Which of the following is NOT allowed under deed restrictions?

Control the type of building built and the aesthetics

Manage the type of construction, height, setbacks, and square footage

Dictate acceptable uses for the land (including livestock)

Why is public ownership of land necessary?

To ensure equitable access to resources

Which of the following is NOT a reason for public ownership of land?

To allow private ownership of highways

To ensure land is available for schools

To provide enjoyable public spaces

Explain the characteristics of a leasehold estate.

A leasehold estate is a type of property ownership where the lessee has the right to use the property for a specified period, but does not own the land.

A leasehold estate is a permanent form of property ownership where the lessee owns both the land and the property.

A leasehold estate allows the lessee to own the land but not the property built on it.

A leasehold estate is a temporary arrangement where the lessee has no rights to use the property.

What is the difference between an estate for years and a periodic estate?

An estate for years has a fixed duration, while a periodic estate continues indefinitely until terminated by notice.

An estate for years continues indefinitely until terminated by notice, while a periodic estate has a fixed duration.

Both have fixed durations but differ in renewal terms.

Both continue indefinitely but differ in termination terms.

An equitable estate is a type of property interest that is recognized by the courts of equity. What is an equitable estate?

A type of property interest recognized by courts of equity

What are the three subcategory estates under concurrent estates?

Joint Tenancy, Tenancy in Common, Tenancy by the Entirety

Life Estate, Fee Simple, Leasehold Estate

Tenancy at Will, Tenancy at Sufferance, Periodic Tenancy

Estate for Years, Estate at Will, Estate at Sufferance

What is a conventional life estate?

A type of freehold life estate created by a deed or will that lasts for the duration of the tenant's life.

A leasehold estate that lasts for a fixed term.

An estate that is inheritable and lasts forever.

A type of estate that is created by adverse possession.

What is a defeasible fee estate?

A type of freehold estate in which the person who has possession of the property is only able to hold the property until an event takes place or does not occur; two common defeasible fee estates are fee simple determinable and fee simple subject to condition subsequent; aka fee simple defeasible or qualified fee.

A type of leasehold estate that lasts for a specific period of time.

A type of estate that is inheritable and lasts forever without any conditions.

A type of estate that is only applicable to commercial properties.

What is an estate for years?

A leased possession of property for a certain, specific period of time; aka a tenancy for years.

A type of ownership that lasts indefinitely.

A temporary right to use someone else's property.

A form of joint ownership of property.

What is a fee simple determinable estate?

A type of estate that automatically ends and reverts to the grantor upon the occurrence of a specified event.

Maximum ownership of real property that is of indefinite duration, freely transferable, and freely inheritable; aka fee or fee simple absolute.

An estate that is subject to a condition subsequent, allowing the grantor to reclaim ownership if the condition is violated.

A temporary estate that lasts for the life of a specified individual.

What is a fee simple estate?

Maximum ownership of real property; also called a fee or a fee simple absolute; it is of indefinite duration, freely transferable, and freely inheritable.

A temporary right to use a property for a specific period.

A type of leasehold estate with a fixed duration.

An interest in real property that is conditional and can be voided.

What is a fee simple subject to condition subsequent?

A defeasible fee estate in which a grantor conveys a parcel of real estate subject to a condition of ownership; the grantor must go to court to assert their right to retake ownership (right of re-entry).

A type of leasehold estate with a fixed duration.

An estate that automatically reverts to the grantor when a condition is violated.

A form of joint tenancy with rights of survivorship.

What is a freehold estate?

An estate in land in which ownership will last for an indeterminate duration.

A leasehold interest in real property.

A temporary right to use land or property.

An estate that lasts for a fixed term.

What is a leasehold estate?

A type of property interest allowing tenants to occupy and use a property they do not own; contains a reversionary right.

A permanent ownership of property without any conditions.

A temporary right to use land for agricultural purposes only.

A type of property interest that allows the owner to sell the property at any time without restrictions.

What is a legal life estate?

A type of freehold life estate created by an act of law.

A temporary right to use someone else's property.

A lease agreement between two parties.

A type of estate that lasts forever.

What is a life estate?

A type of property ownership where the owner has rights to the property for the duration of their life.

A type of insurance policy that covers the owner's life.

A type of investment fund that focuses on real estate.

A type of savings account with a fixed interest rate.

Who is the recipient of the remainder in a life estate?

The recipient of the remainder in a life estate is known as the remainderman.

The recipient of the remainder in a life estate is known as the life tenant.

The recipient of the remainder in a life estate is known as the grantor.

The recipient of the remainder in a life estate is known as the trustee.

The difference between voluntary and involuntary liens is:

Voluntary liens are agreed upon by the property owner, while involuntary liens are imposed without the owner's consent.

Voluntary liens are imposed by the government, while involuntary liens are agreed upon by the property owner.

Voluntary liens are temporary, while involuntary liens are permanent.

Voluntary liens are related to personal property, while involuntary liens are related to real estate.

Interests in Real Estate

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Interests in Real Estate

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11th Grade

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Practice Problem

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Hard

Elizabeth Coughlin

Used 1+ times

FREE Resource

C) The right of a lender to claim ownership of a property.

D) An undisputed right of an owner to their property.

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Interests in Real Estate

80 questions

Having an interest in a property means:

Which of the following is NOT a primary type of interest in a property?

Fill in the blank: An estate in this sense is the degree, quantity, nature, and extent of one's interest in ________.

Describe the concept of Ownership Interest in real estate.

What is the definition of 'allodial system'?

An 'equitable interest' is a ______ and lesser interest in a property than the ownership interest with which it is associated (such as a buyer whose offer has been accepted).

What does 'estate' refer to in property law?

Fill in the blank: 'Interest' is a right or legal ______ in a property.

What is 'ownership interest'?

Which of the following is a public land-use control?

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