COLLECTION 2026 TESTED MATERIALS
◉ Fee Simple Defeasible. Answer: A type of ownership of real
property that grants the owner all the incidents of a fee simple
absolute except that it may be taken away if a specified condition
occurs or does not occur
◉ determinable fee estate. Answer: A fee simple estate in which the
property automatically reverts to the grantor upon the occurrence of
a specified event or condition.
◉ condition subsequent. Answer: A grantor must take steps to
reclaim the property within a reasonable period of time if the
condition is violated or the condition use is terminated in a fee
simple defeasible.
◉ Life Estate. Answer: An interest in real or personal property that
is limited in duration to the lifetime of its owner or some other
designated person or persons.
◉ Life Tenant. Answer: The holder of a life estate.
,◉ Renainderman. Answer: The person who gets the property after
the life estate is ended.
◉ Life Estate with Reversion. Answer: A life estate set up so that at
the end of the life estate the property goes back to the original
owner
◉ Life Estate Pur Autre Vie. Answer: A life estate in one person with
another person serving as the measuring life.
◉ Leasehold Estate. Answer: A tenant's right to occupy real estate
during the term of a lease, generally considered to be a personal
property interest.
◉ Estate for years. Answer: Lease for a definite period of time
◉ periodic tendency lease. Answer: A lease with a fixed period that
is automatically renewed unless tenant or landlord terminate it. A
month to month lease
◉ Estate at Will (Tenancy at Will). Answer: A lease that can be
terminated by either party at will, without notice
,◉ Tenancy as Sufferance. Answer: tenants remaining after lease
term without landlord's consent
◉ Holdover Tenant. Answer: Tenant who remains in possession of
leased property after the expiration of the lease term.
◉ "Holdover Tenancy/ Tenancy at Sufferance". Answer: (Holdover)
If you are any of the other tenants, once the time where your period
is up.
(Sufferance) If you have done something to be able to be evicted (i.e.
own a pet in a no pet place, do not pay rent, etc.)
Everything stays the same, but you could be evicted
◉ Gross Lease. Answer: Tenant pays rents, landlord pays all
expenses of property; most common form of residential lease
◉ Net Lease. Answer: A lease requiring the tenant to pay not only
rent but also costs incurred in maintaining the property, including
taxes, insurance, utilities, and repairs.
◉ Percentage Lease. Answer: One that bases the amount of rent on a
percentage of the sales generated in the space.
, ◉ Graduated Lease. Answer: A lease where the rent will increase
periodically in amounts specified in the lease, as contained in the
escalation clause.
◉ Lease with option to buy. Answer: Allows tenant to purchase
property at end of lease term
◉ Lease Purchase Agreement. Answer: Lease with an option to buy -
a tenant has occupancy now and the right to purchase at a specified
future date and price
◉ Ground Lease. Answer: A lease of land only, on which the tenant
usually owns a building or is required to build as specified in the
lease. Such leases are usually long-term net leases; the tenant's
rights and obligations continue until the lease expires or is
terminated through default.
◉ Oil and Gas Lease. Answer: This lease gives the tenant the right to
extract oil and gas from a specific property
◉ Covenant of Quiet Enjoyment. Answer: Promise that tenant has
right to quietly enjoy the land