REAL 200 Exam 1 QUESTION
AND ANSWER
Control - CORRECT ANSWER-Fifth of 5 rights in bundle of rights. Also
known as encumbrance. The right to make legal and other decisions
such as modify, restrict, or lease land
Unbundling rights by choice - CORRECT ANSWER-Owner leasing
property to a renter
,Unbundling rights by statue - CORRECT ANSWER-Police power,
eminent domain, taxation, escheat
Freehold - CORRECT ANSWER-You own the property and the land it
sits on
Leasehold - CORRECT ANSWER-You own the property for a fixed
period of time but not the land it sits on
Fee simple - CORRECT ANSWER-A form of freehold, this is complete
permanent ownership of the property, including the right to inherit it.
This is the highest and most complete form of ownership
Life estate - CORRECT ANSWER-The other form of freehold.
Ownership limited to the life of the tenant. Upon death, the property title
transfers to a remainderman or beneficiary who is the designated
recipient after the life estate expires
Freehold fee simple absolute - CORRECT ANSWER-Highest form of
ownership, only limitations are general laws such as zoning and
easements
, Freehold fee simple conditional (defeasible) - CORRECT ANSWER-
Owner has full possession but that can be terminated in specific cases
like not meeting conditions specified by grantor. If condition is violated,
ownership reverts back to grantor. Ex. property given to a church under
the condition it is always used for religious purposes
Leasehold for years - CORRECT ANSWER-One of the 4 forms of
leasehold. Lease is for a specific period of time. This is the most
common lease.
Leasehold periodic - CORRECT ANSWER-Automatically renews. Ex.
month to month lease
Leasehold at will - CORRECT ANSWER-No specific end date,
continues until cancelled. Very informal and not typically done. Ex. child
leasing from parents
Leasehold at sufferance - CORRECT ANSWER-Occupancy without
landlord approval. Usually holdover from previous lease
Metes and bounds - CORRECT ANSWER-Oldest form of land
description, directed distances. Uses a series of compass directions
and distances to outline the boundaries of a property. Each compass
heading consists of reference direction, degrees of rotation, and
direction of rotation. Ex. beginning at a point... 600 ft south.
AND ANSWER
Control - CORRECT ANSWER-Fifth of 5 rights in bundle of rights. Also
known as encumbrance. The right to make legal and other decisions
such as modify, restrict, or lease land
Unbundling rights by choice - CORRECT ANSWER-Owner leasing
property to a renter
,Unbundling rights by statue - CORRECT ANSWER-Police power,
eminent domain, taxation, escheat
Freehold - CORRECT ANSWER-You own the property and the land it
sits on
Leasehold - CORRECT ANSWER-You own the property for a fixed
period of time but not the land it sits on
Fee simple - CORRECT ANSWER-A form of freehold, this is complete
permanent ownership of the property, including the right to inherit it.
This is the highest and most complete form of ownership
Life estate - CORRECT ANSWER-The other form of freehold.
Ownership limited to the life of the tenant. Upon death, the property title
transfers to a remainderman or beneficiary who is the designated
recipient after the life estate expires
Freehold fee simple absolute - CORRECT ANSWER-Highest form of
ownership, only limitations are general laws such as zoning and
easements
, Freehold fee simple conditional (defeasible) - CORRECT ANSWER-
Owner has full possession but that can be terminated in specific cases
like not meeting conditions specified by grantor. If condition is violated,
ownership reverts back to grantor. Ex. property given to a church under
the condition it is always used for religious purposes
Leasehold for years - CORRECT ANSWER-One of the 4 forms of
leasehold. Lease is for a specific period of time. This is the most
common lease.
Leasehold periodic - CORRECT ANSWER-Automatically renews. Ex.
month to month lease
Leasehold at will - CORRECT ANSWER-No specific end date,
continues until cancelled. Very informal and not typically done. Ex. child
leasing from parents
Leasehold at sufferance - CORRECT ANSWER-Occupancy without
landlord approval. Usually holdover from previous lease
Metes and bounds - CORRECT ANSWER-Oldest form of land
description, directed distances. Uses a series of compass directions
and distances to outline the boundaries of a property. Each compass
heading consists of reference direction, degrees of rotation, and
direction of rotation. Ex. beginning at a point... 600 ft south.
