Estates and Interests in Real Property Flashcards
Condition Precedent
a condition or an event that must occur before a right, claim, duty, or interests arises
Condition Subsequent
an event or state of affairs that, if it occurs, will terminate one party’s obligation to the other
Dower and Curtesy
Automatic life estate given to the surviving spouse of a marriage.
Dower affected the husband’s real property in that he could not convey his interest in real property without his wife signing off. The wife, on the other hand, could convey her real property without needing her husband’s signature.
Replaced by the Uniform Probate Code 1977
Estate
Degree, nature, quantity or extent of a person’s ownership interest in property
(might range from absolute ownership to possession)
Fee Defeasible
a form of freehold estate that puts more limitations on the owner compared to a fee simple absolute.
With this real estate, owning the land comes with certain conditions.
For example, you may have to use the property for a specific purpose. If you don’t follow through, you could lose ownership
Fee Simple
describes a landowner’s complete and total ownership of a piece of land and all properties on it.
The fee simple owner may do anything they wish on the land as long as it falls within established easements and zoning laws.
Freehold Estate
A type of real property. Indefinite ownership, which you can essentially pass on forever.
You can find three primary types of freehold estates, and each one requires you to meet certain conditions to maintain that ownership down the road.
Fee Simple; Defeasible, Life
Life Estate
a type of freehold estate, is something to consider during estate planning. Often, people want to give their home to their children after they pass. Through a life estate, a homeowner can make that transition process easier.
The original owner or life tenant, can live out their life in the home. While the life tenant stays there, though, they share joint ownership with the inheritor.
Once the life tenant passes, they no longer hold rights to the property. Instead, the beneficiary takes ownership, allowing them to inherit without the need of a probate court.
Grantor/Grantee
Grantor: Sells
Grantee: Receives
Less than Freehold
an estate held by one who rents or leases property. Also known as a leasehold.
Remainder
a future interest in land.
It is the right to own and possess the land after the fixed interest of current holder expires
Remainderman: a person who stands to inherit property at a future point in time upon
Reversion
return of property or assets to the original owner after a respecified event occurrence.
If title is indefeasible it can't be: (A) Recorded (B) Conveyed (C) Voided (D) Alienated
(C) Voided
If "A" deeds property goes to "B" and his heirs, with the stipulation that if "B" leaves no heirs the property is then to go to "C" then "C" now holds: (A) Life estate (B) Reversionary estate (C) Remainder of fee simple estate (D) Leasehold estate
(C) Remainder of fee simple estate
C’s right depends on B dying without heirs.
A life estate may be granted:
I. For the duration of more than one grantee’s life
II. For the duration of the life of someone other than the grantee
(A) I. only
(B) II. only
(C) Both I and II
(D) Neither I nor II
(C) Both I and II
Could be for the life of the husband and wife.
