LP 3: Ownership

Question 1

ESTATE

Answer 1

An interest in land that is or may become possessory

Question 2

FREEHOLD ESTATE

Answer 2

A possessory interest that has an indeterminable duration and includes title

Question 3

LESS-THAN-FREEHOLD (leasehold) ESTATE

Answer 3

A possessory interest that that had a limited duration and doesn’t include title

Question 4

FEE SIMPLE ABSOLUTE

Answer 4

The highest and most complete form of ownership. Potentially infinite duration.

Question 5

FEE SIMPLE DEFEASIBLE

Answer 5

A fee simple estate that carries a qualification, so that ownership may revert to the grantor if a specified event occurs or a condition is not met. I.e. Defeasible Fee or Qualified Fee