Lesson 4: Estates in Land Flashcards
quality of posession
Quality of possession refers to limitations on how the estate holder can possess and enjoy the property.
In other words, does someone else have a right to control or terminate the estate holder’s possession?
fee simple defeasible
A fee simple defeasible (also called a defeasible fee) is a fee simple estate to which the grantor has attached a condition or qualification.
The estate is subject to termination if a specified event occurs or a certain condition is not met. Upon termination, ownership will return to the grantor.
Although the vast majority of real property is owned in fee simple absolute, defeasible fees are encountered occasionally.
power of termination
The grantor retains an interest known as a power of termination (also called a right of re-entry).
If the triggering event occurs (the condition is broken), termination of the grantee’s estate isn’t automatic—the grantor must exercise the power of termination to regain ownership of the property.
measuring life
Now that we’ve covered fee simple estates, let’s look at the other main category of freehold estates: life estates, also called estates for life.
A life estate lasts as long as a specified person (known as the measuring life) is alive.
The measuring life may be the life tenant (the person who holds the life estate and is entitled to possession of the property) or it may be someone else.
remainderman
Suppose that in Ben’s will, he leaves his real property to “my sister May, for life; then to our brother Randy.”
Randy holds an estate in remainder. He is the remainderman.
reversioner
If a remainderman isn’t named, the future interest will be an estate in reversion, so that the property will return to the grantor (or his heirs or assigns) when the life estate ends.
Now suppose that Ben deeded his property “to my sister May, for life,” without specifying who will own the property after the measuring life ends. It’s assumed that he intends for ownership to revert to himself. Ben (or Ben’s heir) would be known as a reversioner.
term tenancy
A term tenancy (also known as an estate for years) is a tenancy for a fixed period of time, with definite beginning and ending dates.
A term tenancy (despite being known as an estate for years) may have a term of just a few days, weeks, or months.
periodic tenancy
In a periodic tenancy, property is leased for a specific time period, but instead of terminating automatically at the end of the period, the lease continues for another period of the same length unless one party gives notice of termination.
Termination of a residential periodic tenancy generally requires just cause, as with a term tenancy.
A periodic tenancy may be called a week-to-week, month-to-month, or year-to-year tenancy, depending on the length of the rental period.
tenancy at will
A tenancy at will (also called an estate at will) is created when a tenant enters into possession of real property with the landlord’s permission—but without a set termination date or payment of rent.
(Payment of rent would transform a tenancy at will into a periodic tenancy).
Tenancy at sufferance
Occupancy of property by a tenant who remains in possession after his right to possession has ended, without the landlord’s express or implied consent.
