Types Of Estates Flashcards
What is an estate?
An estate is an interest in real property that includes the right of possession.
What is a fee simple estate?
A fee simple estate is the highest form of ownership interest in real property, with the most rights and privileges.
True or False: A life estate lasts for the lifetime of the grantee.
True
What is a leasehold estate?
A leasehold estate is a temporary right to possess and use real property.
What is a fee tail estate?
A fee tail estate is a type of ownership that limits the heirs to certain blood relatives.
What is a defeasible estate?
A defeasible estate is an estate that can be terminated if a specific condition is not met.
What is a remainder estate?
A remainder estate is an estate that follows a life estate and goes to a third party upon the death of the life tenant.
What is a reversion estate?
A reversion estate is an estate that returns to the grantor or the grantor’s heirs after a life estate ends.
What is a concurrent estate?
A concurrent estate is an estate shared by two or more individuals.
What is a joint tenancy?
A joint tenancy is a type of concurrent estate where each tenant has an equal and undivided interest in the property.
What is a tenancy in common?
A tenancy in common is a type of concurrent estate where each tenant has a distinct share of the property.
What is a community property estate?
A community property estate is a type of ownership where property acquired during marriage is considered jointly owned by both spouses.
What is a tenancy by the entirety?
A tenancy by the entirety is a form of joint ownership between spouses, where each has an equal and undivided interest in the property.
What is a homestead estate?
A homestead estate is a legal protection that allows a homeowner to protect their primary residence from certain creditors.
What is an easement estate?
An easement estate is a non-possessory interest in real property that allows the holder to use the property in a specific way.
What is a profit estate?
A profit estate is a non-possessory interest in real property that allows the holder to enter the property and take something away.
What is an encumbrance estate?
An encumbrance estate is a claim or liability attached to real property that may affect its value or use.
What is a remainderman in relation to a remainder estate?
A remainderman is the third party who receives the remainder estate after the life tenant’s death.
What is a life tenant in relation to a life estate?
A life tenant is the person who holds a life estate and has the right to possess and use the property during their lifetime.
What is the difference between a fee simple estate and a life estate?
A fee simple estate is perpetual and can be passed down to heirs indefinitely, while a life estate is temporary and ends upon the death of the life tenant.
What is the significance of the words ‘in fee simple’ in relation to an estate?
The words ‘in fee simple’ indicate that the owner has full rights and privileges over the property, with no limitations or conditions.
What is the main characteristic of a fee tail estate?
The main characteristic of a fee tail estate is that it limits the heirs to certain blood relatives, usually lineal descendants.
What is the primary difference between a joint tenancy and a tenancy in common?
In a joint tenancy, each tenant has an equal and undivided interest in the property and a right of survivorship, while in a tenancy in common, each tenant has a distinct share and no right of survivorship.
What is the purpose of a homestead estate?
The purpose of a homestead estate is to provide legal protection for a homeowner’s primary residence against certain creditors and to ensure the home is not easily taken away.
What is the difference between an easement estate and a profit estate?
An easement estate allows the holder to use the property in a specific way without possessing it, while a profit estate allows the holder to enter the property and take something away.
Fee simple defeasible
A type of property interest that is subject to a condition or specific.
Conditional subsequent estate
Is a condition which can divest the fee simple owner of their property through a right of entry. This rate of entry allows a party to repossess the property from the grantee of the condition subsequent is met. Like no drinking on the property.
Determinable (special limitations)
A state that is limited and will automatically terminate upon an occurrence or event. I church given property as long as it’s used as a church. Or giving property for a park as long as it’s used for a park.
Life Estate
Until death (life tenant) - given an exclusive use or income during a lifetime. Terminates on death. Can have more than one degree like A gives to B for the life of C
Life tenant
A life tenant may sell Mortgage lease or dispose, unless otherwise prohibited. Like a farmer selling his land to a developer he can live in the home until death.
Revisionary estate
Upon death of the life tenant the property reverts to the grantor or the grantors heirs
Remainder estate
Upon death of the life tenant, the property goes to the party (remainderman) named on the deed with the remainder interest. It is a future interest in land, is the right to own and possess the land after the fixed interest of current holder expires. Thus a remainder can follow a life estate or a term of years. It is created by the use of the phrase “then to” or similar language.
Statutory (legal) estates
Are created by law usually with variations at the state or local level.
Fee Simple
In severalty so owner can be inherited. Owner gets complete legal title to the property full and irrevocable with no limitations. Sole owner.
Joint tenant in common
Two or more owners undivided interest equal shares
Revisionary estate
Is property arrangement where the original owner transfers possession of the property to another person that retains the right to regain ownership in the future.
At Will Estate
No definite timeframe can be written or oral
For Years
For a specific time written and witnessed
At sufferance
No agreement
Fee simple estate or Life Estate?
Q: Fee Simple
A: fee simple
Fee simple estate or Life Estate?
Q: Fee Simple Defeasible
A: Fee Simple
Fee Simple Defeasible
Is a type of property interest that a subject to a condition or a specific event
Fee simple estate or Life Estate?
A: condition, subsequent
A: Fee Simple
Fee simple estate or Life Estate?
Q: Common remainder or revisionary
A: Life Estate
Fee simple estate or Life Estate?
Q: Pur Autre Vie
A: life estate
Pur Autre Vie Estate
(French for another life)
It refers to a life state where the duration of the estate is based on the life of someone other than the person who holds the. A gives to B so long as C is alive
