Rockwell Real Estate Exam Study Guide with 100% Verified Complete Solutions

Rockwell Real Estate Exam Study Guide with 100% Verified Complete Solutions Freehold Estate - Correct Answer Is an interest in real property that has an indeterminable (not fixed or certain) referred to as a owner Fee Simple Estate - Correct Answer 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 - Correct Answer An estate that can pass to the holders heirs, especially a fee simple Defensible fee estate - Correct Answer 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 - Correct Answer 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 - Correct Answer doesn't end automatically when the condition is breached, instead the grantor must take some action Life Estate - Correct Answer Is a freehold estate whose duration is limited to the lifetime of a specified person or persons pur autre vie - Correct Answer "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 - Correct Answer Has a limited duration (one year less is an example) it is referred to as a tenant Estate - Correct Answer An interest in land that is or may become possessory Waste - Correct Answer Permanent damage to real property caused by the party in possession, harming the interests of other estate holders. Estate for years - Correct Answer A leasehold Estate with a fixed term. Also called a term tenancy Periodic Tenancy - Correct Answer a leasehold estate that is renewed at the end of each period unless one party gives notice of termination Estate at will - Correct Answer 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 - Correct Answer sole ownership of property Tenancy in Common - Correct Answer Joint ownership where there is no right of survivorship Joint Tenancy - Correct Answer Joint ownership with right of survivorship