Estates

Question 1

An estate that has the exclusive right to the possession and use of the property for an indefinite amount of time.

Answer 1

Freehold estate

Question 2

The most common type of freehold estate ownership.

Answer 2

Fee simple absolute estate

Question 3

The fee simple absolute type of estate gives these rights:

Answer 3

1. Authority to live in, rent or mortgage the property.
2. Sell destroy or reassign ownership of the property.
3. Construct buildings in the property.
4. Excavate minerals, gas and oils.
5. Refuse the use of property by others.

Question 4

An estate similar to a lease or contract situation that holds limited rights and usage to the property and typically has a set or predetermined time period for the tenant.

Answer 4

Non freehold estate

Question 5

A non freehold estate that requires that all parties sign a contract that includes a fixed termination date. Can be a few hours to 99 years.

Answer 5

Estate for Years

Question 6

A non freehold estate that allows either party to terminate the contract at any time. In California 30 days notice of termination must be given. Also known as a tenancy at will.

Answer 6

Estate at Will

Question 7

A non freehold estate where the contract renews itself from period to period unless one of the parties gives notice of termination. Also now as a periodic tenancy or periodic estate.

Answer 7

Estate from Period to Period

Question 8

A non freehold estate that occurs when a tenant does not vacate at the end of the lease period, against the property owner’s wishes.

Answer 8

Estate at Sufferance

Question 9

Fee upon __________:
The fees/taxes of the property based on outside circumstances, such as home modifications, outside liens or holds on the property, or changes in the real estate market.

Answer 9

Fee upon condition

Question 10

An estate that ends at the death of the owner and revers to the original owner.

Answer 10

Life estate

Question 11

The owners of the life estate is called the ____ _________.

Answer 11

Life tenant

Question 12

“for another’s life” : similar to a life estate, it state that a person’s life interest will last for the life of another person’s life instead of their own.

Answer 12

Pur autre vie

Question 13

An individual who inherits property when an estate is terminated from the former owner. This typically happens due to the death of the owner’s life estate, but can also be a voluntary act.

Answer 13

Remainderman

Question 14

A life estate ownership that ‘reverts’ back to the original owner or grantor.

Answer 14

Life estate in reversion