Real Property Ownership

Question 1

individual with the interest has some degree of ownership for an undetermined or unspecified (and therefore unlimited) period of time.

Answer 1

Freehold Estate

Question 2

The owner of freehold real estate.

Answer 2

Freehold Tenant

Question 3

grants the most UNLIMITED most absolute interest in real property. This means that there are NO conditions on the title. (Freely Inheritable)

Answer 3

Fee Simple Estate

Question 4

an estate without restrictions that is freely given to heirs (this is the most common type of residential real estate).

Answer 4

Absolute Estate

Question 5

is an estate characterized by perpetual ownership on the condition that the property is used for a certain purpose or under specific conditions. Ownership reverts back to the original owner if these stipulations are violated.

Answer 5

Defeasible Estate

Question 6

is a type of fee simple defeasible estate which causes the title to automatically revert to the original owner if the deed requirements are violated.

Answer 6

fee simple determinable estate

Question 7

limited to the duration of a measuring life (this may be the life of the tenant or the recipient of the life estate).

Answer 7

Life Estate

Question 8

Any life estate created by property owners through a grant

Answer 8

Conventional Life Estate

Question 9

Any life estate created by a function of law

Answer 9

Legal Life Estate

Question 10

a life estate created through a grant from a property owner to another party.

Answer 10

Conventional Life Estate

Question 11

a life estate in which the measuring life is that of the life tenant. It is an estate created by a deed that lasts for the duration of the tenant’s life.

Answer 11

Ordinary Conventional Life Estate

Question 12

a life estate in which the measuring life is someone other than the tenant.
“Life of another”

Answer 12

Pur Autre Vie