Chapter 7 Mastering Real Estate Flashcards
Define Estate
The degree, quantity, nature, and extent of interest in real estate (ownership rights)
What is the allodial system?
Individual can hold absolute ownership rights in land. (Private ownership)
What estates are inheritable?
Fee simple absolute and Fee Simple Defeasible
What estates can not be inherited?
Conventional Life Estates and Legal Life Estates
What is a fee simple absolute?
Complete ownership
What is a fee simple defeasible or qualified fee estate?
It has an encumbrance on the title that runs with the land.
When a defeasible estate ends, what three possibilities will happen to it?
Pass to the grantor (REVERSION interest)
Pass to the grantor’s heirs (REVERSION interest)
Goes to a specified third party (REMAINDER INTEREST)
What is a fee simple conditional subsequent estate?
Includes a prohibited use of the property.
What is a fee simple determinable estate?
The estate remains in effect as long as a condition is satisfied.
What is a life estate?
A freehold estate based on someone’s life. These are not inheritable.
Who is a life tenant?
A person who owns a life estate.
What is a conventional life estate?
They are creators by the actions of a grantor by a deed, will, or trust.
What is a legal life estate?
These are created by statue (law). (Statutory estates).
What are the two kids of conventional life estates?
Ordinary (Ordinary life estate) and pur autre (Based on the life of another)
What is waste in reference to an estate?
Unauthorized use or neglect of the property.
What is reversion interest?
Property ownership reverts back to the original owners.
What is remainder interest?
Ownership passes to a third party.
Define curtesy.
The husband’s life estate in his deceased wife’s estate.
Define dower.
The wife’s life estate in her husband’s estate.
Define homestead.
A portion of the value of the homeowner’s estate is protected from certain judgments or debts.
What are riparian rights?
Rights pertaining to land boarding streams and rivers (moving water).
What are littoral rights?
Rights pertaining to land along a non-flowing body of water (lake, ocean, sea).
Where does ownership extend to in littoral rights?
to the high water mark
Where do riparian right extend?
Nonnavigable to the center of the water
Navigable - to the high water mark at the water’s edge
