Question

Unit 3 Ownership of Real Property77 REVIEW QUESTIONS When Aunt Winifred died, she left a life estate in Whiteacre to her nephew George. When George dies, Whiteacre will go to George's daughter Elizabeth. Elizabeth is a a reversioner. 8. A fee simple estate and a life estate are a. freehold estates. b fee simple estates. c. leasehold estates d. estates of tenancy. 1. The highest form of ownership is a. b. 2. c. a holder of a life estate. the life estate. d. a joint tenant with right of survivorship the real estate syndicate. If Greenacre is deeded by Lou to Mary for the life of Nancy, Nancy has a. a life estate. b. an estate in remainder c. an estate in reversion. d. no interest. the fee simple absolute. 9. c. d. the estate at will. Victor and Karen are not married but together own community property because they are a. brother and sister b. joint tenants. c. registered domestic partners. d. holders of a life estate. 3. 10. The owner of a life estate can a. b, c. d. sell only the life estate. never will the life estate. sell the fee simple estate. sell both the life estate and the fee simple A fee simple estate that may be lost when some act is performed is a. a life estate. b a fee simple absolute. c. a remainder. d. a fee simple on condition subsequent. 4. 11 Joint tenants have unity of a. interest but not possession. b. title but not interest. c. possession and title only d. time, title, interest, and possession. 5. A fee simple estate that has no conditions is a. b. c. d. a life estate. a remainder a fee simple on condition subsequent. a fee simple absolute. Jessica and John own Blackacre as joint ten- ants. Jessica's will specifies that on her death her interest in Blackacre is to go to her sister Mona. When Jessica dies a. Mona will be a tenant in common of 12. If Greenacre is deeded by Lou to Mary for Mary's life, Mary has a. a life estate. b. an estate in remainder c. an estate in reversion. d. no interest. 6. Blackacre with John. Mona will be a joint tenant of Blackacre with John. John will be sole owner of Blackacre. the probate court will have to sell Black acre and distribute the proceeds to John and Mona. b. c. d. If Greenacre is deeded by Lou to Mary for Mary's life, Lou has a. a life estate b. an estate in remainder. c. an estate in reversion. d. no interest. 7.

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Answer 1

1) Solution: freehold estates

Explanation: The freehold estates consists of fee simple estate and life estate

2) Solution: fee simple absolute

Explanation: The fee simple absolute is highest form of ownership

3) Solution: registered domestic partners

Explanation: Since Victor and Karen are registered domestic partners thus they can together own community property

4) Solution: fee simple on condition subsequent

Explanation: The fee simple on condition subsequent can result to loss in fee simple estate.

5) Solution: fee simple absolute.

Explanation: A fee simple estate that has no conditions refers to the fee simple absolute.

6) Solution: a life estate.

Explanation: The life estate refers to ownership of land for the duration of an individual's life

7) Solution: an estate in reversion.

Explanation: The estate in reversion refers to the ownership on estate that reverts back to the grantor after a temporary ownership period

8) Solution: remainderman

Explanation: Remainderman is defined as an individual who is entitled to inherit property upon the termination of the estate of the former owner

9) Solution: no interest

Explanation: Nancy has no interest when Greenacre is deeded by Lou to Mary for the life of Nancy

10) Solution: sell only the life estate

Explanation: The owner of a life estate is allowed to sell only the life estate

11) Solution: time, title, interest, and possession

Explanation: Joint tenants have unity of title, interest, time, and possession