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Mckissock Chapter 3 Exam Questions and Answers
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Mckissock Chapter 3 Exam Questions and Answers .An estate can be classified into what other estates? - ANSWER-Either a freehold estate or a leasehold estate. .estate - ANSWER-A possessory interest in real property; either a freehold estate or a leasehold estate. .estate for years - ANSWER-Le...

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  • November 14, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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Mckissock Chapter 3 Exam Questions and
Answers
.An estate can be classified into what other estates? - ANSWER-Either a freehold estate or a leasehold estate.



.estate - ANSWER-A possessory interest in real property; either a freehold estate or a leasehold estate.



.estate for years - ANSWER-Lease "WITH" a definite period of time such as renting property for a fixed time
period.



.Fee simple absolute - ANSWER-The maximum possible estate one can possess in real property; also referred to
as fee simple or fee. It is also inheritable, transferable, and perpetual property.



.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 determinable - ANSWER-Is a defeasible fee estate terminated automatically if certain conditions
occur.

For Example: If the deed entails that the property will go back to the original owner, if the current owner fails
to keep the property as a childcare facility. However, if the current owner turns the property into a coffee shop.
Then the deed automatically terminates and the property goes back to the original owner.



.Fee Simple Estate - ANSWER-The property owner has the FULL BUNDLE OF RIGHTS, subject only to limitations
imposed by governmental powers.



.freehold estates - ANSWER-estate interests in real estate having unlimited duration; titled interests that no
one knows exactly when it will end.



.Leased fee interest - ANSWER-lessor's interest in a leased property.

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