Question 1

The one who receives a life estate interest is called a _____.
A) plaintiff
B) donee
C) grantee
D) testator

Accepted Answer

The one who receives a life estate interest is called a grantee.

Question 2

Which of the following statements is true regarding reversion?
A) The grantee gets the life estate interest in the land after the death of the grantor.
B) The grantor orders that the land will go to a third party after the life estate is over.
C) The grantee can sell the land after the death of the granter.
D) The grantor dictates that after the life estate the interest is to return to the grantor.

Accepted Answer

Rather that have the interest after the life estate go to a third party, the grantor dictates that the interest is to return to the grantor, this is a reversion.

Question 3

A(n) _____ interest in real estate is the most rights our law recognizes in property.
A) reversion
B) estate for years
C) fee simple
D) tenant

Accepted Answer

A fee simple interest in real estate is the most rights our law recognizes in property. The owner of a fee simple interest has the most ownership rights in that he or she owns his or her land, particularly if it is owned solely by him or her, outright, forever and ever, and is only constrained in its use by law.

Question 4

The grantor can have the transferee hold the land for a period less than the grantee's life. This property estate is known as _____.
A) reversion
B) fee simple
C) adverse possession
D) estate for years

Accepted Answer

The grantor can have the transferee hold the land for a period less than the grantee's life. In such a case, it is called an estate for years.

Question 5

Eminent domain is:
A) the government's right to take property for government use while providing the owner with fair market value for the taking.
B) the owner's right to sell the property at any price that he/she finds suitable.
C) the tenant's right to buy the property after using it for a fixed number of years at market value.
D) the owner's right to hold the property for a lifetime and then pass it on to a person who is not a relative of the owner.

Accepted Answer

Eminent domain is the government's right to take property for government use while providing the owner with fair market value for the taking.

Question 6

Ted is the only person who holds title to a house. He does not have to consult with anyone to determine how the house can be used. He is the only one responsible for paying for the property, repairs, taxes, and harm that occurs to another from use of the house. This is an example of _____.
A) joint tenants with right of survivorship
B) sole ownership
C) tenants in common
D) tenants by the entirety

Accepted Answer

in the case of sole ownership title to the property is held by only one person. The single owner owns the property and does not have to consult with anyone to determine how the property can be used. The sole owner is the only one responsible for paying for the property, repairs, taxes, and harm that occurs to another from use of the property.

Question 7

If, rather that have the interest after the life estate go to a third party, the grantor dictates that the interest is to return to the grantor, this is _____.
A) life estate
B) estate for years
C) reversion
D) remainder

Accepted Answer

If, rather that have the interest after the life estate go to a third party, the grantor dictates that the interest is to return to the grantor, this is reversion.

Question 8

A _____ is a legal document that gives title to the property to the owner.
A) will
B) summons
C) covenant
D) deed

Accepted Answer

Ownership of property is evidenced by a deed, which is a legal document that gives title to the property to the owner.

Question 9

Which of the following types of property estates represents an interest in land that is only good for the life of the life tenant who holds the interest?
A) Reversion
B) Life estate
C) Remainder
D) Tenant

Accepted Answer

A life estate is an interest in land that is only good for the life of the life tenant who holds the interest.

Question 10

If the grantor of land orders that the land will go to a third party (i.e., not the grantor or grantee/life tenant) after the life estate is over, then the property received by the third party is known as the _____.
A) adverse possession
B) remainder interest
C) estate for years
D) reversion

Accepted Answer

If the grantor of land orders that the land will go to a third party (i.e., not the grantor or grantee/life tenant) after the life estate is over, then the third party receives a remainder interest.

Question 11

Three siblings hold title to a piece of property at the same time. Each of them has an undivided proportionate share of the whole and even if one of them dies, his or her share will not go to the other owners automatically. This is most likely to be an example of _____.
A) sole ownership
B) joint tenants with right of survivorship
C) tenants by the entirety
D) tenants in common

Accepted Answer

When more than one person to hold title to a piece of property at the same time and each of the owners has an undivided proportionate share of the whole then it is known as tenancy in common. Joint tenancy is much like a tenancy in common except that when one of the owners dies, his or her share automatically goes to the other owners and is divided up proportionately.

Question 12

Three siblings own their property as joint tenants. When one of them dies, his interest cannot be willed away to someone else. Instead, the two remaining siblings will now own title to half of the property instead of one-third each. The decedent cannot pass his interest by will to anyone other than the other joint tenants. This is most likely to be an example of _____.
A) sole ownership
B) joint tenants with right of survivorship
C) tenants by the entirety
D) tenants in common

Accepted Answer

Joint tenancy with right of survivorship is much like a tenancy in common except that when one of the owners dies, his or her share automatically goes to the other owners and is divided up proportionately.

Question 13

Mike deeds his house to his daughter Samantha for her life and once Samantha dies the house goes to a charitable trust. This is an example of the _____ type of property interest.
A) reversion
B) life estate
C) remainder
D) tenant

Accepted Answer

The holder of a life estate only owns the land during the measuring life (which may be that of the life tenant or someone else), and after the death of the measuring life, the land goes back either to the grantor of the life tenancy or whoever else he or she interest designates.

Question 14

_____ is a form of holding property that is specific to married couples.
A) Sole ownership
B) Joint tenants with right of survivorship
C) Tenants by the entirety
D) Tenants in common

Accepted Answer

Tenants by the entirety is a form of holding property that is specific to married couples. In most states, when the purchasers of property are married, they must hold title to the property as tenants by the entirety.

Question 15

The one who grants a life estate is called a _____.
A) testator
B) tenant
C) donor
D) grantor

Accepted Answer

The one who grants a life estate is known as a grantor.

Question 16

The tenant:
A) can will the property to someone else.
B) gets the possession of the property for some period.
C) has the reversion interest in the property.
D) can sell the property.

Accepted Answer

Title and ownership to the property do not pass to the tenant; only possession does. The tenant cannot sell or otherwise convey the property to another.

Question 17

Michel deeds his house to Robert for the life of his wife. Once his wife dies, the property goes to a church. This is an example of the _____ type of property interest.
A) reversion
B) fee simple
C) life estate
D) tenant

Accepted Answer

The life tenant only owns the land during the measuring life (which may be that of the life tenant or someone else), and after the death of the measuring life, the land goes back either to the grantor of the life tenancy or whoever else he or she interest designates.

Question 18

When an individual possesses another's land openly, notoriously, and treats it as his or her own for a period set forth in a statute (usually 21 years) and the true owner makes no claim, the individual can petition the court to have title transferred into his or her name and become the owner of the property. Such a transfer of property is termed as _____.
A) tenancy
B) reversion
C) adverse possession
D) remainder

Accepted Answer

When an individual possesses another's land openly, notoriously, and treats it as his or her own for a period set forth in a statute (usually 21 years) and the true owner makes no claim, the individual can petition the court to have title transferred into his or her name and become the owner of the property. Such a transfer of property is termed as adverse possession.

Question 19

Which of the following statements is true regarding estate for years?
A) The grantee of the estate for years has the land only for the period for which it is granted to him/her.
B) The grantee of the estate for years can sell the land to someone else.
C) The grantee of the estate for years can grant the land to someone else for life estate.
D) The grantee of the estate for years can bequeath the land to someone else through a will.

Accepted Answer

The grantor can have the transferee hold the land for a period less than the grantee's life. In such a case, it is called an estate for years. The grantee only has the land for the period for which it is granted and cannot sell it or will it away to the exclusion of the remaining interest in the property.

Question 20

Which of the following statements is true regarding the life estate interest?
A) The transfer of property taking place as per the life estate interest is known as adverse possession.
B) The holder of a life estate can will the property to someone else.
C) The holder of a life estate owns the property forever.
D) The holder of a life estate only owns the land during the measuring life.

Accepted Answer

A life estate is an interest in land that is only good for the life of the life tenant who holds the interest. A life estate is quite different, in that the holder of a life estate does not own the property forever and cannot do with it as he or she pleases. The life tenant only owns the land during the measuring life, and after the death of the measuring life, the land goes back either to the grantor of the life tenancy or whoever else he or she interest designates.

Quiz 7: Property, Real and Personal

The one who receives a life estate interest is called a _____.

Which of the following statements is true regarding reversion?

A(n) _____ interest in real estate is the most rights our law recognizes in property.

The grantor can have the transferee hold the land for a period less than the grantee's life. This property estate is known as _____.

Eminent domain is:

Ted is the only person who holds title to a house. He does not have to consult with anyone to determine how the house can be used. He is the only one responsible for paying for the property, repairs, taxes, and harm that occurs to another from use of the house. This is an example of _____.

If, rather that have the interest after the life estate go to a third party, the grantor dictates that the interest is to return to the grantor, this is _____.

A _____ is a legal document that gives title to the property to the owner.

Which of the following types of property estates represents an interest in land that is only good for the life of the life tenant who holds the interest?

If the grantor of land orders that the land will go to a third party (i.e., not the grantor or grantee/life tenant) after the life estate is over, then the property received by the third party is known as the _____.

Three siblings hold title to a piece of property at the same time. Each of them has an undivided proportionate share of the whole and even if one of them dies, his or her share will not go to the other owners automatically. This is most likely to be an example of _____.

Mike deeds his house to his daughter Samantha for her life and once Samantha dies the house goes to a charitable trust. This is an example of the _____ type of property interest.

_____ is a form of holding property that is specific to married couples.

The one who grants a life estate is called a _____.

The tenant:

Michel deeds his house to Robert for the life of his wife. Once his wife dies, the property goes to a church. This is an example of the _____ type of property interest.

Which of the following statements is true regarding estate for years?

Which of the following statements is true regarding the life estate interest?