Study (Principles 1) Interests in Real Estate *Part One* Flash Cards

 
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(Principles 1) Interests in Real Estate *Part One*

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What kind of estate is a noninheritable freehold estate that is passed to a designated person by a deed or a will?
Life
Removing minerals without the remainderman's permission and failure of life tenant to make repairs are examples of committing
Waste
Which provides for ownership of real estate to revert to the state when an owner dies and leaves no heirs and no will?
Escheat
Homestead may suffer forced sale for nonpayment of loans from which proceeds were used to settle property claims in cases of death or
Divorce
Alice gives a life estate to Betty for as long as Cathy is alive. Betty is the life tenant "owner" of the property and the life estate will continue as long as Cathy is alive. This is an example of a(n)
pur autre vie life estate
For government or public entity to exercise right of eminent domain, proposed use must be declared by the court to be which of the following?
Public
Under what kind of interest will ownership pass to a third party named in deed creating life estate?
Remainder
Freehold ownership rights are still subject to government powers, including eminent domain, police powers, escheat, and taxation T/F?
T
When government or public entity exercises right of eminent domain through condemnation suit, which determines amount of compensation landowner will receive?
The Courts
If a pur autre vie life tenant dies, the life tenant's heirs lose their interest in property T/F?
F
A grant of land from an owner to his or her church "so long as" the land is only used for religious purposes is a
Determinable Fee Estate
An urban homestead is limited to a lot or lots NOT to exceed how many acres?
10
If condition of ownership is violated, title to subject property automatically reverts to original owner in a
Determinable Fee Estate
Which dictates some action or activity that property owner must NOT perform, accompanied by the words "if" or "on the condition that" or "provided that"?
Fee simple subject to a condition subsequent
The king owns the land and individuals are merely tenants under the
Feudal System
Alice gives Betty a life estate. Betty is the life tenant of the property, and the life estate will continue as long as Betty is alive. What kind of life estate is this?
Ordinary
Under Texas homestead exemption laws, property occupied as family home is exempt from forced sale for nonpayment of
Certain Judgements
The contract for valid lien for labor or material on homestead improvement must NOT be signed until how many days after loan application?
5 days
What type of estate exists for an unlimited time and entitles holder to complete ownership?
Fee Simple Estate
Under what kind of interest does property return to heirs of original owner if he or she has died?
Revisionary
Freehold estates that cannot be left to owner's heirs are
Noninheritable
Homeowners' association may force sale of homestead for nonpayment of assessment lien T/F?
T
Homestead legal life estates are created automatically by law T/F?
T
Conventional life estates may be created by a deed from an owner of a fee simple estate T/F?
T
Homestead may NOT suffer forced sale for nonpayment of loans from which proceeds were used to settle property claims in cases of death T/F?
F
When deed or will that creates life estate names third party to whom title will pass on the death of the life tenant, the third party is said to own a reversionary interest T/F?
F
Freehold ownership rights are subject to government powers, including taxation T/F?
T
Holder of defeasible fee estate has fee simple title that may NOT be divested for any reason T/F?
F
Freehold estates are estates of indeterminable length, such as those existing for a lifetime or forever T/F?
T
Valid lien for labor or material on homestead improvement must be based on written contract signed by both spouses and acknowledged and signed before work was performed or materials delivered T/F?
F
Because certain governmental powers are intended to promote general welfare of the community, they are subordinated to individual's rights T/F?
F
Life estate will continue indefinitely T/F?
F
Lien created by conversion of personal property lien secured by manufactured home to lien on real property is NOT foreclosable against Texas homestead T/F?
F
Right of reentry means that grantor (or his or her heirs) can retake possession of property through court order if condition is broken in fee simple subject to condition subsequent estate T/F?
T
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