5 Written Questions
5 Matching Questions
- Real Property
- Fee Simple on Condition Subsequent
- Types of Modern Day Estates in Real Property
- a Fee Simple (Fee Simple Absolute), Fee Simple Determinable, Fee Simple on Condition Subsequent, Life Estate, Estate for Years, Estate at Will.
- b Written document that transfers ownership of real property from one person to another.
- c Land and those things that are more or less permanently attached to the land, such as homes, office buildings and trees.
- d Action or nonaction that causes a loss of value to real property.
- e Exists when a fee simple is subject to a power in the grantor (person who conveyed the fee) to recover the conveyed estate on the happening of a specified event.
5 Multiple Choice Questions
- A certificate of stock, bonds, patents, copyrights and intellectual property rights, such as software
- Estate of real property the duration of which is measured by the life or lives of one or more persons.
- Legal document by which a person disposes of his property. A will takes effect on the death of the maker of the will.
- Estate of real property the duration of which is for n indefinite period. An estate at will can be terminated at the will of the parties.
- Rights of the owners of lands adjoining streams, rivers and lakes relating to the water and its use.
5 True/False Questions
Method of Acquiring Ownership to Real Property → Inheritance, Devise, Gift, Sale and Adverse Possession
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.
Appropriation → Occupation of land evidenced by visible acts such as enclosure, cultivation, the construction of improvements, or the occupancy of existing improvements.
Intangible Personal Property → Property that represents a set of rights that have no existence but that do represent control or ownership of something of value.
Conveyance → 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.