REAL 4000 Test 1 (Martin) Exam
Questions and Answers
right of exclusive possession - right to decide who can and cannot use the
physical real estate
- right of use and enjoyment - you can enjoy the benefits of the physical real
estate for yourself (is it interfering with your enjoyment?)
- right of disposition - right to rent it, destroy it, sell it, or dispose as you see
fit (not applicable in leases)
- air rights - physical dimension of ownership, extends a reasonable distance
above the surface, usually comes down to an interference with the right of
use and enjoyment
- surface rights - right to land and things permanently attached to the land
- subsurface rights - rights to oil and minerals below the surface
- possessory interests - right of exclusive possession, also known as estates
- non possessory interests - rights to physical real estate that do not include
right to exlusive possessions (examples: financial interests, liens )
- freehold estate - possessory interest where the individual owns the
property outright
- leasehold estate - possessory interest: "rent property" as if you own it but
not outright (ex: 99 year property leases in europe from royal family,
leasehold owners can build and develop on the property)
- fee simple absolute estate - most complete set of rights possible,
maximum possible state one can possess in property, still subject to private
and public land use restrictions
- fee simple conditional estate - ownership is contingent upon upholding a
condition (ownership reverts back to previous owner if that happens AKA
reversion interest) (ex: UGA lumpkin house)
- life estate - type of estate where ownership is granted as long as the
named grantee is living (when they die there is no further remaining interest
in it, AKA remainder interest)
Questions and Answers
right of exclusive possession - right to decide who can and cannot use the
physical real estate
- right of use and enjoyment - you can enjoy the benefits of the physical real
estate for yourself (is it interfering with your enjoyment?)
- right of disposition - right to rent it, destroy it, sell it, or dispose as you see
fit (not applicable in leases)
- air rights - physical dimension of ownership, extends a reasonable distance
above the surface, usually comes down to an interference with the right of
use and enjoyment
- surface rights - right to land and things permanently attached to the land
- subsurface rights - rights to oil and minerals below the surface
- possessory interests - right of exclusive possession, also known as estates
- non possessory interests - rights to physical real estate that do not include
right to exlusive possessions (examples: financial interests, liens )
- freehold estate - possessory interest where the individual owns the
property outright
- leasehold estate - possessory interest: "rent property" as if you own it but
not outright (ex: 99 year property leases in europe from royal family,
leasehold owners can build and develop on the property)
- fee simple absolute estate - most complete set of rights possible,
maximum possible state one can possess in property, still subject to private
and public land use restrictions
- fee simple conditional estate - ownership is contingent upon upholding a
condition (ownership reverts back to previous owner if that happens AKA
reversion interest) (ex: UGA lumpkin house)
- life estate - type of estate where ownership is granted as long as the
named grantee is living (when they die there is no further remaining interest
in it, AKA remainder interest)
