1a. Roberto owned a piece of property in fee simple absolute. With a warranty de
ID: 420151 • Letter: 1
Question
1a. Roberto owned a piece of property in fee simple absolute. With a warranty deed, he decided to convey a life estate to his niece, Tanya, for her lifetime. Six months later, Roberto died.
What property rights did Roberto have before he conveyed the property to Tanya?
A
-All ownership rights
B
-Only the right of possession
C
-A future interest
D
-A life estate
1b. What property rights did Roberto have after he conveyed the property to Tanya?
A
-All ownership rights
B
-Only the right of possession
C
-A future interest
D
-A life estate
1c. What property rights did Tanya have after the conveyance?
A
-All ownership rights
B
-Only the right of possession
C
-All ownership rights except possession
D
-All ownership rights except the right to permanently dispose of the property
1d. What property rights did Tanya have after Roberto's death?
A
-Fee simple absolute
B
-None, because Tanya's heirs will inherit the property
C
-None, because he used a warranty deed
D
-A life estate
1e. Which of the following warranties did Tanya not receive in the transaction?
A
-The grantor has the legal ability to sell the property
B
-There are no undisclosed claims or encumbrances
C
-The grantor warrants against business or economic risk
D
-The grantee shall have quiet enjoyment
1f. If Roberto had used a quitclaim deed instead of a warranty deed, what warranties would Tanya have received?
A
-The grantor has the legal ability to sell the property
B
-There are no undisclosed claims or encumbrances
C
-There would be no warranties
D
-The grantee shall have quiet enjoyment
A
-All ownership rights
B
-Only the right of possession
C
-A future interest
D
-A life estate
Explanation / Answer
1a) A) All ownership rights. A fee simple absolute is a way of land holding in common law countries and provides the highest level of ownership possible in any land held in fee simple absolute.
1b) C) A future interest. As Roberto was the remainderman after conveying a life estate to Tanya, his ownership may occur at a future time, as he holds an interest in the remainder if the interest of the life estate holder is terminated upon their death.
1c) D) All ownership rights except the right to permanently dispose of the property as her rights are limited by the life estate only until she is alive and lapse upon her death, with rights reverting to the remaindeman.
1d) D) A life estate. The rights Tanya has will not be altered by death of the remainderman, as the property becomes part of his estate to be divided among all eligible heirs upon expiry of the life estate.
1e) C) The grantor warrants against business or economic risk. This is not a condition under a warranty deed the only three conditions are of the grantor having the right of ownership and to sell the estate, the estate is unencumbered and free from undisclosed claims, and the grantee shall have peaceful possession.
1f) C) There would be no warranties. A quitclaim deed conveys rights in the property that the grantor holds at the time of conveying the estate, in an as is where is manner, and the grantor quits all claims in and obligations to the estate, thereafter.
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