Estates in Real Property

Question 1

what are the two major categories of estates?

Answer 1

Freehold estates(ownership), leasehold estates

Question 2

What are the 3 classifications of Freehold estates?

Answer 2

Fee simple, Fee defeasible, Life estate

Question 3

what is fee simple also known as

Answer 3

fee, fee simple absolute

Question 4

what are the 2 types of defeasible fees

Answer 4

condition subsequent, determinable

Question 5

“so long” as you use it. Automatically the estate reverts back to grantor if condition is not met (still has to go to court, but grantor can automatically take land back)

Answer 5

determinable

Question 6

“but if” you use it. The land DOES NOT automatically go back to the grantor, has to be seen in a court of law. to prove how they defied the grantors condition

Answer 6

Condition subsequent

Question 7

The estate belongs to the grantee for the extension of their life but reverts back to grantor when they expire.

Answer 7

Life estate