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Real Estate Concepts Quiz

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Questions and Answers

A deed conveying property to a city includes conditions that it be used as a park with a zoo and that at least 25 monkeys be maintained. If these conditions are violated, the property reverts to the grantor. What type of estate does the city hold?

Life Estate, a Freehold Estate

Fee Simple Absolute, a Freehold Estate

Fee Simple Defeasible, a Freehold Estate (correct)

Estate at Sufferance, a Leasehold Estate

Which of the following best describes a 'fee simple defeasible' estate?

A leasehold interest held by a tenant after the lease period has expired.

An ownership interest with no conditions and the largest amount of rights legally permissible.

An ownership interest that terminates upon the death of a specified person.

An ownership interest that is conditional and can be lost if the conditions are violated. (correct)

In the context of real property ownership, what distinguishes a 'freehold estate' from a 'leasehold estate'?

A freehold estate implies ownership, whereas a leasehold estate implies tenancy. (correct)

A freehold estate is always conditional, while a leasehold estate is not.

A freehold estate requires payment of rent while a leasehold estate does not.

A freehold estate lasts for a specific time period while a leasehold estate is indefinite.

An 'estate at sufferance' is typically held by whom?

<p>A tenant who remains on the property after the expiration of the lease.</p> Signup and view all the answers

Which of the following is the best example of a 'fee simple absolute' estate?

<p>Property that is transferred to a person without any conditions or limitations.</p> Signup and view all the answers

Study Notes

Fee Simple Defeasible Estate

A fee simple defeasible estate is conditional ownership.
If conditions are violated, the owner loses title.
This differs from a fee simple absolute estate which has no conditions.

Freehold Estate

A freehold estate is ownership.
Fee simple absolute, life estates, and fee simple defeasible are all freehold estates.
Life estates terminate when the "measuring life" dies.

Conditions in the Deed

The property must be used as a city park with a zoo.
At least 25 monkeys must be maintained in the zoo.
Violation of either condition results in property reversion.

Estate at Sufferance

An estate at sufferance is for a holdover tenant after a lease expires.
The city is not a tenant, but an owner.

Incorrect Options

Life Estate: Terminates on the death of the life tenant. The city's ownership is perpetual if conditions are met.
Estate at Sufferance: Not applicable to owners.
Fee Simple Absolute: Has no conditions or limitations. This deed's ownership is restricted by the conditions.

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Description

Test your knowledge on various real estate concepts including fee simple defeasible estate, freehold estate, and conditions in the deed. Understand the differences between different types of ownership and how conditions affect property titles. This quiz will challenge your understanding of these essential legal terms.