Rockwell Real Estate Quiz Questions with Correct Solutions Graded A+

Freehold Estate - Is an interest in real property that has an indeterminable (not fixed or certain) referred to as a owner Fee Simple Estate - 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 - An estate that can pass to the holders heirs, especially a fee simple Defensible fee estate - 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 - 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 - doesn't end automatically when the condition is breached, instead the grantor must take some action Life Estate - Is a freehold estate whose duration is limited to the lifetime of a specified person or persons pur autre vie - "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 - Has a limited duration (one year less is an example) it is referred to as a tenant Estate - An interest in land that is or may become possessory Waste - Permanent damage to real property caused by the party in possession, harming the interests of other estate holders. Estate for years - A leasehold Estate with a fixed term. Also called a term tenancy Periodic Tenancy - a leasehold estate that is renewed at the end of each period unless one party gives notice of termination Estate at will - 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 - sole ownership of property Tenancy in Common - Joint ownership where there is no right of survivorship Joint Tenancy - Joint ownership with right of survivorship Right of Survivorship - The right by which the surviving joint tenant(s) acquire another joint tenant's interest in the property upon her death Community Property - property owned jointly by a married couple. Corporation - A business entity owned by shareholders, governed by a board of directors and managed by corporate officers; the shareholders have limited liability Partnership - an association of two or more persons to carry on a business for profit as co owners Real Estate Investment Trust (REIT) - A real estate investment business that qualifies for tax advantages if certain requirements are met Condominium - 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 - A property that is owned by a corporation and tenanted by share holders in the corporation who have proprietary leases for their units Timeshare - Real Property - land, attachments, and appurtenances Personal Property - Anything that is not real property, it's main characteristics is movability appurtenance - A right incidental to the land that is transferred with it Emblements - Crops, such as wheat, produced annually through the labor of the cultivator Trade Fixtures - 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 - Land bordered by flowing water, such as a stream or river Littoral land - Land bordered by a stationary body of water, such as a lake or pond. Appropriative Rights - Water rights established by obtaining a government permit, and not based on ownership of land beside a body of water. Lateral Support - The physical support that a piece of land receives from the surrounding land Subjacent Support - The physical support that a piece of land receives from the underlying earth Metes and Bounds - A system of land description in which the boundaries of a parcel of land are described by reference to monuments, courses and distances Monument - 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 - The starting point in a metes and bounds description; a monument or a point described by reference to a monument. Course - In a metes and bounds description, a direction, stated in terms of a compass bearing. Distance - In a metes and bounds description, the length of a boundary, measured in any convenient unit of length Government Survey - A system of land description in which the land is divided into squares called townships, and each township is, in turn, divided up into 36 sections, each one square mile. Principal Meridian - In the government survey system, the main north-south line in a particular grid, used as the starting point in numbering the ranges and township tiers.