Interest And Estates In Land

Question 1

Interest

Answer 1

Interest in real estate ownership of any combination of the bundle of rights to real property including rights to:Possess use, transfer, encumber, exclude

Question 2

Undivided

Answer 2

And undivided interest is an owners interest in a property in which two or more parties share ownership. The terms undivided and indivisible signify that the owners interest is a fractional part of the entire estate. Not a physical portion of the real property it’s self. If two co-owners have an undividedEqual interest one owner may not like lay claim to the northern half of the property for his or her exclusive use

Question 3

Eminent domain

Answer 3

The right of the government to take private property for a necessary public use with just compensation paid to the owner. Property owner must be paid compensation for the property, as we use for public good, OWNER must have due process in the court system

Question 4

ESCHEAT

Answer 4

Provides another example of the states interest in real property. Property cannot be without an owner, and an owner dies without a will or without errors the property reverts to the state. Escheat is the process a reversion to the state ownership

Question 5

Freehold estate or leasehold estate

Answer 5

And interest that includes the right of possession. The relationship of the parties on in the estate and specific interest healed in the estate

Question 6

Freehold a state

Answer 6

The duration of the owners rights cannot be determined, the Wright’s may endure for a lifetime, for less than a lifetime, or for generations beyond the owners lifetime

Question 7

Leasehold estate

Answer 7

Is distinguished by a specific direction as represented by the lease terms

Question 8

Tenancies

Answer 8

Leasehold and freehold estates are referred to as tenancies. The owner of a freehold estate is a freehold tenant and the renter or the leasee is the leasehold tenant

Question 9

Fee simple estate

Answer 9

A free hold estate of potentially Unlimited duration
Highest form of ownership interest, includes the bundle of rights and the Tenancy is unlimited with certain exceptions
The owner of the fee simple interest is called the fee tenant

Question 10

Life estate

Answer 10

Limited to the life of the owner

Question 11

Two forms of fee simple estate

Answer 11

Absolute and defeasible

Question 12

Fee simple absolute

Answer 12

A perpetual state that is not conditioned by stipulated or restricted uses. Maybe freely passed on to heirs.
May do any of the following;
Pass a life estate in reversion or remainder to another person
Use the property for security or debt, Grant an easement, lease the property, give permission for another to conduct activity on the property

Question 13

Fee simple defeasible

Answer 13

Deed to create what start out as a fee simple, but attach some sort of condition or limitation. Ownership can continue indefinitely, provided the use of the property conforms to stated conditions.

Question 14

Two types of fee simple defeasible are

Answer 14

Determinable and condition subsequent

Question 15

Determinable

Answer 15

The date to determinable it states states usage limitations. If the restrictions are violated, the estate automatically reverts to the grantor or heirs

Question 16

Condition subsequent

Answer 16

If any condition is violating the previous owner may repossess the property. However the reversion of the estate is not automatic, the grantor must retake physical possession within a certain timeframe.

Question 17

Life estates

Answer 17

Hey freehold a state that is limited in duration to the life of the owner or other ninth person. Upon the death of the owner or named individual The state passes to the original owner or other named party.

Question 18

Life TEnant

Answer 18

The holder of a life estate. The life tenant does not have the right to pass ownership to his or her heirs