Unit three concepts of homeownership

Question 1

Freehold estate

Answer 1

Ownership interest for an indefinite period

Question 2

Fee simple absolute

Answer 2

The highest form of ownership complete control

Question 3

Fee simple defeasible

Answer 3

ownership that can be lost if certain conditions are not meant

Question 4

Life estate

Answer 4

Ownership for duration of a person’s life

Question 5

Estate for years

Answer 5

fixed term lease

Question 6

Periodic estate

Answer 6

Renew automatically less terminated

Question 7

Estate at Will

Answer 7

Indefinite duration, terminal at any time by any party

Question 8

Stay at severance

Answer 8

Tenant remains without landlord’s consent after lease expiration

Question 9

Liens

Answer 9

Claims against the property for a debt, i.e. mortgage loan, tax lien, mechanics lien

Question 10

Easements

Answer 10

The right to use another property for a specific purpose i.e. utility lines, share driveway

Question 11

 license

Answer 11

Temporary permission to use another’s land hunting at, hiking, fishing

Question 12

Encroachments

Answer 12

When part of a structure illegally extends onto another’s property

Question 13

Governmental powers

Answer 13

PETE
Police power: health safety reg
Eminent domain
Taxation
ESCHEAT

Question 14

Remainder interest

Answer 14

When property passes to someone other than the original owner after an estate end

Question 15

Reversionary interest

Answer 15

Property reverse back to his original owner after life estate

Question 16

Common elements

Answer 16

Shared property, i.e. condo, elevators, pool area ETC

Question 17