MCKISSOCK CHAPTER 3 EXAM REPORTED QUESTIONS WITH CORRECT DETAILED ANSWERS
Fee simple conditional (defeasible) - Answer-A conditional ownership that will terminate when certain conditions are not made. An Example: A farmer renting property to grow crops but instead they use the property to operate...
MCKISSOCK CHAPTER 3 EXAM
REPORTED QUESTIONS WITH
CORRECT DETAILED ANSWERS
Fee simple conditional (defeasible) - Answer-A conditional ownership that will terminate
when certain conditions are not made. An Example: A farmer renting property to grow
crops but instead they use the property to operate a resort for animals.
Fee Simple Estate - Answer-The property owner has the FULL BUNDLE OF RIGHTS,
subject only to limitations imposed by governmental powers.
Leased fee interest - Answer-lessor's interest in a leased property.
For Example: the lessor has the enjoyment of rent generated under the lease terms,
and the right to sell, mortgage, or leave the property to another person while the lease is
still active.
freehold estates - Answer-estate interests in real estate having unlimited duration; titled
interests that no one knows exactly when it will end.
Leasehold estates - Answer-an estate that gives the holder (tenant) a temporary right to
possession, "WITHOUT" the title OR full bundles of rights.
lessee - Answer-a person who leases property; a tenant
An estate can be classified into what other estates? - Answer-Either a freehold estate or
a leasehold estate.
What are the 3 primary types of fee simple estate? - Answer-Fee Simple Absolute
Fee Simple Defeasible
Leased Fee Interest
What are the 4 types of leasehold estate? - Answer--Estate for years
-Periodic tenancy
-Tenancy at Will
-Tenancy at Sufferance
The 3 characteristics of a freehold estates are? - Answer--Possession immediately or in
the future
-Indefinite duration of possession
-property ownership
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