56 Questions
What is the main characteristic of Freehold Ownership?
Absolute and permanent possession of a property
Which type of ownership is unconditional and cannot be taken away?
Fee Simple
What does Leasehold Ownership entail?
Holding a property on a temporary basis through a lease agreement
Which type of ownership is subject to certain conditions or limitations?
Defeasible
What is the characteristic of Estate at Will?
Open-ended tenancy
In what way does Estate at Sufferance differ from other types of estates?
Remaining in possession without legal right
What happens to Fee Simple ownership upon death?
Passes to Heirs or New Owner
'Tenancy in severalty' refers to:
'Sole ownership of a freehold estate that passes to heirs'
'Pur Autre Vie' Life Estate is limited to:
'Someone else's lifetime'
'Conventional Life Estate' can be:
'Absolute or Defeasible'
What is the main difference between tenancy in common and joint tenancy?
Survivorship only exists in joint tenancy
What is a key requirement to create a joint tenancy?
Equal ownership among tenants
In which type of ownership do spouses own joint property as opposed to separate property?
Community property
What happens to the interests and rights of a joint tenant upon their death?
Pass to other joint tenants through survivorship
What is a characteristic of a license in real estate?
Revocable and ends upon death of owner
Which type of trust involves the grantor and beneficiary being the same party?
Land Trust
What is required for a trust to be considered a Living Trust?
'Four unities' requirement among time, title, interest, and possession
What happens if a tenant continues occupying a property after their lease ends without vacating?
It transitions into a periodic tenancy
'Ownership of a unit of airspace plus an undivided interest in the common elements as tenant in common with other owners' best describes:
'Condominiums'
'Personal right to use a property that is revocable and ceases upon death of owner' describes:
License
What is a key characteristic of tenancy in common?
Equal undivided interest
Which type of tenancy has survivorship rights if expressly provided?
Tenancy by the entireties
What defines a periodic leasehold?
Renews automatically upon rent acceptance
What is defined as an estate at sufferance?
Tenancy against landlord's will
Which type of trust involves the grantor and beneficiary being the same party?
Land Trust
What is the fundamental concept behind Joint Tenancy?
"Four unities" requirement
What is the main defining feature of a License in real estate?
Non-transferrable and revocable
"Property used without permission, obtained through continuous, open, adverse use" describes:
"By prescription"
"Ownership of a unit of airspace plus an undivided interest in common elements" best describes:
"Condominiums"
"Ownership by spouses with equal undivided interest" relates to which type of ownership?
"Tenancy by the entireties"
Which ownership type allows for absolute and permanent possession of a property?
Fee Simple
What form of ownership is subject to certain conditions or limitations?
Defeasible
What does Leasehold Ownership involve?
Temporary holding through a lease agreement
What type of ownership involves ownership only for the duration of one's lifetime?
Life Estates
Under which ownership type does the ownership pass to heirs or a new owner upon death?
Fee Simple
What type of ownership is categorized as legal under certain circumstances?
Legal Leasehold
'Estate at Sufferance' involves:
Remaining in possession without legal right
What is the main difference between tenancy in common and joint tenancy?
Survivorship rights
Which type of trust involves the grantor and beneficiary being the same party?
Land Trust
What characterizes a periodic leasehold?
Renewal upon rent acceptance
In real estate ownership, what is a characteristic of a license?
Revocable rights
'Property used without permission, obtained through continuous, open, adverse use' describes:
'By Prescription'
'Absolute and permanent possession of property' best describes:
'Fee Simple Ownership'
'Personal right to use a property that is revocable and ceases upon death of the owner' describes:
'License'
'Ownership only for the duration of one's lifetime' relates to:
'Estate at Will'
'Ownership by spouses with equal undivided interest' relates to:
'Community Property'
'Ownership of a unit of airspace plus an undivided interest in common elements' best describes:
'Condominiums'
What is the key characteristic of Life Estates?
Ownership passes to heirs upon death
Which type of ownership involves holding a property on a temporary basis through a lease agreement?
Estate for Years Ownership
What is the primary difference between Fee Simple and Life Estate ownership?
Life Estate can be taken away, Fee Simple cannot
What distinguishes Leasehold Ownership from Freehold Ownership?
Leasehold is conditional, Freehold is unconditional
What characterizes Estate at Will ownership?
Ownership remains in possession without legal right
Under what circumstances does Conventional Leasehold ownership become 'legal'?
When it involves joint owners
'Ordinary Life Estate' differs from 'Pur Autre Vie Life Estate' mainly in terms of:
The duration of ownership
'Remainder Interest' is different from 'Reversion Interest' in that it:
Involves passing to another party upon death of the life tenant
What best describes Tenancy in Severalty ownership?
Sole ownership passing to heirs with no common elements involved
Test your knowledge on different types of property ownership including Freehold, Fee Simple, Life Estates, and Leasehold. Learn the characteristics of each ownership type and how they differ in terms of permanency and conditions.
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