The highest form of modern land ownership is known as
• a life estate.
• a fee simple absolute.
• a real estate trust.
• an estate for years.
The highest (most complete) form of ownership is a fee simple absolute, in which right of possession is not restricted.
The right of the future holder of what is currently a life estate is a
• fee simple subject to a power of termination.
• fee simple defensible.
• fee simple conditional.
• remainder.
The owner of a life estate has the right to possession and use of property but only as long as the life of an identified person(s). If the right of possession and use goes to a third person when the life estate ends, rather than returning to the grantor of the life estate, that person has a remainder interest while the life estate is in existence and a fee simple estate on termination of the life estate.
In medieval England, the highest form of ownership was the
• life estate.
• leasehold estate.
• estate for years.
freehold estate.
In medieval England, the freehold estate was the highest form of land ownership and the owner could use the property in any way without being subject to the demands of an overlord.
The four unities of joint tenancy do NOT include
• severance.
• interest.
• possession.
• time.
The four unities of joint tenancy (TTIP) are: unity of time, title, interest, and possession.
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