Chapter 3 National Book Flashcards
What is an estate in land?
legal rights to real property, land and house together
What is an estate in land defined by?
how long the land is held, forever, until the person dies etc
How long does a freehold estate last?
Who can it be passed to?
indefinite, forever
may be passed to heirs
What is a fee simple absolute?
an estate that is owned forever
What is a fee simple defeasible?
an estate that has conditions, something must or must not happen for it to be lost or gained
What is a fee simple determinable?
an estate that can be inherited, has some sort of special limitation
so long as, while, during
“to Adam as long as land is used as a park”
What is a fee simple subject to a condition subsequent?
estate that can be terminated if there is a violation of ownership
can be got back if lost in court
“no alcohol to be served”
What is a life estate?
an estate limited to the life of owner or designated person, NOT inheritable
What is pur autre vie?
life estate that is subject to the lifetime of another person
“for the life of another”
Bob is given this house as long as his mother lives
What is a reversionary interest?
remainderman isn’t named, original estate owner gets house back
What is a remainder interest?
when a “remainderman” is named, someone other than the original owner is named to get estate back
What is a LEGAL life estate?
when the law names the new owner of estate
think death of a spouse, dower & cutesy
What is an encumbrance?
restrictions, constraints that comes with a home
gives 3rd party some control or use of property
What is an easement?
the right to use someone’s land for a specific purpose sidewalk, shared driveway etc
What is an easement by necessity?
easement given by court order, grants use bc it’s needed
