Interests_in_real_estate

Question 1

Freehold Estate

Answer 1

Ownership interests that last indeterminable amount of time and inheritable

Question 2

Fee Simple Absolute

Answer 2

highest interest - owner entitled to all rights to the property

Question 3

Fee Simple Defeasible

Answer 3

is subject to the occurrence or non-ocurrence of a specified event

Question 4

Fee Simple Determinable with Special Limitation with Possibility of Reverter

Answer 4

Estate is qualified by a special limitation, if limitation violated reverts back to owner with no need to go to court

Question 5

Condition Subsequent with right to re-entry

Answer 5

condition of ownership but must go through court

Question 6

Life Estate

Answer 6

Freehold estate that is limited in duration to the life of owner or some other designated person

Question 7

Conventional Life Estate with remainder or reversion

Answer 7

Established at transfer of deed to life tenant, has right to full enjoyment until the death of the person against whose life is measured

Question 8

Pur Autre Vie

Answer 8

Life Estate is based on lifetime of another persons life

Question 9

Legal Life Estate

Answer 9

is created by state law - also known as statutory life estate

Question 10

Estate in Land

Answer 10

defines the degree, quantity, nature and extent of an ownership in a real property

Question 11

Remainder interest

Answer 11

Creator of life estate names remainderman who receives property when life estate ends