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14 Cards in this Set
- Front
- Back
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Estate |
the kind of interest a person has in real property. |
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2 Kinds of Estates: |
Freehold and Leasehold |
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Freehold Estate |
an ownership interest in real property for an undetermined period of time |
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Leasehold Estate |
Involves the interest that a tenant has in real property |
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Fee Simple |
Most Common, most preferred. Highest and most complete form of ownership in real estate that is possible. Contains all the allowable bundle of rights of ownership unconditional forever |
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Fee Simple Absolute |
Fee Simple, but includes government powers |
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Defeasible Fee Estate |
Conditional Form of Real Property Ownership. Ownership can be terminated because it is based on condition. |
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Fee Simple Determinable (Type of Defeasible Fee Estate) |
ownership will end upon occurrence or lack of occurrence of a designated event. Uses "as long as" Failure to meet conditions would automatically result in the loss of ownership. Ownership would revert back to the grantor or a designated future owner. (remainder(man)) |
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Fee Simple Subject to a Condition Subsequent (Type of Defeasible Fee Estate) |
Like Fee Simple Determinable, but not automatic or immediate and would require a lawsuit to revert back to the grantor. |
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Life Estate |
Ownership is conditionally based on the life of a person |
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2 Types of Life Estates |
Standard Life Estate Estate pur autre vie |
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Standard Life Estate |
ownership is held only for the life of the owner (life tenant) of the life estate. After death reversion transfers ownership back or to a remainderman. |
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Estate pur autre vie |
ownership interest for the life of someone other than the owner of the life estate. "for anothers life" |
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Life Estates Created by Law |
Dower: the wife gets the property when husband dies Curtesy: The husband gets the property if the wife dies. |
