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Interest in Real Property: Types of Estates

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Mary owns her home outright. She can sell it, deed it, or will it to someone else if she wishes. What type of estate is this?

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1. Charlie owns an apartment that is located above Curt's drug store. Charlie is allowed to use the stairs in the drug store to get to his apartment. Charlie holds:

2. David wills his real property to Darlene but specifies that Douglas can live on and possess the property until Douglas' death. What type of interest does Douglas possess?

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About This Quiz & Worksheet

Owning property is rarely as simple as just owning it; there are many different types of property ownership. This quiz tests your ability to recognize some of them.

Quiz & Worksheet Goals

This property ownership quiz tests your ability to:

  • Recognize types of possessory interests when owning land
  • Spot examples of non-possessory interests in land-ownership

Skills Practiced

  • Reading comprehension - ensure that you draw from the most important information from the related business lesson
  • Critical thinking - use your knowledge of different types of property ownership to consider what type a given example problem represents
  • Information recall - remember the knowledge you've acquired about possessory interests and non-possessory interests

Additional Learning

For those looking to learn more, we recommend the lesson called Interest in Real Property: Types of Estates. It covers the following objectives:

  • Define possessory interests
  • Differentiate between fee simple absolutes and fee simple determinables
  • List the four main types of leases
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