Review Property Ownership 3 Flashcards
A Freehold estate which is inheritable is a
Fee Estate
Most distinguishing feature of a fee estate is that it is
Inheritable
A Fee estate is one type of
Freehold estate
An estate which is limited only by the government’s rights is called a
Fee Simple Estate
An indefeasible fee estate is known as a
fee simple estate
The least restricted form of ownership is a
Fee Simple Estate
Qualified Fee Estate
Subject to limitations other than the government’s rights
Another name for fee simple estate or another name for a qualified fee estate is a
DEFEASIBLE FEE
An estate that is subject to some condition to determine when it will begin or end. Also referred to as determinable, conditional or qualified fee. A defeasible fee creates an encumbrance on the title and runs with the land.
The main type of qualified fee estate is called a
fee simple determinable
A fee estate which will terminate if a condition stated in the deed comes into being or is terminate is called a
fee simple determinable estate
Example of a fee simple determinable estate
Carol conveyed her property to Mary fo so long as it was used only as a single-family residence.
A freehold estate which is not normally inheritable is called a
Life Estate
A Life estate is one type of
Freehold Estate
an estate held for the duration of someone’s life is called a
Life Estate … duh!!!
Example: Jack grants an estate in land to Martha with the stipulation that ownership reverts to him on Marthas death, Matha owns a
A life Estate - not inheritable
a person who holds a life estate is known as
In legal terms, it is an estate in real property that ends at death when ownership of the property may revert to the original owner, or it may pass to another person. The owner of a life estate is called a “life tenant”.
All life estates originate from and return to a
fee estate
When a life estate is granted, the grantor’s interest in the property is a
FEE estate
a Life tenant can sell, mortgage or convey what kind of estate?
a Life Estate.
In a regular life estate, the duration of the estate is based on the life of the grantee or grantor?
The grantee
In a life estate PUR AUTRE VIE, the duration of the life estate is based on the
LIFE OF THE THIRD PARTY
Remainderman
A life estate is an interest in property that is created when a person making a will or trust gives another person the use of property only during the other person’s lifetime. … The second party is the remainderman, or person with a remainder interest who is entitled to full ownership upon the death of the life tenant.
Ownership of a life estate in reversion reverts to the
grantor
Ownership of a life estate in ‘remainder’ reverts to the
remainderman
A wife’s right to receive a share of her husbands property upon his death is called a
Dower Estate
A husbands interest in property owned by his wife at the time of her death is called a
courtesy estate
The provision of a life estate to a widow or widower in some stated is called
a Homestead PROTECTION
