Estates Flashcards
Freehold estate
The exclusion right to use and enjoy a parcel of land. The land is held in one of two ways, either fee simple, or as a life estate
Fee simple absolute
The highest form of ownership in real estate provides the complete bundle of rights. Also called fee title or fee simple title.
Fee simple defeasible
The highest form of ownership, but with conditions or exclusions to the use of the property.
Deed
A legal document regarding the ownership of one’s property rights. When you buy or sell property, a deed is recorded that authorizes the transfer of ownership from one party to another.
Reversion right
A limiting condition written, providing recourse of a property back to the previous owner without a need for legal action
Remaindermen versus reversion
The key difference between a reversion and a remaindermen is that a reversion is held by the grantor of the original conveyance while the remainderman is used to signify 10 interest that would be a reversion, but it in instead transferred to someone other than the grantor
Life estate
-The right to ownership of the land for a length or duration of a persons life. Upon death, the ownership of the property may revert to the original person.
-involves a grantor of the life estate and a remaindermen, or the person receiving the estate
Pur Autre Vie
“For another’s life”
The interest in the property is reliant on the life expectancy of another person who is not on the deed. Upon completion property reverts to the remainderman
Legal life estate
Concept of life estate established by law. Not typically found in Utah, where it has been replaced with the uniform probate code. (probate)
Dower
A life estate of a wife in the real estate of her deceased husband
Curtesy
A life estate of a husband in the real estate of his deceased wife
Husband’s interest upon the death of his wife and a real property of an estate that she is either solely owned or inheritance provided they bore a child capable of inheriting the estate
Homestead
An exemption issued on a part of your property that provides protection from judgments and creditors for the duration of life. Exemptions are mortgage and real estate taxes.
Community property
The right of spouse, entitling half interest in real property attained during the marriage.
The word “freehold” means the same thing as the word:
A: Ownership
B: Leasehold
C: Possession
D: Both A & B
A: Ownership
Rachel has ownership rights in a 20-acre lot in St George. Her rights continue forever. No other person can claim ownership rights to the property. Rachel has which type of estate:
A: Fee Simple Defeasible
B: Fee Simple Absolute
C: A Life Estate
D: Fee Simple Determinable
B: Fee Simple Absolute
Another name for a legal life estate is:
A: Easement
B: Remainderman
C: Pur Autre Vie
D: Determinable Fee
D: Determinable Fee
Which of the following statements about life estates is FALSE?:
A: Life Estates Are Non-Inheritable
B: Life Estates Are Inheritable
C: The Holder Of A Life Estate Cannot Convey An Interest That Extends Beyond His/Her Life
D: A Grantor Can Create A Series Of Life Estate
B: Life Estates Are Inheritable
Jackson sells his life estate to Ron. Jackson is the:
A: Grantor
B: Grantee
C: Trustor
D: Trustee
A: Grantor
Jackson grants a life estate to Ron. Ron sells his life estate to Sharon. Ron states that when he dies, the life estate will go to Dayton. Sharon is now the:
A: Grantor
B: Trustor
C: Holder Of A Life Estate Pur Autre Vie
D: The Remainderman
C: Holder Of A Life Estate Pur Autre Vie
The _____ is the seller of a property such as a house.
A: Grantor
B: Trustor
C: Holder Of A Life Estate Pur Autre Vie
D: The Remainderman
A: Grantor
The most complete form of ownership a person can hold under the law is a:
A: Fee Simple Absolute
B: Fee Simple Qualified
C: Fee Simple Determinable
D: Fee Simple With Condition Subsequent
A: Fee Simple Absolute
An ownership interest that will not transfer title until a condition is met is called
A: Fee Simple Absolute
B: Fee Simple Qualified
C: Fee Simple Determinable
D: Fee Simple With Condition Subsequent
D: Fee Simple With Condition Subsequent
An ownership interest that has conditions that limit one’s ownership is called:
A: Fee Simple Absolute
B: Fee Simple Qualified
C: Fee Simple With Condition Subsequent
D: Leasehold Estate
B: Fee Simple Qualified
