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Property Ownership and Interests in Indiana fully solved graded A+ passed
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Property Ownership and Interests in Indiana fully solved graded A+ passed
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Property Ownership and Interests inIndiana
Most complete form of ownership and bundle of rights in real property - correct answer ✔✔Fee simple
absolute
An inheritable estate - correct answer ✔✔Fee simple
Property possessed for someone's lifetime - correct answer ✔✔Life estate
Tom Jr. can keep the property his parents transferred for as long as he remains unmarried. - correct
answer ✔✔Qualified fee/defeasible fee
Tom Jr. can own the property his parents transferred—but if he develops the land, his ownership will
end. - correct answer ✔✔Fee on condition
She could sign a lease for a period of 12 months, establishing a(n) - correct answer ✔✔Estate for years
She could sign a lease for a period of 12 months, at the end of which the lease is renewed. This is a(n) -
correct answer ✔✔Periodic estate
Or she could establish a(n) _________ by signing a lease for an unspecified period of time, with the
stipulation that either she or the landlord may terminate the lease by giving notice to the other. - correct
answer ✔✔Estate at will
At the end of all this, she could just refuse to leave the property when her lease terminates, creating a(n)
- correct answer ✔✔Estate at sufferance
Sarah inherited Hank's estate, but failed to pay property taxes on the condominium, causing her
eventual loss of the condo. - correct answer ✔✔Act of waste
, Mr. Smith passed away without a will. Attempts to locate heirs or creditors have come up empty, so the
state has claimed his property. - correct answer ✔✔Escheat
Bob is married and owns the family home. Upon Bob's death, the property may receive certain
protections (depending on the state). - correct answer ✔✔Homestead
An elementary school will receive title to 20 acres of land upon the death of the life tenant, Teddy Jr. The
elementary school is the ______ - correct answer ✔✔Remainderman
Papa conveyed 20 acres of land to Teddy Jr. for life. Upon Teddy Jr.'s death, the land will be conveyed to
the local elementary school. - correct answer ✔✔Remainder interests
Papa conveyed 20 acres of land to Teddy Jr. for life. Upon Teddy Jr.'s death, the land will go back to Papa.
- correct answer ✔✔Reversionary interests
Upon Cooper's death, Carolyn will take full ownership of the farm. - correct answer ✔✔Dower
Upon Carolyn's death, Cooper will take full ownership of the farm. - correct answer ✔✔Curtesy
Sergei has just purchased his first house. He owns it; no one else does! No one tells him what he can do
with the house—he decides. No one shares his house with him or holds any interest in the house (except
his lender, of course).
What ownership type describes Sergei's situation? - correct answer ✔✔Estate in severalty
Jack, John, and Joe are brothers. Their parents died, leaving them the family home. Each holds an
undivided interest in the entire property, and there is no right of survivorship. If one of them dies, that
brother's share will go to whomever he's stipulated in his will.
What ownership type describes Jack, John, and Joe's situation? - correct answer ✔✔Tenancy in common
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