Real Estate Fundamentals - Chapter 6: Real Property Interests

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Quizzes Created: 21 | Total Attempts: 27,519
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Real Property Quizzes & Trivia

Questions and Answers
  • 1. 

    In real estate the term "estate" refers to a large ranch or mansion or the accumulation of wealth or assets.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    Estate means the kind of interest a person has in real property.

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  • 2. 

    In real estate, there are essentially 2 kinds of estates: freehold and leasehold.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    In real estate, there are indeed two types of estates: freehold and leasehold. Freehold estates give the owner complete ownership and control over the property, while leasehold estates grant the owner the right to use the property for a specific period of time, usually through a lease agreement. Therefore, the statement is true.

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  • 3. 

    A freehold estate refers to the interest that a tenant has in real property.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    A freehold estate refers to an ownership interest in real property for an undetermined period of time.

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  • 4. 

    A leasehold estate refers to an ownership interest in real property for an undetermined amount of time.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    A leasehold estate involves the interest that a tenant has in real property.

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  • 5. 

    The most important type of freehold estate is called fee simple. It is the highest and most complete form of ownership in real estate that is possible.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    The explanation for the given correct answer is that fee simple is indeed the most important type of freehold estate. It grants the owner absolute ownership and control over the property, with the right to use, sell, lease, or pass it on to heirs. This type of ownership is considered the highest and most complete form of ownership in real estate, making the statement "True" accurate.

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  • 6. 

    Although fee simple is the most preferred ownership interest for the majority of people, it does NOT contain all of the allowable bundle of rights of ownership and does NOT represent absolute, unconditional ownership forever.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    Fee simple DOES contain all of the allowable bundle of rights of ownership and DOES represent absolute, unconditional, ownership forever.

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  • 7. 

    A variation of a fee simple is a fee simple absolute, a type of fee simple in which there are no limitations upon the ownership rights other than the government powers.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    The statement is true because a fee simple absolute is a type of ownership where there are no restrictions or limitations on the owner's rights, except for the powers of the government. This means that the owner has complete control and can use, sell, or transfer the property as they wish, without any restrictions imposed by the previous owner or any other party. The government, however, still retains certain powers, such as the ability to regulate land use or impose taxes. Therefore, the statement is correct.

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  • 8. 

    The second type of freehold estate is called a defeasible fee estate. It can be distinguished from fee simple in that it is a conditional form of real property ownership. Because the word defeasible means capable of being defeated, this type of ownership can be terminated because it is based upon a condition.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    For example: an owner wants to donate land to a local municipality for recreation purposes only.

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  • 9. 

    The official name of the owner of a life estate is dower.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    The official name of the owner of a life estate is a Life Tenant.

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  • 10. 

    An estate pur autre vie is an ownership interest in real property for the life or lives of someone other than the owner of the life estate.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    For example: Person A could convey ownership to Person B for the lives of Person's C and D.

    "pur autre vie" means "for another's life"

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  • Current Version
  • Mar 21, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Jul 28, 2011
    Quiz Created by
    Sseveland
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