Life estates - Study guides, Class notes & Summaries

"A" and "B" bought a house as tenants in common. If "A" dies which of the following statements about ownership of the house is correct? A) It automatically becomes tenancy in severalty. B) It is divided, with B retaining their original interest and the balance going to A's estate. C) B holds fee simple ownership to A's share of the property D) B holds a life estate ownership to A's share of the property - Answer B) It is divided, with B retaining their original ...

California Real Estate Principles Exam Questions and Answers (3) 1. A fee simple estate and life estate are a. freehold estates b. fee simple estates c. leasehold estates d. estates of tenancy - Answer-freehold estates (3) 2. The highest form of ownership is the a. life estate b. real estate syndicate c. fee simple absolute d. estate at will - Answer-fee simple absolute (3) 3. Victor and Karen are not married but together own community property because they are a. bro...

Different Types of Estates correct answersLife, Future, Lease, Fee Simple Fee Simple Estate correct answersMost complete bundle of rights. The typical type of Canadian Property. NAFTA Property Rights correct answersMexico and USA have property rights but Canadian citizens don't Included in the Bundle of Rights correct answersUse of Property, Sell or lease, inheritance of property Deed correct answersLegal Document through which rights are transfered Leasehold Estate correct ...

Cannon CTFA Prep Questions with complete Answers 2023 Jean and John Simmons are married and own their own home as tenants by entirety. When John dies the home is valued at $350,000. How much will be counted in his gross taxable estate? A. None, as it passes directly to his spouse, Jean. B. $175,000 - or one-half of the value C. $225,000 - or the full amount minus the $125,000 one-time exclusion for capital gains on a person residence. D. $350,000 - the full amount is includable. B. $175,...

clustering - examples: apparel stores in a mall or any business where customers like to comparison-shop raw land - land that does NOT include structures or any improvements role of government in real estate - - local govt has the most influence - state govt has the least effect - national govt also has significant impact how is the term "real estate" used? - 1. used to identify tangible assets of land/buildings 2. used to denote the bundle of rights associated w/ ownership of assets 3....

What are the types of fee simple estates? CORRECT ANSWER Fee Simple Absolute Fee Simple Defeasable Fee Simple Absolute CORRECT ANSWER The best type of ownership you can get. Fee Simple Defeasible CORRECT ANSWER Subject to occurrences or non occurrences of specified time. Two types of fee simple defeasible? CORRECT ANSWER Fee simple determinable 2 Condition subsequent Fee Simple Defeasible CORRECT ANSWER Will include: so long as, while, during and includes the term reverter. Re...

ACEABLE REAL ESTATE GEORGIA SECTION 1 CHAPTERS 1- 7 EXAM QUESTIONS AND ANSWERS, RATED A+/ 2 Rights that are a package deal - -Right to Control and Right to encumber These are often rolled into one under Right to Control 2 types of FEE SIMPLE ESTATES - -Absolute estates Defeasible estates 2 types of FREEHOLD ESTATES - -Fee simple Life Estate 2 types OF Freehold estates - -Fee Simple Life Estate 3 Characteristics of Determinable - --The estate will come to an END AUTOMATICALLY AND imm...

Abby lives in Ohio, where she is licensed as an insurance producer. She wants to apply for a nonresident license in Pennsylvania. Which of the following conditions must she satisfy? She must move to Pennsylvania. She must surrender her Ohio license. She must be sponsored by a producer licensed in Pennsylvania. She must show her Ohio license is in good standing. Correct Answer she must show her Ohio license is in good standing An annuity settlement option with a life contingency is o...

Texas Real Estate Finance Questions and Answers Graded A+ REAL ESTATE the land and everything permanently attached to it that is owned as part of a person's estate ESTATE everything a person owns - all assets, whether real property or personal property and liabilities 2 classifications of estate 1. Freehold 2. Leesehold Freehold Estate indefinite ownership of estate with full bundle of rights Leasehold Estate limited ownership of estate with limited rights, right to use. Type of Freehold ...

All of the following estates include legal title to real property, EXCEPT: (a) Tenancy for years (b) Fee simple estate (c) Life estate (d) Tenancy by the entireties - Answer (a) Tenancy for years Florida timeshare projects are regulated by which organization? (a) Florida Real Estate Commission (b) Department of Community Affairs (c) Division of Florida Condominiums, Timeshares and Mobile Homes (d) Department of Housing and Urban Development - Answer c) Divisio...