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real estate state exam > Freeholds > Flashcards

Freeholds Flashcards

1
Q

Fee Simple

A
  • Not limited by one’s lifetime
  • Absolute: highest form of ownership interest
  • Defeasible: reverts to previous owner per conditions
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2
Q

Life Estate

A

Passes to another on death of named party

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3
Q

Conventional Life Estate

A

Limited to lifetime of life tenant/named party

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4
Q

Conventional Life Estate | Ordinary

A

estate passes to remainderman or previous owner when life tenant dies

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real estate state exam (20 decks)

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