Interests in Real Estate

Question 1

Estate in Land

Answer 1

defines the degree, quantity, nature, and extent of interest in real property.

• must allow possession
• must be measured according to time

Question 2

Freehold Estate

Answer 2

lasts indeterminable length of time (lifetime, forever, etc.)

Question 3

fee simple estate

Answer 3

• indefinite period

- passed to heirs

Question 4

life estate

Answer 4

held for individual’s lifetime—ends when they die…not inheritable.

Question 5

fee simple absolute

Answer 5

highest interest recognized—intended to run forever. entitled to all rights to the property by law. limited only by public and private restrictions like zoning laws and restrictive covenants.
passes to
-co-owner if right of survivorship
-person (people) specified in will (devisees)
-no will? person (people) designated by state’s laws of intestate succession.

Question 6

fee simple defeasible

Answer 6

qualified fee estate that is subject to the occurrence or nonoccurence of some specified event.

Question 7

fee simple determinable

Answer 7

may be inherited. Qualified by special limitation (language i.e. so long as, while, or during) former owner retains a possibility of reverter if limitation is violated without having to go to court.

Question 8

Pur autre vie

Answer 8

life estate based on lifetime of someone other than the tenant

Question 9

Remainderman

Answer 9

person to whom the property will pass when the life estate ends.

Question 10

Reversionary interest

Answer 10

ownership returns to the owner when upon the end of the life estate.