Property Ownership and Types of Estates Flashcards
legal intrest or right one has in the land; intangible and immeasurable
Estate
(Rights of ownership in land are determined primarily on the type of estate held. A leasehold estate, merely gives the right of possession, where a freehold estate involves ownership)
The right to live or work on a property
Possesion (tenancy)
The right or claim a person has to property
interest (property)
what is a inheritable estate with absolute ownership; provides the most complete form of ownership and bundle of rights in real property
fee simple absolute
The right of possession without ownership
leasehold estate
Refers to ownership and provides homeownership for an undetermined length of time.
freehold estate
One that permits the recovery of fee simple ownership if certain conditions aren’t met. “Defeasible” means that the grantor (seller) has placed a limitation on the deed.
fee simple defeasible
A type of fee simple defeasible estate, and an inheritable freehold estate, where the title remains with the new owner as long as the conditions of ownership are being met. If the buyer commits a specific prohibited act, title to the property may automatically be returned to the owner or the owner’s successors.
fee simple determinable estate
Another type of fee simple defeasible estate that is also inheritable and is recognizable when the words “but if” appear in the deed. The estate continues unless a specific event occurs, in which case ownership may revert to the owner or the owner’s successors. Such termination and recovery of ownership must be achieved through a court order.
fee on condition estate
An estate that includes ownership, possession, and control for someone’s (the life tenant’s) lifetime.
life estate
Responsible for reasonable property maintenance, property taxes, repairs, etc.
life tenant
An abuse of a property by a person who holds interest through a life estate.
act of waste
A life estate with remainder interests refers to a situation in which a remainderman named by the owner when forming the estate receives title to the property upon the death of the life tenant.
remainderman
: The remainderman’s right to fee simple title upon the death of the life tenant.
remaindermans rights
A life estate in which the property title reverts to the owner upon the death of the life tenant.
\revisionary interests
An estate for a specified period of time; e.g., a one-year lease or a six-month lease.
estate for years
A life estate in which the property title reverts to the owner upon the death of the life tenant.
revisionary interests
