5 Written questions
5 Matching questions
- Estate for Years
- Intangible Personal Property
- Life Estate
- a Transfer of real property by means of a last will and testament.
- b Estate of real property the duration of which is measured by the life or lives of one or more persons.
- c Property that represents a set of rights that have no existence but that do represent control or ownership of something of value.
- d Written document that transfers ownership of real property from one person to another.
- e Estate of real property the duration of which is for a definite period.
5 Multiple choice questions
- Automobiles, televisions and clothes.
- 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.
- Inheritance, Devise, Gift, Sale and Adverse Possession
- Legal document by which a person disposes of his property. A will takes effect on the death of the maker of the will.
- 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.
5 True/False questions
Examples of Fixtures → Air conditioning units, dishwashers, shelving, counters.
Waste → Action or nonaction that causes a loss of value to real property.
Types of Modern Day Estates in Real Property → Fee Simple (Fee Simple Absolute), Fee Simple Determinable, Fee Simple on Condition Subsequent, Life Estate, Estate for Years, Estate at Will.
Tangible Personal Property → Property that has a physical substance- something you can hold, see or hear.
Examples of Intangible Personal Property → A certificate of stock, bonds, patents, copyrights and intellectual property rights, such as software