Chapter 3 - Part 3

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Chapter 3 - Part 3
2010-03-15 22:35:24

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  1. Interests in real property are called.....
  2. Estates are distinguished by varying ___________ __________ that vest in each , and that determine the duration and transferability of the various estates.
    property rights
  3. A party enjoying an estates is called a....
  4. An estate of indefinite duration that can be freely transerred. This is the most common and perhaps most absolute type of estate under which the tenant enjoys the greatest discretion over the disposition of the property.
    Fee simple
  5. A tenant enjoying an undivided estate in some property after the termination of some estates of limited duration, is said to have a ___________ ___________.
    Future interest
  6. An estate lasting forever as long as one or more conditions stipulated by the deed's grantor does not occur.
    Conditional fee simple
  7. An estate of limited duration as set out in a contract called a lease.
  8. With a conditional fee simple estate, if a stipulated condition occurs, the property reverts back to the ________ or a remainder interest is passed on to a ________ __________.
    • Grantor
    • Third party
  9. An estate lasting for the natural life of the grantee.
    Life estate
  10. In a life estate, if the property can be ______, a ______ does not change its duration which is limited by the natural life of the original grantee.
    • sold
    • sale
  11. Name to important types of future interests.
    Reversion and remainder
  12. What phrase is important it be included in lease to ensure a surviving party in a joint tenancy estate inherits the estate?
    with rights of survivorship
  13. A ______________ arises when a tenant grants an estate of lesser maximum duration that his own. Ownership of the land ___________ back to the original tenant when the grantees estate expires. The original tenant's future interest is called a _____________.
    • Reversion
    • Reverts
    • Reversion
  14. _____________ in _____________ will have an inheritible portion of the estate in proportion to their ownership interests, which is assumed to be equal unless otherwise stated in the transfer deed.
    Tenants in common
  15. A _____________________ arises when a tenant with a fee simple grants someone a life estate or a conditional fee simple and specifies a third party to whom the land goes when the life estate ends or the condition occurs. The third party is said to have a ______________. The third party may have legal right to limit the life tenant's use of the land.
    • Remainder
    • remainder
  16. The difference in estates held jointly as tenants with survivorship or tenants in common is basically the ________________ of the estate.
  17. Real property may be owned jointly with several tenants through devices such as .....
    • Condo
    • Housing Co-Op
    • Building Co-Op