Freehold Estates Flashcards
What is a freehold estate?
Exclusive rights to enjoy the possession of a property for an undefined length of time.
What is a less than freehold estate?
Held for a fixed, defined period.
What are the three types of freehold estates?
Fee Simple absolute, Fee simple defeasible, and life estate.
What is a Fee Simple Absolute?
Most common way real estate is owned. Greatest interest in a parcel of land that once can possibly own.
What is Fee Simple Defeasible?
Created when a grantor places a condition on a fee simple estate. Upon the occurrence of a specified event, the estate may be lost.
What are the two types of Fee Simple Defeasible Estates?
Fee Simple Determinable & Fee Simple Subject to a Condition Subsequent.
What is a Fee Simple Determinable?
When a grantor uses durational language in the condition. (Ex. Land can be used for a park. If not, the estate will automatically terminate and revert to grantor)
What is Fee Simple Subject to a Conditional Subsequent?
If conditions are placed (Ex. Alcohol cannot be served. If it is then a lose of title is the consequence.)
What is a Life Estate?
Interest in real property which is held for the duration of the life of a designated person. It may be limited by the life of the person holding it or by the life of another person.
