, she cannot allow ___ to happen to the property while she is alive.
Waste
95
Mr. Brown gives a deed to Miss Green. She owns this property for as long as she is alive. In the deed, Mr. Brown states that upon Miss Green’s death, the life estate will revert to Mr. Yellow. Mr. Yellow is the ___.
Remainderman
96
The difference between reversionary and reminder interest is that…
Remainder interest is stated on the deed
97
Joe becomes estranged from his father. Joe’s friend grants Joe a condo based on how long Joe’s father is alive. This is known as an estate by ___.
Pur autre vie
98
A remainderman is named in the ___.
Deed
99
If real estate is a life estate, this must always be ___.
Disclosed
100
A life estate is ___ but not ___.
Transferable, not inheritable
101
Bob rents an apartment to Susan. Who holds the leasehold estate?
Susan
102
Bob rents an apartment to Susan. What type of estate does Bob hold?
Leased Fee Estate
103
Bob rents an apartment to Susan. Bob has a(n) ___ interest.
Reversionary
104
When a tenant leaves a property, the landlord automatically reclaims the property by ___ interest.
Reversionary
105
Bob buys a three flat building, which included tenants in two of the units. Bob has to abide by the leases because the leases are ___.
Appurtenant
106
Bob buys a three flat building, which included tenants in two of the units. What happens to the leases of the tenants?
The leases transfer with the ownership of the property
107
In estate tenancy for years, when does the lease terminate?
Specific date
108
Bob rents an apartment to Susan, and the lease has a termination date of November 1. Bob dies on October 1. When will Susan’s lease terminate?
November 1
109
Bob rents an apartment to Susan, and the lease has a termination date of November 1. Bob sells the unit to John on September 1. When will Susan’s lease terminate?
November 1
110
If a lease specifies that it will automatically terminate on a specific date, but the landlord or tenant dies before that date, the lease ___.
Continues
111
___ estate is a leasehold estate that automatically renews for a set period upon payment of rent, for example month to month.
Periodic estate
112
In Illinois, termination of a periodic estate requires notice equal to ___ for termination.
The term of the lease
113
John’s lease indicates a periodic estate on a monthly basis in Chicago. How much notice is required to terminate the lease?
One month
114
Susan has lease indicating a periodic estate on a monthly basis in Chicago. On July 15, she notifies her landlord that she will be terminating the lease. Because she must complete the term of the lease before termination, what date will Susan’s lease terminate?
August 30
115
In Illinois, if a periodic estate is on a year to year basis, either party may terminate the case by giving ___ days written notice at any time within the 4 months preceding the last ___ days of the lease (both blanks are the same answer).
60
116
In Illinois, if a periodic estate is on a year to year basis, either party may terminate the case by giving 60 days written notice at any time within the ___ months preceding the last 60 days of the lease.
4
117
In a(n) ___, the tenant occupies the property at the landlord’s discretion with no fixed term.
Estate at Will
118
A(n) ___ is a leasehold estate that may be terminated by notice, death, or sale.
Estate at will
119
A(n) ___ is a holdover after legal tenancy.
Estate at sufferance
120
A(n) ___ is an estate where the owner may evict a tenant or accept rent at the end of the lease term.
Estate at sufferance
121
If rent is accepted from a Tennant at sufferance, estate at sufferance becomes a(n) ___.
Periodic estate
122
To evict for non-payment of rent, how much notice is required?
5 days
123
If a tenant pays rent within 5 days after the eviction notice is issued, what happens to the lease?
Lease remains in effect
124
To evict a tenant for any reason other than non-payment of rent, how much notice is required?
10 days
125
To evict a tenant for any reason other than non-payment of rent, and the breach is cured within the 10 day notice, can the eviction still continue?
Yes
126
In Illinois, what is the first step in the process to evict a tenant?
Issue an eviction notice
127
A(n) ___ eviction is where the tenant terminates a lease on their own after the property becomes uninhabitable.
Constructive
128
Illinois Supreme Court’s “Implied Warranty of Habitability” states that if a property becomes ___ the lessee may repair the unit themselves and deduct that amount from their rent as long as it’s not an amount greater than one month’s rent.
Uninhabitable
129
Illinois Supreme Court’s “Implied Warranty of Habitability” states that if a property becomes uninhabitable the ___ may terminate the lease.
tennant / lessee
130
Illinois Supreme Court’s “Implied Warranty of Habitability” states that if a property becomes uninhabitable the lessee may claim ___.
Constructive eviction
131
What are the 3 legal life estates used in many states?
1) Dower
2) Curtesy
3) Homestead
132
___ is the life estate that a wife has in the real estate of her deceased husband.
Dower
133
___ is the identical interest that a husband has in real estate of his deceased wife.
Curtesy
134
Illinois has ___ the common-law concepts of dower and curtesy.
Abolished
135
The ___ gives the surviving spouse the right to take an elective share on the death of the other spouse.
Uniform Probate Code
136
___ is a legal life estate in real estate occupied as the family home.
Homestead
137
___ is a legal life estate that protects a home from unsecured creditors during the occupant’s lifetime.
Homestead
138
In Illinois, every homeowner is entitled to a homestead exemption up to a value of $___ per head of household, with a maximum limit of two heads of household.
$15,000
139
In Illinois, every homeowner is entitled to a homestead exemption up to a value of $15,000 per head of household, with a maximum limit of $___.
$30,000
140
The homestead exemption may continue after the death of the owner for the benefit of the survivor as long as…
the survivor continues to occupy the homestead
141
In Illinois, how many homesteads are allowed per family at any one time?
One homestead per family
142
___ rights state that a spouse may not sell the principal residence without the signature of the other spouse.
Homestead
143
Why do deeds state the marital status of the grantor?
Homestead rights
144
If only one spouse is on the title, who’s names must be included in the listing agreement to release homestead rights?
Both spouses
145
In Illinois, the homestead is protected against claims of ___.
Unsecured creditors
146
Illinois has ___ instead of dower or curtesy.
Homestead
