RE Exam Chap 3 Flashcards
An estate in land is
An ownership interest defined by the degree, quantity,nature and extent of an owner’s interest in real property.
Freehold Estate (free-hold)
Is an ownership interest that Lasts for an indeterminable length of time, such as for a lifetime or forever. Can be a fee simple estate that continues for an indefinite period and may be passed along to the owners heirs.
Non free hold estate
Ownership interest for which the length of time of the property’s use can be determined. A non freehold estate is referred to as a leasehold estate.
Fee simple estateHint-( what you have)
landowner’s complete and total ownership of a piece of land and all properties on it. Typical ownership
Highest interest in RE recognized by law.
What is a fee simple absolute?hint(what you have)
Type of ownership that entitles its owner to all rights to the property by law and is intended to run forever.
Upon death, a fee simple absolute passes to who?
The dependents co-owners if there is me and the co owner was accompanied by a right of survivorship
The person or persons specified in the will.
If the defense t has left no will, to the person or persons designated by the states law of intestate succession.
True or false: the right to use fee simple estate is NOT limited only by public and private restrictions, such as zoning laws or the restrictive covenants found in a deed to all property owners in a subdivision
False. It is limited by public and private restrictions
What is a fee simple defeasible?
Fee estate where ownership is dependent upon the buyer meeting specific conditions, which are clearly spelled out by the seller in the contract
It is subject to the occurrence or non occurrence of a specified event.
How many categories of defeasible estate and what are they ?
There are two: fee simple determinable and fee simple subject to a condition subsequent
What is a fee simple determinable?
A fee simple defeasible that may be inherited. Usually qualified by a special limitation, which is an occurrence or event.
What is a possibility of reverter?
A interest that can be transferred to someone else.
When an owner gives land to a church ,so long as the land is used for religious purposes, what is the land known as?
Fee simple determinable.
What is Fee simple subject-to a condition subsequent ?
When an owner gives RE on condition of ownership which means there is a difference in the way the estate will terminate if there is a violation of the condition.
The estate does not automatically terminate upon a violation
The owner has the right of re entry but must bring a legal action in court to assert this right
True or false-Land given on the condition that there be no illegal substances on the premises is a subject to a condition subsequent.
TRUE
If the violation occurs, the owner has the right to reacquire full ownership. They must go to court to assert the right
What is a life estate -
a freehold estate limited in duration to either the life of the older of the estate or the life of some other designated person
What is special about life estates?
It passes to future owners
Who is the defined holder of a life estate?
A life tenant.they are entitled to rights of ownership and can benefit frm possession and ordinary use and profits.
The life tenant ownership may be sold mortgages or leased. It is always subject to the finite limitation of the life estate
What is Pur Autre Vie
A life estate that provides inheritance of the property right by the life tenants heirs but the right exists only until
The death of the identified person.
What happens when a life estate ends?
It’s replaced by a fee simple estate
What is remainder interest?
Remainderman are named by the creator of the life estate. They are the. Individuals that the property will pass down to when the life estate ends
What is a legal life estate
Becomes effective when certain events such as dower,curtesy and homestead.
It is created by the state
What do dower and curtesy do?
Provide a non owning slide with a means of support after the death of the owning spouse.
What is dower?
The wife in the wake of her deceased husband
What is curtesy
The husband in wake of his deceased wife.
What is UPC?
Uniform probation code. This gives a surviving spouse the right to an elective share on the death of the other spouse, if the surviving spouse is not satisfied with the defendant’s disposition of the property by will.
A homestead is a ____
Legal life estate occupied as the family home
What is an Encumbrance?
A type of interest that does not rise the level of ownership or possession, yet still gives some degree of use or control of the property
Types of encumbrances include
Easements and licenses
Private restrictions found in property deeds
Liens
Encroachments
Easement
Is the right to use the land of another for a particular purpose.
Easement appurtenant
Is attached to the ownership of RE and allows the owner of the property the use of the neighbors land
