5 Written Questions
5 Matching Questions
- Life Estate
- Examples of Fixtures
- Fee Simple (Fee Simple Absolute)
- a Estate of real property the duration of which is measured by the life or lives of one or more persons.
- b Written document that transfers ownership of real property from one person to another.
- c Estate of real property with infinite duration and no restrictions on use. Highest and best kind of estate an owner can have.
- d Air conditioning units, dishwashers, shelving, counters.
- e Action or nonaction that causes a loss of value to real property.
5 Multiple Choice Questions
- 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.
- 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.
- Transfer of real property by means of a last will and testament.
- Land and those things that are more or less permanently attached to the land, such as homes, office buildings and trees.
- Item of personal property that becomes real property because of its attachment to the land of a building.
5 True/False Questions
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.
Examples of Intangible 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.
Estate at 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.
Tangible Personal Property → Property that has a physical substance- something you can hold, see or hear.