B-Law Exam 3 Mizzou – Business Law Study Guide, Practice Questions & Exam
Review
Real Property - correct answer ✔✔Land and everything permanently attached to it
(fixtures)
Fee Simple Absolute - correct answer ✔✔right to possess for life and passed down to heir upon
death; highest possible ownership for real property
Leasehold Estate - correct answer ✔✔Right to possess (but not own) property for a stipulated
period of time
Conditional Estate - correct answer ✔✔Interest comparable to fee simple absolute, except that
interest will terminate on occurrence/non-occurrence of a specified condition
Life Estate - correct answer ✔✔Own for whole life; property will pass to another party
designated by original grantor
Future Interest - correct answer ✔✔Person's right to property ownership and possession in the
future
Easement - correct answer ✔✔irrevocable right to the limited use of another's land
Profit - correct answer ✔✔Right to enter another's land and take part of the land or take away a
product of it
License - correct answer ✔✔Temporary, revocable right to use another's property
, Tenancy in Common - correct answer ✔✔Co-ownership of property, each party owns an
undivided interest that passes to his or her heirs at death and can sell their interest without
consent of other owners
Joint Tenancy - correct answer ✔✔Co owner can only sell their interest with the consent of the
other co owner; if a co owner dies, their interest is divided equally among the remaining joint
owners
Tenancy by the Entirety - correct answer ✔✔co-ownership by marriage; one owner cannot sell
his/her interest without the other's consent; a surviving spouse assumes full ownership
Execution - correct answer ✔✔preparation and signing of deed
Delivery - correct answer ✔✔of deed to grantee, with intent of transferring ownership to
grantee
Acceptance - correct answer ✔✔grantee's expression of intent to possess and own property
Recording - correct answer ✔✔filing deed with appropriate county office to protect interests of
grantee
Warranty Deed - correct answer ✔✔Deed which grantor guarantees that the title is good
Quitclaim Deed - correct answer ✔✔a deed under which the grantor transfers whatever
ownership interest the grantor has in the land without any warranty of title
Adverse Possession - correct answer ✔✔Person treats real property as their own without
permission of real owner for established period of time, after 10 years property becomes theirs
Review
Real Property - correct answer ✔✔Land and everything permanently attached to it
(fixtures)
Fee Simple Absolute - correct answer ✔✔right to possess for life and passed down to heir upon
death; highest possible ownership for real property
Leasehold Estate - correct answer ✔✔Right to possess (but not own) property for a stipulated
period of time
Conditional Estate - correct answer ✔✔Interest comparable to fee simple absolute, except that
interest will terminate on occurrence/non-occurrence of a specified condition
Life Estate - correct answer ✔✔Own for whole life; property will pass to another party
designated by original grantor
Future Interest - correct answer ✔✔Person's right to property ownership and possession in the
future
Easement - correct answer ✔✔irrevocable right to the limited use of another's land
Profit - correct answer ✔✔Right to enter another's land and take part of the land or take away a
product of it
License - correct answer ✔✔Temporary, revocable right to use another's property
, Tenancy in Common - correct answer ✔✔Co-ownership of property, each party owns an
undivided interest that passes to his or her heirs at death and can sell their interest without
consent of other owners
Joint Tenancy - correct answer ✔✔Co owner can only sell their interest with the consent of the
other co owner; if a co owner dies, their interest is divided equally among the remaining joint
owners
Tenancy by the Entirety - correct answer ✔✔co-ownership by marriage; one owner cannot sell
his/her interest without the other's consent; a surviving spouse assumes full ownership
Execution - correct answer ✔✔preparation and signing of deed
Delivery - correct answer ✔✔of deed to grantee, with intent of transferring ownership to
grantee
Acceptance - correct answer ✔✔grantee's expression of intent to possess and own property
Recording - correct answer ✔✔filing deed with appropriate county office to protect interests of
grantee
Warranty Deed - correct answer ✔✔Deed which grantor guarantees that the title is good
Quitclaim Deed - correct answer ✔✔a deed under which the grantor transfers whatever
ownership interest the grantor has in the land without any warranty of title
Adverse Possession - correct answer ✔✔Person treats real property as their own without
permission of real owner for established period of time, after 10 years property becomes theirs
