5 Written questions
5 Matching questions
- Life Estate
- Real Property
- a Written document that transfers ownership of real property from one person to another.
- b Item of personal property that becomes real property because of its attachment to the land of a building.
- c 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.
- d Estate of real property the duration of which is measured by the life or lives of one or more persons.
- e Land and those things that are more or less permanently attached to the land, such as homes, office buildings and trees.
5 Multiple choice questions
- Ownership in real property that is limited to expire automatically on the happening or nonhappening of an event that is stated in the deed of conveyance or the will creating the estate.
- Method of acquiring ownership to real property by possession for a statutory time period.
- 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.
- Action or nonaction that causes a loss of value to real property.
- Rights of the owners of lands adjoining streams, rivers and lakes relating to the water and its use.
5 True/False questions
Fee Simple (Fee Simple Absolute) → Estate of real property with infinite duration and no restrictions on use. Highest and best kind of estate an owner can have.
Examples of Fixtures → Air conditioning units, dishwashers, shelving, counters.
Method of Acquiring Ownership to Real Property → Inheritance, Devise, Gift, Sale and Adverse Possession
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.
Tacking → The addition of possession periods by different adverse possessors.