FSU WOODYARD REE 3043 EXAM 4 REVIEW
QUESTIONS AND ANSWERS 2026
Trade Fixtures - Answers - Personal property (display counters, cabinets, etc.) in
commercial buildings, such as shopping centers and office buildings
The Right of Exclusive Possession and Control - Answers - Owners have a legal right to
control entry to their property, to collect damages in the event of trespass, and to use
the property as collateral for a loan
The Right of Quiet Enjoyment - Answers - Owners have a legal claim to their property
without unfounded disturbances from those claiming defects in the title
The Right of Disposition - Answers - Allows owners to transfer ownership to others
Estates in Severalty - Answers - When only one party owns real estate, the owners
interest is severed from other owners' interests
Concurrent Estates - Answers - Involve real property ownership by more than one
owner
Freehold Estates - Answers - Held for an indefinite duration (e.g. home ownership)
Non-Freehold Estates - Answers - Have a duration set by a private contract (e.g.
apartment rental)
Freehold Estates - Answers - 1) Fee Simple Absolute (or fee simple) ((best one))
2) Determinable Fee
3) Fee simple subject to condition subsequent
4) Ordinary life estates
5) Legal life estate - homestead
6) Legal life estate - dower and curtesy
Leasehold Estate - Answers - The tenant's interest
Leased Fee Estate - Answers - The landlord's interest
Estate for Years - Answers - Definite beginning, definite end
Periodic Tenancy - Answers - Variable time of staying
, Tenancy at Will - Answers - Living without a contract, can be terminated at any time by
tenant or landlord
Tenancy at Sufferance - Answers - An agreement in which a property renter is permitted
to live in a property after a lease term has expired, but before the landlord demands the
tenant vacate the property
Joint Tenancy - Answers - 50/50 ownership (or 33/33/33, etc.) where if one other dies,
other(s) get ownership share
Tenancy in Common - Answers - 50/50 ownership (or 33/33/33, etc.) but if owner dies,
ownership passes to heirs
Community Property - Answers - If married, properties owned before marriage occurred
is not owned by spouse. All properties purchased after marriage are joint owned by
spouse
Condominium - Answers - A form of co-ownership of real estate with fee simple
ownership of units, and ownership as tenants in common for common areas
Cooperative - Answers - An ownership form where individuals own shares of a
corporation which in turn owns real estate (i.e. a multi-family residential building)
Tenancy in Partnership - Answers - - Partners share properties equally
- Interests may not transfer without the consent of other partners
- Properties are exempt from rights of dower and curtesy
- Claims of creditors must be ratified prior to any division of the properties
How Corporations Own and Operate Real Estate - Answers - As an independent entity,
owned by members
Real Estate Investment Trusts (REITs) - Answers - A trust arranged in which one party
(REIT) holds property for the benefit of another (REIT shareholders)
Police Power - Answers - The inherent right of government to control the activities of
people and companies to protect the health, safety, moral character, and general
welfare
Taxation - Answers - The power of local government to levy ad valorem real estate
taxes represents a limitation of property rights
Ad Valorem - Answers - Tax charged according to value of property
Eminent Domain - Answers - Government's ability to take private property for a pubic
purpose with just compensation to the owner. Part of 5th amendment
QUESTIONS AND ANSWERS 2026
Trade Fixtures - Answers - Personal property (display counters, cabinets, etc.) in
commercial buildings, such as shopping centers and office buildings
The Right of Exclusive Possession and Control - Answers - Owners have a legal right to
control entry to their property, to collect damages in the event of trespass, and to use
the property as collateral for a loan
The Right of Quiet Enjoyment - Answers - Owners have a legal claim to their property
without unfounded disturbances from those claiming defects in the title
The Right of Disposition - Answers - Allows owners to transfer ownership to others
Estates in Severalty - Answers - When only one party owns real estate, the owners
interest is severed from other owners' interests
Concurrent Estates - Answers - Involve real property ownership by more than one
owner
Freehold Estates - Answers - Held for an indefinite duration (e.g. home ownership)
Non-Freehold Estates - Answers - Have a duration set by a private contract (e.g.
apartment rental)
Freehold Estates - Answers - 1) Fee Simple Absolute (or fee simple) ((best one))
2) Determinable Fee
3) Fee simple subject to condition subsequent
4) Ordinary life estates
5) Legal life estate - homestead
6) Legal life estate - dower and curtesy
Leasehold Estate - Answers - The tenant's interest
Leased Fee Estate - Answers - The landlord's interest
Estate for Years - Answers - Definite beginning, definite end
Periodic Tenancy - Answers - Variable time of staying
, Tenancy at Will - Answers - Living without a contract, can be terminated at any time by
tenant or landlord
Tenancy at Sufferance - Answers - An agreement in which a property renter is permitted
to live in a property after a lease term has expired, but before the landlord demands the
tenant vacate the property
Joint Tenancy - Answers - 50/50 ownership (or 33/33/33, etc.) where if one other dies,
other(s) get ownership share
Tenancy in Common - Answers - 50/50 ownership (or 33/33/33, etc.) but if owner dies,
ownership passes to heirs
Community Property - Answers - If married, properties owned before marriage occurred
is not owned by spouse. All properties purchased after marriage are joint owned by
spouse
Condominium - Answers - A form of co-ownership of real estate with fee simple
ownership of units, and ownership as tenants in common for common areas
Cooperative - Answers - An ownership form where individuals own shares of a
corporation which in turn owns real estate (i.e. a multi-family residential building)
Tenancy in Partnership - Answers - - Partners share properties equally
- Interests may not transfer without the consent of other partners
- Properties are exempt from rights of dower and curtesy
- Claims of creditors must be ratified prior to any division of the properties
How Corporations Own and Operate Real Estate - Answers - As an independent entity,
owned by members
Real Estate Investment Trusts (REITs) - Answers - A trust arranged in which one party
(REIT) holds property for the benefit of another (REIT shareholders)
Police Power - Answers - The inherent right of government to control the activities of
people and companies to protect the health, safety, moral character, and general
welfare
Taxation - Answers - The power of local government to levy ad valorem real estate
taxes represents a limitation of property rights
Ad Valorem - Answers - Tax charged according to value of property
Eminent Domain - Answers - Government's ability to take private property for a pubic
purpose with just compensation to the owner. Part of 5th amendment
