California Real Estate Exam Questions and Answers (Rated A+)

California Real Estate Exam Questions and Answers (Rated A+) Allodial System - Answer-Individuals are entitled to own property without proprietary control of the king/government. Freehold estate - Answer-A freehold estate means, "I own the property." It is what we think of as "ownership." There is no definite ending date. The estate lasts at least a lifetime, because the property can be willed to a person's heirs. Leasehold estate - Answer-A leasehold estate means, "I rent the property." It is what we think of as "renting" or "leasing." There is usually a definite ending date. Sometimes, these are referred to as "less than freehold estates." Fee Simple (Fee Simple Absolute) - Answer-Fee Simple (Fee Simple Absolute) - Owns the bundle of rights. Highest degree of ownership. Has unlimited duration. Is inheritable. Is subject to only the government powers. Fee Simple Defeasible - Answer-Fee Simple Defeasible is based on an occurrence or a non-occurrence of a specified event