Lesson 2: Section 2 Pop Quiz Flashcards

Lesson 2: Section 2 Pop Quiz Flashcards

Ben receives a life estate in a property, with his nephew Will designated as the remainderman. When Ben dies, what kind of interest does Will receive?A.Fee simple estateB.Life estateC.Remainder interestD.Reversionary interest

• Fee simple estateThe interest that passes to a

designated person upon the death of the life tenant (or other measuring life) is a fee simple estate. Will has a remainder interest only up until the moment Ben dies. Once Ben is dead, Will's interest immediately becomes a fee simple interest.Pam gave a life estate to her aunt, naming her cousin Sylvia as the remainderman. Almost immediately Pam's aunt sold the property to her neighbor, Fred. What is the result of the sale to Fred?A.The sale is valid only as long as Pam's aunt is aliveB.The sale is valid only as long as Sylvia is aliveC.The sale is valid only as long as Fred is aliveD.The sale is valid only as long as Pam is alive A.The sale is valid only as long as Pam's aunt is aliveIn this case, Pam's aunt is the measuring life (since no other measuring life is mentioned). The sale would be valid only for as long as the aunt is alive.Jack receives a life estate in a property, for the life of Larry.When Larry dies, the property passes to Mary, rather than

to the grantor or the grantor's heirs. This is a:A.life estate

pur autre vie, in remainderB.life estate pur autre vie, in reversionC.standard life estate, in remainderD.standard life estate, in reversion A.life estate pur autre vie, in remainderA life estate pur autre vie is based on a measuring life that's someone other than the life tenant. An estate in remainder is one that passes to a third party at the end of the measuring life, rather than to the grantor or the grantor's heirs. Note that if the grantor will get the estate at the end of the measuring life, it's called a reversion because the property is reverting (returning) to the original owner.Joyce gives a life estate to her son and stipulates that upon her son's death, title will pass to her niece. What is the niece's estate called?A.Life tenancyB.Estate for reverterC.Estate in remainderD.Estate in recapture C.Estate in remainderAn estate in remainder is a future interest as long as the measuring life remains alive. On the death of Joyce's son, title passes to the niece, known in this instance as the remainderman, in fee simple.A real estate agent lists Harold's home, which he owns as a life estate. Harold's children hold the remainder interest.Which of the following is true?A.Anyone who buys Harold's life estate receives only the interest held by HaroldB.Harold's children need to sign the listing agreementC.The buyer will automatically receive a fee simple absolute interestD.Since a life estate cannot be sold, the listing is invalid A.Anyone who buys Harold's life estate receives only the interest held by HaroldA purchaser wouldn't be buying a fee simple absolute interest in the property, only the life estate held by the seller. The property would pass to the life tenant's children at the end of the life estate's measuring life.Teresa gives her little brother, Mark, a life estate pur autre vie. Which of the following is true?A.Teresa is the life tenantB.Mark is both the life tenant and the measuring lifeC.Mark is the life tenant, but the measuring life is someone elseD.Mark will have title to the property for as long as he lives C.Mark is the life tenant, but the measuring life is someone elseIn a life estate pur autre vie ("for another life"), the measuring life is someone other than the life tenant.Which of the following can a conventional life tenant do?A.Sell, lease, or mortgage the life estateB.Devise the

life estate to his childrenC.Deliberately fail to pay the property taxes when they come dueD.Let the property fall into disrepair (commit waste) A.Sell, lease, or mortgage the life estateA life tenant can do many things with his property interest, such as lease it, sell

it, or mortgage it, but whatever he does has no legal effect beyond his death. He cannot commit waste (destroy, damage, or materially alter the property), or expose the property to the risk of foreclosure.

A life estate is:A.conveyed by one party to another party for

the duration of a measuring lifeB.created by homestead lawC.created by holographic willD.subject to a condition subsequent A.conveyed by one party to another party for the duration of a measuring lifeA life estate is an ownership interest that lasts as long as the measuring life is alive.