Ch 4 Section 2 Estates in Property Flashcards
Estates
refer to the degree, quantity, nature, and extent of ownership interest that a person has in real property
2 basic types of estates:
- Freehold
- Less than freehold
Freehold Estate
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
6 Freehold estates include:
- Fee simple
- Qualified
- Life
- Remainder
- Reversion
- Statutory
Fee Simple estate
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
the possession of a freehold estate
Seisin
Qualified Fee Estate
is a fee simple estate that has certain qualifications or limits
- referred to as fee simple defeasible, defeasible fee
Defeasible :
capable of being voided, annulled, or defeated
2 types of defeasible ( defeatable) fee estates:
- Fee simple determinable
- Fee simple to a condition subsequent
- both are qualified fee estates and ownership is subject to conditions
Life Estate
fee simple estate that is conveyed to a persons for the duration of someone’s life
Remainder Estate
future interest in real estate created at the same time and by the same instrument as another state
Remainderman
the person designated to take title upon the termination of the prior state
Reversion Estate
- 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
Statutory Estate
any estate that is created by law ( the enactment of legislation)
Examples of statutory estates
- Dower
- Curtesy
- Community Property
- Homestead exemption
Dower
wifes interest in husbands property
Curtsy
Husbands interest in wife’s property
Community Property
based on the theory that each spouse has en equal interest in property acquired by the efforts of either spouse during their marriage
Homestead Exemption or protection
designed to protect a family home from general creditors
Leasehold Estates ( non-freehold estates)
is for a definite time and does not involve ownership
Common Leasehold Estates
- Estate tenancy for years
- Estate tenancy from year to year
- Estate tenancy at will
- Estate tenancy at sufferance
Estate tenancy for years
lease that has a definite beginning and a definite ending date
Estate tenancy from year to year
any tenancy or lease that runs for an indefinite number of time periods
Estate tenancy at will
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
Estate tenancy at sufferance
exists when a tenant occupies real estate after his lawful rights have run out
