Property Week 6

A fee simple is the highest form of ownership and is for an unlimited duration

• True

• False

A life estate under a Will is an asset with 2 owners:

• a life tenant and a joint tenant

• a life tenant and a remainder person

• a life tenant and a tenant in common

A remainder person has the exclusive right to live and make profit out of the property until he or she dies.

• True

• False

The remainder person acquires a future interest in the property

• True

• False

The remainder person has the right to sell the property during the life tenant's life.

• True

• False

The Supreme Court can grant an order to sell the whole or part of the life tenant in certain circumstances.

• True

• False

Co-ownership allows each co-owner the right to use and possess the entire property

• Yes

• No

A periodic means the tenancy will roll-over every 30 days

• True

• False

A lease gives the person to whom it is granted ownership in the land and a right to exclusively occupy the property.

• True

• False