Chapter 3: Interest & Estates (Real Estate)
Terms in this set (16)
Two people own a house, each having an undivided equal interest. Which of the following best describes what they own?
Each owns fifty percent of the estate represented by the real property, but no physical portion of the real property.
In what kind of estate does ownership revert to the grantor of the estate if usage fails to conform to a stated condition in the grant?
Fee simple defeasible
An interest in real estate that includes the right to possess is considered
an estate in land.
To convey clear title in a dower and curtesy state
both spouses must sign the conveyance.
The distinguishing feature of a leasehold estate is
duration limited by a lease term.
States that do not have dower and curtesy usually have either community property laws or
If a tenant occupies a leased property without the consent of the landlord after a lease expires, the type of estate that results is called
an estate at sufferance.
Homestead, dower and curtesy, and elective share are examples of
a legal life estate
An estate at will
terminates on the death of lessor or lessee.
If the duration of an owner's rights in an estate cannot be determined, the owner possesses
a freehold estate
Which of the following is a freehold tenant?
The owner of a freehold estate.
Which of the following rights is conveyed with a leasehold estate?
The right to possess and use the premises.
An estate from period-to-period will continue as long as
the tenant makes, and landlord accepts, regular rent payments.
The right to zone land and the right to acquire ownership of land by eminent domain are both examples of
a public interest.
Bob grants his sister Mary an estate for as long as she lives, but her heirs cannot inherit the estate. What kind of estate is it?
An ordinary life estate
An interest in real estate that does not include the right to possess is considered