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MA Salesperson Exam Module 3: Interests in Real Estate Study Guide Solutions
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MA Salesperson Exam Module 3: Interests in Real Estate Study Guide Solutions Freeholds - ANSWER-Fee simple absolute, fee simple defeasible, life estates Fee Simple Absolute - ANSWER-Default type -aka fee, fee simple, fee simple indefeasible -not limited, inheritable -owner is entitle to the ...

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  • November 4, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • ma salesperson exam module 3 interests in real es

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  • MA Salesperson
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Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024




MA Salesperson Exam Module 3:

Interests in Real Estate Study Guide

Solutions


Freeholds - ANSWER✔✔-Fee simple absolute, fee simple defeasible, life estates


Fee Simple Absolute - ANSWER✔✔-Default type


-aka fee, fee simple, fee simple indefeasible


-not limited, inheritable


-owner is entitle to the entire bundle of rights to the the property


-intended to be indefinite and are only limited by public and private restrictions


Fee Simple Defeasible - ANSWER✔✔--limited in someway


Fee Simple Determinable - ANSWER✔✔-automatically lost when a limitation is violated


Fee Simple Subject to a Condition Subsequent - ANSWER✔✔-lost when legal action is brought pursuant

to the violation of the limitation and returns the property to the original grantor


Fee Simple Subject to an Executory Limitation - ANSWER✔✔-lost when legal action is brought pursuant

to the violation of the limitation and the property is transferred to a third party named by the grantor

rather than back to the original grantor themselves.




Copyright ©Stuvia International BV 2010-2024 Page 1/6

, Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024


Life States - ANSWER✔✔--Freehold interests that only exist as long as the owner or the property (life

tenant) is alive. The deed states who received the life estate (remainderman) upon their death.


-the life tenant may not commit waste because it would compromise the remainderman's future interest


-life tenants can sell, rent, or otherwise dispose of the property as they see fit but anything they do while

alive is undone upon their death.


Life estate in reversion - ANSWER✔✔-a life estate where the life tenant dies, legal title will transfer back

to the original grantor


life estate in remainder - ANSWER✔✔-life estate where the life tenant dies and the legal title transfers to

some third party originally named by the grantor


Pur Autre Vie - ANSWER✔✔-"for another's life"


a life estate that is based on the term of a third party's life as named by the grantor


legal life estate - ANSWER✔✔-created by law, often in cases of dower rights (up to 1/3 interest in their

deceased spouses RE despite what was left in the will). The right is inactive before the spouse's death.


-dower rights have been abolished in MA


Homestead - ANSWER✔✔-a legal life estate granted to the owners of a family home. It often provides

protections from the forces sale of the home to satisfy debts up to a certain amount


Severalty - ANSWER✔✔-A freehold interest is held by only one person


Co-ownership - ANSWER✔✔-freehold interest shared by two or more persons, including corporations




Copyright ©Stuvia International BV 2010-2024 Page 2/6

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