Rockwell Real Estate study test exam
with 100% correct answers
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 - 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 - 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
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 - ANS Crops, such as wheat, produced annually through the labor of
the cultivator
Trade Fixtures - ANS Personal property attached to real property by a tenant for
use in a trade or business. Trade fixtures are removable by the tenant.
Riparian Land - ANS Land bordered by flowing water, such as a stream or river
Littoral land - ANS Land bordered by a stationary body of water, such as a lake or
pond.
Appropriative Rights - ANS Water rights established by obtaining a government
permit, and not based on ownership of land beside a body of water.
Lateral Support - ANS The physical support that a piece of land receives from the
surrounding land
Subjacent Support - ANS The physical support that a piece of land receives from
the underlying earth
Metes and Bounds - ANS A system of land description in which the boundaries of
a parcel of land are described by reference to monuments, courses and distances
Monument - ANS A visible marker (natural or artificial) used in a survey or a
metes and bounds description to establish the boundaries of a piece of property.
Point of Beginning - ANS The starting point in a metes and bounds description; a
monument or a point described by reference to a monument.
with 100% correct answers
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 - 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 - 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
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 - ANS Crops, such as wheat, produced annually through the labor of
the cultivator
Trade Fixtures - ANS Personal property attached to real property by a tenant for
use in a trade or business. Trade fixtures are removable by the tenant.
Riparian Land - ANS Land bordered by flowing water, such as a stream or river
Littoral land - ANS Land bordered by a stationary body of water, such as a lake or
pond.
Appropriative Rights - ANS Water rights established by obtaining a government
permit, and not based on ownership of land beside a body of water.
Lateral Support - ANS The physical support that a piece of land receives from the
surrounding land
Subjacent Support - ANS The physical support that a piece of land receives from
the underlying earth
Metes and Bounds - ANS A system of land description in which the boundaries of
a parcel of land are described by reference to monuments, courses and distances
Monument - ANS A visible marker (natural or artificial) used in a survey or a
metes and bounds description to establish the boundaries of a piece of property.
Point of Beginning - ANS The starting point in a metes and bounds description; a
monument or a point described by reference to a monument.
