FlexiQuiz - Mastering Real Estate Principles, Eighth Edition

A person who holds the greatest ownership rights in the property that is allowed by law owns a

leasehold estate.

life estate.

defensible estate.

fee simple estate.

A father owns a house as a fee simple owner and gives his daughter a life estate in the property with a provision that the property will pass to the son after her death. The son has a

homestead interest.

reversion interest.

remainder interest.

riparian interest.

Rights provided by statute that protect a family’s residence against creditors are called

homestead rights.

entirety rights.

survivorship rights.

dower rights.

A fee simple property owner deeds title to the property to a church group as long as they run a battered women’s shelter on the property. The type of ownership interest held by the church group is

life estate.

homestead.

defeasible fee.

fee simple.

Which of the following provides rights that a spouse has in the property?

Community property

Cooperatives

Homestead

Land trusts

What best describes a fee simple estate ?

It cannot be leased by the owner.

It is still subject to government powers.

It cannot be sold by the owner to someone else.

It lasts for a definite period of time.

Mastering Real Estate Principles, Eighth Edition - Unit 7