5 Written Questions
5 Matching Questions
- Estate for Years
- Life Estate
- a Transfer of real property by means of a last will and testament.
- b The transfer of title of some of all of the ownership rights to real property from one person to another. A conveyance is usually by instrument such as a deed, lease, or mortgage.
- c Estate of real property the duration of which is for a definite period.
- d Action or nonaction that causes a loss of value to real property.
- e Estate of real property the duration of which is measured by the life or lives of one or more persons.
5 Multiple Choice Questions
- The addition of possession periods by different adverse possessors.
- Estate of real property with infinite duration and no restrictions on use. Highest and best kind of estate an owner can have.
- Sometimes referred to as "chattels" or "goods." May include living objects, such as animals, and inanimate objects.
- Written document that transfers ownership of real property from one person to another.
- A form of adverse possession where the original possession of the property by a prescriber is based upon a written instrument such as a deed or a court decree.
5 True/False Questions
Tangible Personal Property → Property that represents a set of rights that have no existence but that do represent control or ownership of something of value.
Fixture → Action or nonaction that causes a loss of value to real property.
Examples of Tangible Personal Property → Automobiles, televisions and clothes.
Fee Simple Determinable → Estate of real property with infinite duration and no restrictions on use. Highest and best kind of estate an owner can have.
Will → Legal document by which a person disposes of his property. A will takes effect on the death of the maker of the will.