Real Property - Estate System Flashcards
Estate
An ownership interest in real property
Freehold Estate
An interest in land held in fee simple, fee tail, or in a life estate
Fee Simple
An interest in property that allows its holder and his or her heirs to own and possess the property in perpetuity
Defeasible Fee
A fee simple interest that can be terminated by the occurance or non-occurance of an event or condition
Fee Simple Determinable
A fee simple interest in property that is terminated automatically upon the occurance or non-occurance of an event or condition
“TO A, SO LONG AS”
Fee Simple Subject to a Condition Subsequent
A fee simple interest that can be terminated at the will of a future interest holder upon the occurence or non-occurence of an event or condition
“TO A, BUT IF”
Fee Tail
Any interest in land that is inheritable by and transferable to only lineal descendants of the original grantee
Life Estate
An interest in land that lasts only as long as the life of a specific person
Life Estate Pur Autre Vie
A life estate that is measured by any life other than the life of the holder of the life estate
Rule Against Restraints on Alienation
Any condition accompanying a conveyance that restricts the right of the new property holder to sell or transfer his or her property to a third party is disfavored and will likely be void
Term of Years
A tenancy that is to last for a specified period of time
Periodic Tenancy
A tenancy that continues as a matter of course for successive periods until one party terminates the tenancy with sufficent notice
Tenancy at Will
A tenancy that may be terminated by either party at any time and that continues only with the consent of both parties
Tenancy at Sufferance
A tenancy arising when a person who has been in lawful possession of property wrongfully remains on the property after his or her lease has expired
Statue of Frauds
A transfer of an interest in real estate for more than one year must be in writing to be valid
