Chapter 3: Interests & Estates Flashcards Preview

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Flashcards in Chapter 3: Interests & Estates Deck (13)
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1
Q

An interest in real estate is best defined as ownership of…

A

one or more of the bundle of rights to real property

2
Q

Encumbrances and police powers are…

A

interests that do not include possession

3
Q

What distinguishes a freehold estate from a leasehold estate?

A

A leasehold endures only for a specific period of time

4
Q

The highest form of ownership interest one can acquire in real estate is the…

A

absolute fee simple estate

5
Q

The distinguishing feature of a defeasible fee simple estate is that…

A

the estate may revert to a grantor or heirs if the prescribed use changes

6
Q

Upon the death of the owner, a life estate passes to…

A

the original owner or other named person

7
Q

How is a conventional life estate created?

A

A fee simple owner grants the life estate to a life tenant

8
Q

What distinguishes a pur autre vie life estate from an ordinary life estate?

A

The pur autre vie estate endures only for the lifetime of a person other than the grantee

9
Q

Which of the following life estates is created by someone other than the owner?

A

Legal life estate

10
Q

Which of the following is true of a homestead?

A

A homestead interest cannot be conveyed by one spouse

11
Q

Dower refers to…

A

a wife’s life estate interest in her husband’s property

12
Q

Which of the following is an illustration of the legal concept of elective share?

A

A widow who was excluded from a will makes a claim to a portion of the couple’s principal residence

13
Q

A one-year lease on a house has expired, but the tenant continues sending monthly rent checks to the owner, and the owner accepts them. What kind of leasehold estate exists?

A

Estate from period to period