Estates In Land Flashcards
What is Estate In Land?
Defined as the Degree, Quantity, Nature, and Extent of an owner’s interest in real property
In order to be an Estate in Land an interest must be measured by the length of time in possession. T/F?
True. The ownership and enjoyment of the property either now or in the future must be measured by the length of time of possession.
What are the 2 types of Freehold Estate?
Fee Simple Estate and Life Estate.
What is Freehold Estate?
AKA Fee Simple Estate is the possession of property for an indefinite amount of time and may be passed down to owner’s heirs.
What is meant by Interest in Estate?
Interest in real property that amounts to an estate is a measure of the degree to which a thing is owned.
The degree of ownership.
What is meant by Estate?
Consists of all the land or property that a person owns or controls.
The actual property or land owned.
What are the different ways of ownership of an Estate?
Sole ownership in his/her name, Held in a Partnership, Joint of Ownership Arrangement, or through a Trust.
What is Nonfreehold Estate?
An Estate in possession for a definite amount of time.
What is Fee Simple Estate?
The highest degree of interest in real estate recognized by law. The Holder is entitled to all rights to the property by law. AKA Fee Simple Absolute, which is a form of Fee Simple Estate.
What are the 2 forms of Fee Simple Estate?
Fee Simple Absolute and Fee Simple Defeasible.
If the owner of a Fee Simple Absolute dies, what happens to the Estate?
The Interest of the Estate will either:
1. The Decedent’s Co-owner if there is one and if an Survivorship was established
- Person(s) specified in Owner’s Will
- If no will, then the person(s) designated by the State’s Law of Intestate Succession
When can you not use Fee Simple Estate?
The rights to use fee simple estate is only limited by public and private restrictions, such as Zoning Laws and Restrictive Covenants
What are the two Categories of Fee Simple Defeasible?
Fee Simple Determinable and Fee Simple Subject to a Condition Subsequent
What are the differences between Fee Simple Determinable and Fee Simple Subject to a Condition Subsequent?
- Fee Simple Determinable is subject to “Possibility of Reverter.” Meaning, when a limitation is violated, the property is automatically transferred back to the former owner whereas in a Fee Simple Subject To A Condition Subsequent, when the condition is violated, the Estate is NOT automatically reverted back to the former owner. The Former owner is required to take legal court action to retrieve back the property.
What is a Life Estate?
A Life Estate is an estate that is measured by the lifetime of either the holder of the estate or to an identified person or persons.
Is a Life Estate Inheritable?
No. Although a Life Estate is not inheritable, it is set to be owned by the future owner according to the provisions that the life estate was created.
The Holder of a Life Estate is called?
Life Tenant.
Is the Life Tenant like a renter to the life estate?
No, a life tenant is entitled to the rights of ownership and can benefit from both possession and ordinary use, and profits arising from ownership, just as if the individual were a fee simple owner.
Can a Life Tenant’s ownership be sold?
Yes, the ownership of the life tenant may be sold, mortgaged, or leased, but it is ALWAYS subject to the lifetime of a life estate.
A Life Estate can also be based on the lifetime of a person other than the life tenant. T/F?
True, although a life estate is not inheritable, a life estate pur autre vie provides for inheritance of the property right by the life tenant’s heirs, but the right exists only until the death of the identified person or persons.
Why is a Life estate pur autre vie created?
Usually created because the life tenant is mentally or physically incapacitated and it provides incentive for a person to care for them.
Can there be more than one person measuring the life estate?
Yes, more than one person could be identified as the measuring life.
Ex. A deceased property owner can grant life estate to a surviving brother for the life duration of the surviving brother’s children . Meaning as long as the one of the children survives, the life estate is in control of the surviving brother.
Ex. of Pur Autre Vie. See Back.
If, “A” is given property for “B” life, “A” is the tenant pur autre vie and will hold the property during the lifetime of “B.” If “A” dies before “B,” then the person entitled under “A’” will or on his intestacy will take interest for the remainder of “B’s” life. But if “B” dies before “A,” then the interest of “A” thereupon terminates.
What is Estate?
An Estate is the right or interest to real property that allows or will allow the possession of the property.
When you own or lease a land or that is your Estate
