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Level 2: Real Property Ownership questions with complete solutions
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Level 2: Real Property Ownership questions with complete solutions
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Level 2: Real Property OwnershipWhat is a lease hold estate? - correct answer ✔✔A leasehold estate generally occurs when the estate-
holder has a lease.
What does "freehold estate" mean? - correct answer ✔✔means that the individual with the interest has
some degree of ownership for an undetermined or unspecified (and therefore unlimited) period of time.
Freehold Estates: - correct answer ✔✔-Interest with indeterminate length
-Includes ownership
-Established through transfer of title.
Leasehold Estates: - correct answer ✔✔- Interest with determined length.
- Does NOT include ownership.
- Established through a lease.
- AKA non-freehold or less-than-freehold.
freehold tenant - correct answer ✔✔The owner of a freehold estate is called a
two basic types of freehold estates: - correct answer ✔✔Fee simple estate
Life estate
Which of the following is TRUE of freehold estates?
*Future ownership is not addressed.
*Ownership is for a determined or specified (and therefore limited) period of time.
, *Ownership is for an undetermined or unspecified (and therefore unlimited) period of time.
*Present ownership is not addressed. - correct answer ✔✔Ownership is for an undetermined or
unspecified (and therefore unlimited) period of time.
What is a Fee Simple Estate - correct answer ✔✔fee simple estate grants the most unlimited, most
absolute interest in real property. This means that there are NO conditions on the title.
What is a fee simple estate - correct answer ✔✔A fee simple estate is:
Of indefinite duration
Freely transferable
Freely inheritable
True/ False:
An estate in fee simple is the highest or fullest type of interest in real estate recognized by law. - correct
answer ✔✔True
An estate in fee simple is the highest or fullest type of interest in real estate recognized by law.
Jane owns her house. For the duration of her lifetime, she has the right to her property (unless she sells
it) and can will her property title to her children after her death. What type of estate does Jane have?
*fee simple defeasible eastate
*fee simple estate
*life estate
*leasehold estate - correct answer ✔✔Fee simple estate
Fee simple estates can be further broken down into : - correct answer ✔✔absolute and defeasible
estates
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