Interests and Estates

Two people own a house, each having an undivided equal interest. Which of the following best describes what they own?

• Each own fifty percent of the physical house and the land it rests on.
• Each own one hundred percent of the physical house and the land it rests on.
• Each owns fifty percent of the estate represented by the real property, but no physical portion of the real property.
• Each owns one hundred percent of the estate represented by the real property and fifty percent of the physical house and the land it rests on.

An interest in real estate that includes the right to possess is considered

• an estate in land.
• a freehold estate.
• a fee simple estate.
• an encumbrance.

An interest in real estate that does not include the right to possess is considered

• a leasehold interest.
• a fee simple estate.
• an encumbrance.
• a tenancy.

The right to zone land and the right to aquire ownership of land by eminent domain are both examples of

• a public interest.
• a possessory interest.
• an encumbrance.
• an estate in law.

If the duration of an owner's rights in an estate cannot be determined, the owner possesses

• an indeterminate legal estate.
• a leased fee simple estate.
• a freehold estate.
• a leasehold estate.

The distinguishing feature of a leasehold estate is

• ownership of an interest by a tenant.
• temporary ownership of the full bundle of rights in a property.
• unlimited ownership of one right in the bundle of rights in a property.
• duration limited by a lease term.

Which of the following is a freehold tenant?

• The owner of a freehold estate.
• The lessee in a leased property.
• The lessee of a freehold estate.
• Any owner of an estate in land.

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 absolute.
• Life estate with reversion.
• Life estate with condition subsequent.
• Fee simple defeasible.

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 estate pur autre vie.
• An estate for years.
• An ordinary life estate.
• A legal life estate.

Homestead, dower, and curtesy, and elective share are examples of

• a conventional life estate.
• a legal life estate.
• an estate created by an owner's agreement.
• a fee simple absolute.