Ownership Interest Flashcards
Ownership interest defined by the degree, quantity, nature and extent of ownership interest in real property
Estate in land
Fee simple estate continuing for an undefined period of time and passes to owners heirs
Freehold estate
Owner is entitled to all rights and runs forever
Fee simple absolute
Intestate succession
Succession in the case of no will
Fee simple estate that subject to a the occurrence of or lack of occurrence of a specified event
Fee simple defeasible
Qualified fee
Fee simple defeasible
Fee simple determinable
Fee simple estate that may be inherited, qualified by a special event taking place. Words such as so long as, or while or during are often used. Possibility of reverter is retained.
Possibility of reverter
Interest that can be transferred to another in which the owner or successor can reacquire full ownership if the limitation is violated
Fee simple subject to condition consequent
Type of fee simple defeasible (qualified fee) in which the owner has the right upon taking someone to court to take back ownership upon condition being violated
Life estate
Free hold estate limited to the life of the holder or some other designated person
Per autre vie
For the life of another - form of life estate
Remainder interest
Interest held by a designated person whom the property will pass to when the life estate ends
Reversionary interest
Situation where life estate passes to original owner in event of death of the life tenant / end of the life estate
Legal (or statutory) life estate
Life estate created by law
Dower, curtesy, homestead
