Modern Real Estate Practice 21st Edition -
Unit 3: Interests in Real Estate Exam
Questions And Correct Answers.
An estate in land is defined by the _______ of an owner's interest in real property. - Answer -
Degree
- Quantity
- Nature
- Extent
To be an estate in land, an interest must allow ______. - Answer Possession, meaning the
holding and enjoyment of the property either now or in the future.
A freehold estate lasts for a(n) ________. - Answer An indeterminable length of time, such as
a lifetime or forever.
A freehold estate can be either a ________, which lasts an indefinite amount of time and can be
passed on to the owner's heirs, or a _______, which lasts for a lifetime of a person(who may not
be the holder of the life estate), which ends when they die. - Answer A freehold estate can be
either a FEE SIMPLE ESTATE, which lasts an indefinite amount of time and can be passed on to
the owner's heirs, or a LIFE ESTATE, which lasts for a lifetime of a person(who may not be the
holder of the life estate), which ends when they die.
A _______ is one for which the length of time of the property's use can be determined,
commonly known as a leasehold estate. - Answer Non-freehold.
______ estate has the highest interest in real estate recognized by law. - Answer Fee simple
estate.
Fee simple ______ ownership entitles its owner to all rights to the property by law, it's intended
to run forever. - Answer Fee simple ABSOLUTE.
Upon the death of the owner of a fee simple estate, the property interest passes to: - Answer -
The decedent's co-owner(if there was one and the co-ownership was accompanied by right of
survivorship.
, The right to use a fee simple estate is limited only by ________. - Answer Public and private
restrictions(zoning laws, restrictive covenants, etc)
Fee Simple ______ estate is a qualified fee estate that is subject to the occurrence or
nonoccurence of some specified event. - Answer Fee Simple Defeasible.
Fee Simple Defeasible has two categories, which are: - Answer - Fee simple determinable
- Fee simple subject to a condition subsequent.
Fee simple _______ is a fee simple defeasible estate that may be inherited. This estate is
qualified by a special limitation, which is an occurrence or event. - Answer Fee simple
determinable.
In a fee simple determinable estate, language such as _______ is used to create a special
limitation. - Answer Language such as, 'So Long As' and 'While' and 'During'
In fee simple determinable estate, the former owner retains a ________, which is an interest
that can be transferred to someone else. If the special limitation is violated, whoever is the
holder of the _______ can reacquire full ownership of the property with no need to bring legal
action in court. - Answer Possibility of reverter.
With fee simple ________, an owner gives real estate on condition of ownership, which means
there is a difference in the way the estate will terminate if there is a violation of the condition. -
Answer Fee Simple Subject to a Condition Subsequent.
With a fee simple __________, the estate does not automatically terminate if there is a
violation of the condition. The owner(or their heir or successor) has a right of re-entry but must
bring legal action in court in order to assert this right. - Answer Fee Simple to a Condition
Subsequent.
In defeasible fee estates, the 'possibility of reverter' from Fee Simple determinable or 'right of
entry' from Fee Simple to a Condition Subsequent will only be possible at some time in the
future and may never take effect. Each of those rights is thus considered ________. - Answer
Future interests.
The holder of a life estate is called a _______. - Answer Life tenant
Unit 3: Interests in Real Estate Exam
Questions And Correct Answers.
An estate in land is defined by the _______ of an owner's interest in real property. - Answer -
Degree
- Quantity
- Nature
- Extent
To be an estate in land, an interest must allow ______. - Answer Possession, meaning the
holding and enjoyment of the property either now or in the future.
A freehold estate lasts for a(n) ________. - Answer An indeterminable length of time, such as
a lifetime or forever.
A freehold estate can be either a ________, which lasts an indefinite amount of time and can be
passed on to the owner's heirs, or a _______, which lasts for a lifetime of a person(who may not
be the holder of the life estate), which ends when they die. - Answer A freehold estate can be
either a FEE SIMPLE ESTATE, which lasts an indefinite amount of time and can be passed on to
the owner's heirs, or a LIFE ESTATE, which lasts for a lifetime of a person(who may not be the
holder of the life estate), which ends when they die.
A _______ is one for which the length of time of the property's use can be determined,
commonly known as a leasehold estate. - Answer Non-freehold.
______ estate has the highest interest in real estate recognized by law. - Answer Fee simple
estate.
Fee simple ______ ownership entitles its owner to all rights to the property by law, it's intended
to run forever. - Answer Fee simple ABSOLUTE.
Upon the death of the owner of a fee simple estate, the property interest passes to: - Answer -
The decedent's co-owner(if there was one and the co-ownership was accompanied by right of
survivorship.
, The right to use a fee simple estate is limited only by ________. - Answer Public and private
restrictions(zoning laws, restrictive covenants, etc)
Fee Simple ______ estate is a qualified fee estate that is subject to the occurrence or
nonoccurence of some specified event. - Answer Fee Simple Defeasible.
Fee Simple Defeasible has two categories, which are: - Answer - Fee simple determinable
- Fee simple subject to a condition subsequent.
Fee simple _______ is a fee simple defeasible estate that may be inherited. This estate is
qualified by a special limitation, which is an occurrence or event. - Answer Fee simple
determinable.
In a fee simple determinable estate, language such as _______ is used to create a special
limitation. - Answer Language such as, 'So Long As' and 'While' and 'During'
In fee simple determinable estate, the former owner retains a ________, which is an interest
that can be transferred to someone else. If the special limitation is violated, whoever is the
holder of the _______ can reacquire full ownership of the property with no need to bring legal
action in court. - Answer Possibility of reverter.
With fee simple ________, an owner gives real estate on condition of ownership, which means
there is a difference in the way the estate will terminate if there is a violation of the condition. -
Answer Fee Simple Subject to a Condition Subsequent.
With a fee simple __________, the estate does not automatically terminate if there is a
violation of the condition. The owner(or their heir or successor) has a right of re-entry but must
bring legal action in court in order to assert this right. - Answer Fee Simple to a Condition
Subsequent.
In defeasible fee estates, the 'possibility of reverter' from Fee Simple determinable or 'right of
entry' from Fee Simple to a Condition Subsequent will only be possible at some time in the
future and may never take effect. Each of those rights is thus considered ________. - Answer
Future interests.
The holder of a life estate is called a _______. - Answer Life tenant
