R E Ch 9 Estates amd Bundle of Rights

Which of the following types of estates has the highest degree of ownership, and owns the bundle of rights?

Fee simple.

Which of the following is not a type of encumbrance?

Licenses.

Which of the following is a legal life estate that is valid in Nevada?

Homestead.

When a landlord rents out a property to a tenant, which is the type of estate the tenant has in the property?

The tenant has a leasehold estate.

The Nevada Homestead Act provides an exemption of:

$605,000

To have joint tenancy and the right of survivorship, four unities must take place. Which of the following is NOT one of these unities?

Inheritable.

Which of the following statements about joint tenancy is not true?

Joint tenancy can be willed under some circumstances.

The degree and type of ownership interest that someone has in a particular piece of property is known as:

An estate in land.

The method in which one holds title to property, which involves placing a person’s or persons’ name(s) on the deed, along with a description of the method by which that person or persons will hold title, is known as:

Vesting.

A homestead is a type of

statutory life estate.

There are 3 types of voluntary life estate

• Estate in reversion

• Estate in remainder

• Estate in reservation

Legal life estates are also known as

involuntary life estates

________________ is ownership by a single individual. It is often called ownership in severalty because means being separate

Separate ownership

_____________ exists when two or more persons or organizations take title to an estate at the same time

Co-ownership

In order to have a joint tenancy and the right of survivorship, the 4 unities of ownership must take place.

Time, Title, Interest, and Possession

An easement that arises the acts or conduct of the parties that implies an easement exists.

• Implication

A grantor grants property to another but in doing so a new right (easement) is created.

Reservation

An easement that is created by a court of law in cases of justice, or if an easement becomes necessary for a party’s wellbeing

Necessity