Chapter 2 Terms

Question 1

Allodial System

Answer 1

Any individual who has the means can aquire a piece of land, along with the rights of ownership while having the protection of the government.

Question 2

Right of Possession

Answer 2

The right to occupy your property and to have ingress and egress (a way to get in & a way to get out).

Question 3

Right of Enjoyment

Answer 3

Assures against interference from others or nuisances from neighbors. Includes some rights over adjoining land such as the right to light, air, water, and lateral support.

Question 4

Encumbrance

Answer 4

Limitations or restrictions that may be placed on the rights that come along with a property.

Question 5

Estate in Land

Answer 5

Refers to the quality, quantity, nature & extent of the ownership interest that a person holds in real property. Does not include the physical quantity of land one may own.

Question 6

Possessory Estate

Answer 6

A present right to occupy a property.

Question 7

Non-possessory Estate

Answer 7

A future right to occupy a property.

Question 8

Freehold Estate

Answer 8

An estate that will last for an indefinite period of time.
*This includes fee estates that have the potential of lasting indefinitely, and therefore are inheritable, and life estates that will last for a lifetime.

Question 9

What distinguishes Fee Estates?

Answer 9

The fact that they can be inherited.

Question 10

Fee Simple Absolute

Answer 10

An estate in which the owner possesses the entire bundle of rights. It is the most complete ownership of rights in land that one can hold.

Question 11

Conditional Fee

Answer 11

An estate that does not represent complete rights of ownership. Ownership is conditioned on the occurrence or non-occurrence of a certain event.

Question 12

Fee Simple Determinable

Answer 12

Subject to a certain limitation based on time.

Ex- words such as “for so long as” “during” or “until” are used in a deed to create this type of estate.

Question 13

Fee Simple on Condition Subsequent

Answer 13

Subject to a condition but there is no automatic reversion when the condition is no longer being met.
Ex- conditional phrases such as “provided that” or “on the express condition”.

Question 14

Life Estates

Answer 14

Duration of this estate is measured by a persons lifetime. This is a freehold estate because there is an indefinite end date. Cannot be passed on to heirs.

Question 15

Conventional Life Estate

Answer 15

Created by conveyance usually through use of a deed, will, or trust.
Person who receives this estate is called the life tenant.

Question 16

Life Estate Pur Autre Vie

Answer 16

The lifetime of this life estate is measured by the life of an individual other than the grantee.

Ex- letting a nephew occupy your rental home for the life of his father.

Question 17

Remainder Estate

Answer 17

Created when the owner of a fee simple estate grants a lesser estate to someone and, at the same time, names a person other than himself who will receive fee Simple estate when the lesser estate ends.