Aceable Agent Exam Review Questions And Verified Updated Answers 2024.

Estate - Answer Describes what type of ownership an owner has in the property - which of the rights come in their specific bundle. A person has an estate when... - Answer they hold a possessory interest in real property. Three basic types of freehold estates: - Answer 1. Fee simple estate 2. Qualified fee estate (broken into fee simple determinable and fee on condition) 3. Life estate Freehold Estate - Answer The individual with the interest has some degree of ownership for an undetermined or unspecified (and therefore unlimited) period of time. Fee Simple Absolute Estate (also known as fee title or fee simple estate) - Answer The least limited, most absolute interest in real property. It is of indefinite duration, freely transferrable, and freely inheritable. The highest or fullest type of interest in real estate recognized by law. Property Interest - Answer Refers to the extent of a persons or entity's rights in property. i.e., percentage of ownership, time period of ownership, right of survivorship, rights to transfer or encumber property. Defeasible Fee Estate/Qualified Fee (also known as fee simple defeasible estate) - Answer Any estate that is conveyed by a grantor with a condition attached. The conditioned placed on the estate creates an encumbrance that "runs with the land," meaning it is against the land (use) and NOT the owner of the land. * Estate that ends if qualified event takes place.