Unit 3 REAL ESTATE Class Assignment

Front

Anika recently inherited a piece of property from her grandparents. She learned that this property is protected from creditors under certain conditions. What is this type of property called?

Back

A type of life estate

Front

If Mason grants a piece of land to Kai to be used as a park, what does Mason retain in a fee simple determinable if it ceases to be used as a park?

Back

Reversionary Interest

Front

What must Daniel do to assert his right if the condition is violated on his fee simple subject to a condition subsequent?

Back

Legal action in court

Front

Sophia is considering buying a piece of land. However, the current owner wants to retain the right to use the land for the next five years. What is this arrangement an example of?

Back

A right that may become effective in the future

Front

A life estate is a freehold estate and it is....?

Back

An ownership interest lasting for the life of a specified person

Front

Mason is a life tenant of a property. Can Mason sell their interest in the property?

Back

Yes, but it is limited to the duration of the life estate.

Front

Ava's grandmother left her a beautiful old house to live in for the rest of her life. Who will receive the property after Ava's life estate ends?

Back

The remainderman

Front

What happens when a property with a possibility of reverter (reversionary interest) is sold?

Back

The original owner retains a future interest that may revert.

Front

Aiden took a loan from a bank and a lien was placed on his house. What happens if the lien is not repaid?

Back

The bank, mortgage company, the lienholder can force the sale of Aiden's property.

Front

Olivia and Nora are neighbors who share a driveway. What is required for them to manage the shared driveway?

Back

A written agreement specifying responsibility