WA State Real Estate Exam Ch 2 Questions and Answers

WA State Real Estate Exam Ch 2 Questions and Answers Estate - Ans ️️ -Degree of interest a person has in land that is or may become possessory. The right to possess the property is the right to occupy and use it. Freehold Estate - Ans ️️ -Interest in real property with an indeterminable (not fixed or certain) duration. The holder of this estate is usually called an owner. Fee Simple Estate - Ans ️️ -A freehold estate; the greatest estate in land; potentially infinite duration and represents the whole "bundle of rights"; may still be subject to encumbrances; inheritable and transferable Fee Simple Absolute - Ans ️️ -Legal interest in land that is unconditional. Qualified Fee Simple - Ans ️️ -Legal interest in land that is subject to one or more limitations placed on the estate by the grantor; Possibility of Reverter - Ans ️️ -a.k.a. right of re-entry; when conditions are not met in a qualified fee estate Life Estate - Ans ️️ -A freehold estate; Ownership interest is of uncertain duration; Limited to lifetime of specified person or persons; NOT a perpetual estate; NOT an estate of inheritance. Life Tenant - Ans ️️ -Person who owns the Life Estate; may sell or lease only his interest in the property. Measuring Life - Ans ️️ -Person whose lifetime is used to measure the life of the estate Pur Autre Vie - Ans ️️ -Life Estate when the Measuring Life is someone other than the Life Tenant Estate in Reversion - Ans ️️ -Any future interest kept by a person who transfers property to another.