Freehold estates

Question 1

Interstate created by Will or deed that may be granted for the tenant’s on life or the life of another

Answer 1

Conventional life estate

Question 2

1. a possessory interest in real property, either a freehold estate or a less than freehold (leasehold)
2. The real and personal property left by someone who has died

Answer 2

Estate

Question 3

A future interest that becomes possessory when a life estate terminates; it is held by someone other than the grantor of the life estate

Answer 3

Estate in remainder

Question 4

If future interest that becomes possessory won a temporary estate (such as a life estate) terminates, and that is held by the grantor (or grantor’s successors in interest)

Answer 4

Estate in reversion

Question 5

The greatest State won can have in real property, freely transferable and inheritable end of infinite duration, with no conditions on the title

Answer 5

Fee simple absolute – also called fee simple

Question 6

A freehold estate that is not inheritable, the duration of which is limited by the life of the measuring life, either the owner of the life estate or another designated person

Answer 6

Life estate – also called estate for life

Question 7

Someone who owns a life estate; the person entitled to possession of the property during the measuring life

Answer 7

Life tenant

Question 8

A third-party who has a future interest in property (a remainder estate) upon the termination of a life estate

Answer 8

Remainderman

Question 9

A grantor who transfers interest in a property but will later reacquire the granted interest, as in the case of reversionary interest

Answer 9

Reverter

Question 10

The reduction in value caused by distraction, damage, or material alteration of property

Answer 10

Waste