Ch 4 Section 2 Estates in Property

Question 1

Estates

Answer 1

refer to the degree, quantity, nature, and extent of ownership interest that a person has in real property

Question 2

2 basic types of estates:

Answer 2

• Freehold
• Less than freehold

Question 3

Freehold Estate

Answer 3

an estate in land that is of indeterminable duration meaning that it is not limited by a specific time frame
- exist forever or upon particular person lifetime

Question 4

6 Freehold estates include:

Answer 4

• Fee simple
• Qualified
• Life
• Remainder
• Reversion
• Statutory

Question 5

Fee Simple estate

Answer 5

is the HIGHEST and most COMPLETE type of ownership of land that is possible
- refers to as fee, fee simple, fee simple absolute
- exists for an infinite duration

Question 6

the possession of a freehold estate

Answer 6

Seisin

Question 7

Qualified Fee Estate

Answer 7

is a fee simple estate that has certain qualifications or limits
- referred to as fee simple defeasible, defeasible fee

Question 8

Defeasible :

Answer 8

capable of being voided, annulled, or defeated

Question 9

2 types of defeasible ( defeatable) fee estates:

Answer 9

• Fee simple determinable
• Fee simple to a condition subsequent
• both are qualified fee estates and ownership is subject to conditions

Question 10

Life Estate

Answer 10

fee simple estate that is conveyed to a persons for the duration of someone’s life

Question 11

Remainder Estate

Answer 11

future interest in real estate created at the same time and by the same instrument as another state

Question 12

Remainderman

Answer 12

the person designated to take title upon the termination of the prior state

Question 13

Reversion Estate

Answer 13

• A reversion (or reversionary) estate is the estate that is left, or that reverts to the grantor after a grantor has conveyed a lesser estate to someone else

Question 14

Statutory Estate

Answer 14

any estate that is created by law ( the enactment of legislation)

Question 15

Examples of statutory estates

Answer 15

• Dower
• Curtesy
• Community Property
• Homestead exemption

Question 16

Dower

Answer 16

wifes interest in husbands property

Question 17

Curtsy

Answer 17

Husbands interest in wife’s property

Question 18

Community Property

Answer 18

based on the theory that each spouse has en equal interest in property acquired by the efforts of either spouse during their marriage

Question 19

Homestead Exemption or protection

Answer 19

designed to protect a family home from general creditors

Question 20

Leasehold Estates ( non-freehold estates)

Answer 20

is for a definite time and does not involve ownership

Question 21

Common Leasehold Estates

Answer 21

• Estate tenancy for years
• Estate tenancy from year to year
• Estate tenancy at will
• Estate tenancy at sufferance

Question 22

Estate tenancy for years

Answer 22

lease that has a definite beginning and a definite ending date

Question 23

Estate tenancy from year to year

Answer 23

any tenancy or lease that runs for an indefinite number of time periods

Question 24

Estate tenancy at will

Answer 24

exists when a tenant is in lawful possession of real estate with no definite time specified as to when he will vacate and no particular recurring period is specified

Question 25

Estate tenancy at sufferance

Answer 25

exists when a tenant occupies real estate after his lawful rights have run out