Study Guide: WV Real Estate Exam with 100% Correct Answer

Study Guide: WV Real Estate Exam with 100% Correct Answer What are the types of fee simple estates? *Ans* Fee Simple Absolute Fee Simple Defeasable Fee Simple Absolute *Ans* The best type of ownership you can get. Fee Simple Defeasible *Ans* Subject to occurrences or non occurrences of specified time. Two types of fee simple defeasible? *Ans* Fee simple determinable 2 Condition subsequent Fee Simple Defeasible *Ans* Will include: so long as, while, during and includes the term reverter. Reverter *Ans* Former owner can take back land with no legal action if land isn't used correctly. Fee Simple Condition to Subsequent *Ans* Will include the terms on condition that and can take land back with legal action. Life Estate *Ans* Limited to the duration to either the life of the holder . Who is the holder of a life estate? *Ans* Life Tenant Who creates a legal life estate *Ans* Established by state law Pur Autre Vie *Ans* For the life of another Dower *Ans* Wife gets land if the husband dies. Curtesy *Ans* Husband gets land if the wife dies. Homestead *Ans* Protected from most creditors during the occupants lifetime. Bundle of legal rights *Ans* 1. Possession of Property 2. Control 3. Enjoyment 4. Exclusion 5. Disposition (sell, will, or transfer of the property) Land *Ans* Ground to Earth