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19 Cards in this Set
- Front
- Back
- 3rd side (hint)
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An estate in which you have exclusive rights to enjoy the possession of a property for an undefined length of time. |
A freehold estate |
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A freehold estate can be a fee simple estate or? |
Life Estate |
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What is the highest interest in real estate recognized by law? |
Fee simple absolute |
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A qualified fee estate that is subject to termination at the occurrence or nonoccurrence of some specified event. |
Fee simple defeasible (determinable) |
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A nonfreehold estate is commonly referred to as a? |
Leasehold estate |
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-Owner gives realty on a condition -Estate doesn't automatically terminate upon violation -Owner has the right of reentry but must bring a legal action in court. |
Fee simple defeasable subject to a condition subsequent |
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-For the life of another -Exists only until the death of the stated person -Often created for people who are physically or mentally incapacitated in hope of providing incentive for someone to care for them. |
Life estate Pur Autre Vie |
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Creator of life estate may name a remainderman as the person to whom the property will pass when the life estate ends. This is called? |
Remainder Interest |
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Creator of a life estate does not name a remainderman. In this case, ownership returns to original owner at end of life estate. This is known as? |
Reversionary Interest |
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The life estate of a wife in the real estate of her deceased husband is called? |
Dower |
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The life estate of a husband in the real estate of his deceased wife is called? |
Curtesy |
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Most states have abolished dower and curtesy of favor of what? |
Uniform Probate Code |
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A legal life estate occupied as the family home. |
Homestead |
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A charge against a property that provides security for a debt or obligation. |
Lien |
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Liens, easements, licenses, encroachment and Lis Pendens are all examples of what? |
Encumbrance |
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What are the two freehold estates? |
Fee simple estate Life estate |
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What are the two Fee Simple Estates? |
-Fee simple Absolute -Fee simple defeasible (determinable) |
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What are the two Life Estates? |
-Conventional Life Estate -Legal Life Estate |
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What are the three Legal Life Estates? |
-Dower -Homestead -Curtesy |
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