Interests and Estates Flashcards
What is an undivided Interest?
an owner’s interest in a property in which parties share ownership.
When is a party considered an estate in land?
If an interest-holder enjoys the right of possession.
What enables a non-owning party to restrict the owner’s bundle of rights?
An Encumbrance
What are the prime and other examples of public interests?
Prime - Police Power
Right to acquire ownership through eminent domain and ownership claimed by escheat
what factors differentiate a freehold and leasehold estate?
The length of time the holder may enjoy the right to possess the estate;
The relationship of parties owning the estate;
Specific interests held in the estate.
What are the limitations on the owners rights in a freehold estate?
Cannot be determined.
they may last for a lifetime, for less than
a lifetime, or for generations beyond the owner’s lifetime.
What determines the length of a leasehold estate?
the lease
What are the two types of freehold estates and their differences?
A freehold estate of potentially unlimited duration is a fee simple estate: an estate limited to the life of the owner is a life estate.
What do you call the owner of a fee simple interest
a Fee Tenant
Fee simple estates are subject to ___ & ___.
Gov restrictions and private interests
what are the types and descriptions of fee simple estates?
The fee simple absolute estate is a perpetual estate that is not conditioned by stipulated or restricted
uses. It may also be freely passed on to heirs.
In defeasible estates, ownership can continue indefinitely, provided the use of the property conforms to certain stated conditions.
What are the two types of fee simple defeasible estates?
determinable and condition subsequent
What are the 3 distinguishing characteristics of a life estate?
The owner enjoys full ownership rights during the estate period.
Holders of the future interest own either a reversionary or a remainder interest.
The estate may be created by agreement between private parties.
How is a conventional life estate created?
by grant from a fee simple property owner to the grantee, the life tenant.
How does an ordinary life estate end?
With the death of the life estate owner
what is the extent of a put aurte vie life estate?
it endures over the lifetime of a third person.
What is the focus of a legal life estate?
Defining and protecting the property rights of surviving family members upon the
death of the husband or wife.
What is the purpose of a homestead law?
protect family members against losing their homes to general creditors attempting to collect on debts.
What is a dower?
a wife’s life estate interest in the husband’s property.
What is a curtsey?
right enjoyed by the husband in a deceased wife’s property.
How do marital rights affect property sales?
a legal life estate makes it impossible for one partner to sell the property without the consent of the
other.
What does an elective share allow a person to do?
It enables a surviving spouse to make a minimum claim to the deceased spouse’s property in place
of the provisions in the decedent’s will.
What is required for a community property to be sold or encumbered?
the consent of both parties
What type of ownership constitutes true ownership of the property for the owner’s life.
Life Tenancy
