N11 Estates

Question 1

The degree, quantity, nature or extent of interest that a person holds in real property.

Answer 1

Estate

Question 2

The two main categories of estates in real property are _______ AKA _____ and _______ AKA _____.

Answer 2

Freehold Estates aka Ownership, Less than Freehold aka Leasehold Estates

Question 3

The highest form of real property ownership.

Answer 3

Fee Simple Absolute AKA Fee Simple

Question 4

The most common form of real property ownership.

Answer 4

Fee Simple Absolute AKA Fee Simple

Question 5

If a fee simple estate has restrictions that limit the property’s use.

Answer 5

Defeasible Fee Simple or Fee Simple on Condition Subsequent

Question 6

An ownership interest that may NOT be willed to heirs.

Answer 6

Life Estate

Question 7

The holder of a life estate is referred to as a ____.

Answer 7

Life Tenant

Question 8

Waste

Answer 8

Deliberate damage to a property by an owner or renter .

Question 9

The grantor of a life estate who will receive the granted interest at some time in the future holds an _______and is a _____.

Answer 9

Estate in Reversion, Reverter

Question 10

A person who was not the grantor of a life estate who will receive a greater interest at some future time holds an _______ and is a _____Person.

Answer 10

Estate in Remainder, Remainder

Question 11

Tenant Pur Autre Vie

Answer 11

A person who holds a life estate that is dependent on someone else’s life.

Question 12

Demise

Answer 12

Another name for a lease.

Question 13

Lessor (Landlord) and Lessee (Tenant)

Answer 13

parties to a lease

Question 14

Estate For Years

Answer 14

A lease in which there is a specific ending date

Question 15

Periodic Tenancy aka Estate from Period to Period aka Month to Month Tenancy

Answer 15

A lease that has no ending date but renews periodically.

Question 16

Notice to terminate is NOT required in an _____.

Answer 16

Estate for Years. ( End date is indicates on these)

Question 17

A leasehold interest that has no specific time and may be terminated at any time by either party.

Answer 17

Estate at Will

Question 18

Estate At Sufferance

Answer 18

When a lease has expired but the tenant is holding over wrongfully.

Question 19

Gross Lease

Answer 19

A lease in which the landlord pays all expenses.

Question 20

A lease in which the tenant pays the expenses

Answer 20

Net Lease

Question 21

A net lease is sometimes called a _____ AKA ______.

Answer 21

Triple Net Lease aka Net, Net, Net Lease

Question 22

The expense that a landlord retains in a net lease.

Answer 22

Mortgage payment

Question 23

Percentage lease

Answer 23

A lease in which the rent is a percentage of the tenant’s gross income.

Question 24

Ground Lease

Answer 24

A lease in which the tenant rents only the land.

Question 25

A lease in which the tenant was the former owner.

Answer 25

Sale Lease-Back

Question 26

A lease in which the rent increases or decreases at specified times.

Answer 26

Graded or Graduated Lease

Question 27

The clause in a graduated/graded lease stating the increases in rent.

Answer 27

Escalator Clause

Question 28

A lease in which the rent is tied to consumer prices or inflation.

Answer 28

Index Lease

Question 29

A lease in which the tenant has the right to buy or re-lease the property.

Answer 29

Lease-option

Question 30

Sandwich Lease

Answer 30

A lease with a sub-lease.

Question 31

A lease in which the tenant is a nationally recognized company.

Answer 31

Anchor Lease

Question 32

A lease in which the tenant is a shareholder in a cooperative.

Answer 32

A Proprietary Lease

Question 33

Surrender and Acceptance

Answer 33

Mutual agreement to terminate a lease.

Question 34

The clause in a lease which calls for lease termination should the property be taken under eminent domain.

Answer 34

Condemnation Clause

Question 35

If a tenant breaches some lease terms and the landlord forces the tenant out it is called an ____.

Answer 35

Actual Eviction

Question 36

The legal term for the eviction process is _________ AKA ________.

Answer 36

Forcible Entry & Detainer Action aka Ejectment

Question 37

If a landlord breaches lease terms resulting in the property becoming uninhabitable and causing the tenant to terminate the lease.

Answer 37

Constructive Eviction

Question 38

Does the death of a Land Lord terminate the lease?

Answer 38

NO

Question 39

Does the sale of the property terminate the lease?

Answer 39

NO

Question 40

The two rights that a landlord has under a lease. 1. _________ 2. _________

Answer 40

1. Right to receive rent | 2. right to reversion

Question 41

A tenant’s right to protection from any claim against the leasehold interest.

Answer 41

Right of Quiet Enjoyment

Question 42

Trade Fixtures

Answer 42

Personal property of a tenant used in the tenant’s business.

Question 43

The right that a wife has in the state of her deceased husband is:

Answer 43

Dower

Question 44

Curtesy

Answer 44

The right that a husband has in the state of his deceased wife.