Estates In Property Flashcards
What are 2 basic types of estates in property
- Freehold Estate
2. Leasehold Estate
What are the 6 types of freehold estates?
- Fee simple estate
- Qualified fee estate
- Life estate
- Remainder estate
- Reversion estate
- Statutory estate
Is the highest and most complete type of ownership of land that is possible
Fee Simple Estate
A fee simple estate that has certain qualifications or limits
Qualified Fee Estate
Is a fee simple estate that is conveyed to a person for the duration of someone’s Life
Life Estate
A present right to future title; title is taken upon the termination of a life estate
Remainder Estate
A present right to future title; title is taken upon the termination of a life estate, but has no remainderman
Reversion Estate
Dower, courtesy, community property, and homestead exemption
Statutory Estate
The tenant possess a leasehold and therefore has the exclusive use of the property for a specified period of time
Leasehold Estate (Non-freehold Estate)
Involves a lease that has a definite beginning and a definite ending date
Estate for years
Rental from month to month, year to year, week to week
Estate from year to year
May be terminated by sale of the property, by death or either party, or by notice of either party
Estate at will
When a tenant occupies real estate after his lawful right have run out
Estate at sufferance
