An interest in real estate is best defined as ownership of one or more of the bundle of rights to real property.
Chapter 3: Interests and Estates

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Professional Development
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Professional Development
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1.
FLASHCARD QUESTION
Front
Back
one or more of the bundle of rights to real property
Answer explanation
Pg. 29
An interest in real estate is ownership of any combination of the bundle of rights to real property including the rights to:
- possess
-use
-transfer
-encumber
-exclude
2.
FLASHCARD QUESTION
Front
Encumbrances and police power are examples of
Back
interests that do not include possession
Answer explanation
Pg. 30
Private interest holder does not have right to possess, the interest is an encumbrance (government entity)
Police Power - right of the local government to zone.
3.
FLASHCARD QUESTION
Front
What distinguishes a freehold estate from a leasehold estate?
Back
A leasehold endures only for a specific period of time.
Answer explanation
Pg. 31
Freehold estate - the duration of owners rights can not be determined, rights may endure for a lifetime
Leasehold estate- is distinguished by specific duration, as represented by the lease term.
4.
FLASHCARD QUESTION
Front
The highest form of ownership interest one can acquire in real estate is
Back
absolute fee simple estate
Answer explanation
Pg. 32
Fee simple is the highest form of ownership interest.
Fee simple absolute - perpetual estate that is not conditioned by stipulated or restricted uses and can be freely passed on heirs.
5.
FLASHCARD QUESTION
Front
The distinguishing feature of a defeasible fee simple estate is that
Back
the estate may revert to a grantor or heirs if the prescribed use changes.
Answer explanation
pg. 33
The defeasible fee estate is perpetual, provide the usage conforms to stated condition:
- property must be used for certain purposes under certain conditions
-if the use changes or if prohibited conditions are present the estate reverts back to the grantor of the estate
6.
FLASHCARD QUESTION
Front
Upon the death of an owner, a life estate passes to
Back
the original owner or other named person
Answer explanation
pg. 33
A life estate is a freehold estate that is limited to the duration to the life of the owner. Upon death of the owner, the estate passes to the original owner or another named party.
7.
FLASHCARD QUESTION
Front
How is a conventional life estate created?
Back
A fee simple owner grants the life estate to a life tenant.
Answer explanation
Pg. 34
A conventional life estate is created by grant from a fee simple property owner to the grantee, the life tenant.
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