Rockwell Real Estate Questions and Correct Answers/ Latest Update / Already Graded

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Rockwell Real Estate Questions and Correct
Answers/ Latest Update / Already Graded
Freehold Estate

Ans: Is an interest in real property that has an indeterminable (not fixed or
certain) referred to as a owner


Fee Simple Estate

Ans: Is the greatest estate that can exist in land, the highest and most complete
form of ownership. It is potentially infinite duration and represents the whole
"bundle of rights"


Estate of Inheritance

Ans: An estate that can pass to the holders heirs, especially a fee simple


Defensible fee estate

Ans: A fee simple estate that carries a qualification, so that ownership may
revert to the grantor if a specified event occurs or a condition is not met


Fee Simple Determinable

Ans: Ends automatically if the condition is violated, the property reverts back to
the grantor without legal action by the grantor


Fee Simple Subject to Condition Subsequent

Ans: doesn't end automatically when the condition is breached, instead the
grantor must take some action


Life Estate



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Ans: Is a freehold estate whose duration is limited to the lifetime of a specified
person or persons


pur autre vie

Ans: "For the life of another." A life estate pur autre vie is a life estate that is
measured by the life of a person other than the grantee


Leasehold Estate

Ans: Has a limited duration (one year less is an example) it is referred to as a
tenant


Estate

Ans: An interest in land that is or may become possessory


Waste

Ans: Permanent damage to real property caused by the party in possession,
harming the interests of other estate holders.


Estate for years

Ans: A leasehold Estate with a fixed term. Also called a term tenancy


Periodic Tenancy

Ans: a leasehold estate that is renewed at the end of each period unless one
party gives notice of termination


Estate at will




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Ans: A leasehold estate without a definite termination date that may arise after
a periodic tenancy or an estate for years terminates. Also called a tenancy at will


Ownership in Severalty

Ans: sole ownership of property


Tenancy in Common

Ans: Joint ownership where there is no right of survivorship


Joint Tenancy

Ans: Joint ownership with right of survivorship


Right of Survivorship

Ans: The right by which the surviving joint tenant(s) acquire another joint
tenant's interest in the property upon her death


Community Property

Ans: property owned jointly by a married couple.


Corporation

Ans: A business entity owned by shareholders, governed by a board of
directors and managed by corporate officers; the shareholders have limited
liability


Partnership

Ans: an association of two or more persons to carry on a business for profit as
co owners



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Real Estate Investment Trust (REIT)

Ans: A real estate investment business that qualifies for tax advantages if certain
requirements are met


Condominium

Ans: A property that has been developed so that individual unit owners have
separate title to their own units, but share ownership of the common elements as
tenants in common.


cooperative

Ans: A property that is owned by a corporation and tenanted by share holders
in the corporation who have proprietary leases for their units


Timeshare

Ans:


Real Property

Ans: land, attachments, and appurtenances


Personal Property

Ans: Anything that is not real property, it's main characteristics is movability


appurtenance

Ans: A right incidental to the land that is transferred with it


Emblements




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