Conventional Life, Legal Life, and Leasehold Estates

Question 1

Describe a Conventional LIfe Estate

Answer 1

• Full ownership interest, limited to lifetime of life tenant
• Created by agreements b/t the parties, a grant from a fee simple property owner to the grantee - life tenant

Question 2

What are the 2 types of conventional life estate and explain them

Answer 2

1. Ordinary life estate: ends with the death of the life estate owner and may pass back to the original owners or their heirs (reversion) or to a named third party (remainder)
2. Pur autre vie life estate: endures over the lifetime of a third person, after which the property passes from the tenant holder to the original grantor (reversion) or a third party (remainder man)

Question 3

Describe a legal life estate

Answer 3

• Automatic creation of estate through operation of law
• Designed to protect family survivors
• Laws protect homestead from certain creditors

Question 4

What are the 3 major forms of legal life estates and explain them

Answer 4

1. Homestead: rights to one’s principal residence
2. Dower and curtesy: a life estate interest of a widow(er) in the real property
3. Elective share: right to claim deceased spouse’s property in lieu of will

Question 5

What is a leasehold estate?

Answer 5

Non-ownership possessory estates of limited duration

Question 6

What is an estate for years?

Answer 6

Specific, stated duration, per lease

Question 7

What is an estate from period-to-period?

Answer 7

Lease term renews automatically upon acceptance of monthly or periodic rent

Question 8

What is an estate at will?

Answer 8

Tenancy for an indefinite period subject to rent payment, cancelable with notice

Question 9

What is an estate as sufferance?

Answer 9

Tenancy against landlord’s will and without an agreement