Exam 23: Interests in Land and Their Transfer

What is a reversion?

A life tenant is

The owner of a condominium has of his or her unit, and _ of common elements.

Describe the two main classifications of interests in land.

The process of administering and settling the estate of a deceased is referred to as

In a condominium, structures and areas that are external to a condominium unit, such as the reception, stairs, gardens and gymnasium are referred to as

Jack and Mary own their matrimonial home as joint tenants. Approximately two weeks before he passes away, Jack prepares a new document that transfers his interest in the home to his sister Janet. Jack's conduct is known as

A life estate is

Jack buys a farm house. The day after he buys the home he sees Joseph, another farmer going over his property with a pail, towards a nearby stream. Jack is angry that Joseph is walking over his land and he tells Joseph not to do so. Joseph tells him that he has a right to walk over the land to fetch water from the stream. Joseph tells Jack that the right has existed since Joseph's great grandfather purchased the property. This means that Jack's property is a dominant tenement.

When land is compulsorily transferred to a public body pursuant to statute, this is known as

After a life estate has been carved out, the balance of the fee simple is called

The process of administering and settling the estate of a deceased person in court is called

Jack buys a farm house. The day after he buys the home he sees Joseph, another farmer going over his property with a pail, towards a nearby stream. Jack is angry that Joseph is walking over his land and he tells Joseph not to do so. Joseph tells him that he has a right to walk over the land to fetch water from the stream. Joseph tells Jack that the right has existed since Joseph's great grandfather purchased the property. This means that Joseph has a right of way.

Mary and Paul are married and living in a home that they purchased shortly after their marriage approximately three years ago. Title to the property is in their names as joint tenants. Mary needs some money to make certain purchases and they both decide that Mary can obtain a loan from the bank and give the bank a mortgage over her share of the home as security for the loan. This will amount to

Michael has been in adverse possession of a home for close to 30 years. Assume that the limitation period for adverse possession is 31 years, and a few months to the end of the 30th year the owner returns to the property and demands rent from Michael, which Michael pays. This means that adverse possession has been interrupted and the limitation period will start to run again.