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Property Ownership & Rights Flashcards

6 cards from real Real Estate practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 6 Property Ownership & Rights flashcards as text

  1. Which form of ownership gives the owner the greatest bundle of rights with no time limit?

    Answer: Fee simple absolute

    Fee simple absolute is the most complete form of real property ownership with unlimited duration and no conditions.

  2. A life estate grants ownership rights for how long?

    Answer: The measuring life of a designated person

    A life estate lasts only for the duration of a specified person's life, after which ownership reverts or passes to a remainderman.

  3. Which form of co-ownership includes the right of survivorship and is recognized by all US states?

    Answer: Joint tenancy

    Joint tenancy requires the four unities (time, title, interest, possession) and includes automatic right of survivorship.

  4. An easement appurtenant benefits which party?

    Answer: The adjoining dominant estate

    An easement appurtenant runs with the land and benefits the dominant estate, giving its owner the right to use a portion of the servient estate.

  5. A lien is best described as a:

    Answer: Financial claim against a property

    A lien is a legal claim placed against a property as security for a debt or obligation.

  6. The 'bundle of rights' in real estate includes all of the following EXCEPT:

    Answer: Right to eminent domain

    Eminent domain is a government power, not a private ownership right within the bundle of rights.