Property Ownership 3

Question 1

Fee Estate Primary Characteristics

Answer 1

1. Held for a Lifetime or Longer
2. It is inheritable ( can be willed to heirs)
3. Freehold Estate

Question 2

Life Estate Primary Characteristics (fee estate)

Answer 2

1. Held for a lifetime (but not longer)

2. Is not inheritable (cannot be willed to heirs)

Question 3

Types of Fee Estates

Answer 3

1. Fee Simple

2. Qualified Fee

Question 4

Fee Simple Estate

Answer 4

1. The least restricted form of ownership
2. Limited only by government rights (PETE) (Police Power, Escheat, Eminent Domain, Taxation)
3. Indefeasible Estate (Cannot be defeated by another individual against the owner’s will under any circumstances.

Question 5

Qualified Fee Estate

Answer 5

1. More restricted form of ownership than fee simple
2. Restricted by PETE and limitation can be imposed by person creating the qualified fee estate
3. Defeasible if some condition is not met or maintained.
4. Qualified fee is also known as Defeasible fee estates

Question 6

Fee Simple Determinable Estate

Answer 6

A fee simple determinable estate is one which will terminate if a condition stated in the deed comes into being or is terminated

ex. Mrs.Black gave her property to a charity organization “for as long as it is used for housing the elderly”

Question 7

Qualified Fee

Answer 7

A fee estate which is subject to limitations other than the government’s rights

Question 8

A life estate is one type of______ estate

Answer 8

Freehold

Question 9

All life estates originate from and return to a ____ estate

Answer 9

Fee

Question 10

Life Estate pur autre vie

Answer 10

1. Based in the lifetime of a 3rd party

2. Inheritable only if the life tenant dies before the third party whose life the estate is based

Question 11

A life estate pur autre vie is______

Answer 11

inheritable

Question 12

Voluntary Life Estate

Answer 12

Created by a voluntary act of the grantor

Question 13

2 Types of Voluntary Life Estates

Answer 13

1. Life Estate in Reversion

2. Life Estate Remainder

Question 14

Life Estate in Reversion

Answer 14

Voluntary life estate in which ownership of the fee estate reverts to the GRANTOR or his/her heirs upon the death of the life tenant

Question 15

Life Estate Remainder

Answer 15

King dies, land goes to the prince. The prince is the remainderman.

Question 16

Ownership of a life estate in reversion reverts to the ______

Answer 16

Grantor

Question 17

Ownership of a life estate in remainder reverts to the_______

Answer 17

remainderman

Question 18

What is a Statutory life Estates

Answer 18

Life Estate Created by law

Question 19

3 types of Statutory Estates

Answer 19

1. Dower
2. Curtsey
3. Homestead protection

Question 20

Dower (Statutory Estate)

Answer 20

The wife’s right to receive, upon the death of her husband, a share of all property held or owner by the husband during the marriage

Question 21

Curtsey (Statutory Estate)

Answer 21

The husband’s interested in property owned by his wife at the time of death

Question 22

Homestead Protection (Statutory Estate)

Answer 22

Provides life estate to a widow or widower

Question 23

Two Basic Types of Freehold Estates

Answer 23

1. Fee Estate

2. Life Estate

Question 24

A fee estate is one type of______ estate

Answer 24

freehold

Question 25

Most common form of qualified fee estate is called_____

Answer 25

Fee Simple determinable estate

Question 26

A fee estate which is subject to limitations other than the government's rights is called a______estate

Answer 26

Qualified Fee

Question 27

Another Name for a qualified fee estate is a(n)_______estate

Answer 27

Defeasible fee

Question 28

The main type of qualified fee estate is called a______ estate

Answer 28

fee simple determinable

Question 29

A free estate which will terminate if a condition stated in the deed comes into being or is terminated is a _____ estate

Answer 29

Fee Simple Determinable

Question 30

Who pays the property taxes on a life estate?

Answer 30

The life tenant pays the property taxes as long as he/she hold the life estate

Question 31

A life estate is one type of_____estate

Answer 31

Freehold

Question 32

A regular life estate is ______

Answer 32

not inheritable

Question 33

A life tenant can sell, mortgage, or otherwise convey_____

Answer 33

a life estate

Question 34

The main type of qualified fee estate is called a ______ estate

Answer 34

Fee Simple Determinable

Question 35

A freehold estate which is not normally inheritable is called a ____ estate

Answer 35

Life

Question 36

A life estate is one type of _____ estate

Answer 36

Freehold

Question 37

A freehold estate may be held for:

Answer 37

a lifetime or an unlimited time

Question 38

a 99 year lease on real property is

Answer 38

An estate in land, an estate less than freehold, personal property

Question 39

A fee estate

Answer 39

Is inheritable and lasts for an unlimited time

Question 40

A fee simple determinable estates is NOT a _____estate

Answer 40

Limited Fee Estate

Question 41

A fee simple determinable estate is all of the following:

Answer 41

Defeasible Fee Estate Freehold Estate Qualified Fee Estate

Question 42

M.A.R.I.A. | Fixture

Answer 42

``` Method-of attachment Adaptability- would be real property because it is adapted (pool cover, blinds) Relationship Intention- Why its there Agreement ```

Question 43

Real Property

Answer 43

Immovable

Question 44

Personal Property

Answer 44

Moveable ( Chattel)

Question 45

Appurtenance

Answer 45

Belongs to land i.e. barn, easement on land, fence

Question 46

Fixture

Answer 46

Personal property that becomes real property i.e. chandelier, tree,

Question 47

Freehold Estate

Answer 47

Udefined length of time Fee Simple Absolute Fee Simple Defeasible Life Estaate

Question 48

Fee Simple Absolute

Answer 48

Greatest interest estate in fee cannot be defeated by the previous owner

Question 49

Fee Simple Defeasible

Answer 49

May be voided at a later date because condition was violated Defeasible

Question 50

Life Estate

Answer 50

Life in reversion. If the king dies, the land goes back to the king. Life if reminder, if the king dies, it goes to the prince.

Question 51

Less Than Freehold Estate

Answer 51

You get LESS money for a LEASE

Question 52

Estate for Years

Answer 52

Fixed Period of time example- Summer Rental

Question 53

If one used the words "of definite duration" to describe a lease, it is most likely a(n)_____

Answer 53

estate for years

Question 54

Periodic Tenancy

Answer 54

Not bound to a lease with a fixed period | From Period to Period

Question 55

Estate at Will

Answer 55

Can be ended at any time | Terms of the estate is indefinite

Question 56

Estate at Will (Tenancy at Will)

Answer 56

Can be ended at any time Terms of the estate is indefinite In Ga: - Landlord must give 60 day notice - tenant must give 30 day notice

Question 57

Estate at Sufferance

Answer 57

Tenant does not pay rent landlord will have to evict a tenant Property with

Question 58

Assignment

Answer 58

Transfer of contract rights | wipe my hands clean

Question 59

Sublet

Answer 59

Tenant rents to someone else but still has responsibility

Question 60

Constructive Eviction

Answer 60

Landlord does or fails to do something that he has legal duty to provide (turning off heat, turning off water)

Question 61

Lease Arrangements

Answer 61

Gross lease Net Least Percentage Option Percentage Lease

Question 62

Gross Lease

Answer 62

Most common. Tenant pays fixed amount landlord pay taxes landlord does repairs

Question 63

Net Lease

Answer 63

Tenant pays taxes, insurance, maintenance ( triple net lease) common in business

Question 64

Percentage Option

Answer 64

Tenant has the option to purchase at a later date (lease/purchase)

Question 65

Percentage Lease

Answer 65

Rent is based on percentage of revenue

Question 66

Types of Leasehold Estate

Answer 66

Estate for Years Periodic Estate Estate at Will Tenancy at sufferance