Types Of Estates

Question 1

What is an estate?

Answer 1

An estate is an interest in real property that includes the right of possession.

Question 2

What is a fee simple estate?

Answer 2

A fee simple estate is the highest form of ownership interest in real property, with the most rights and privileges.

Question 3

True or False: A life estate lasts for the lifetime of the grantee.

Answer 3

True

Question 4

What is a leasehold estate?

Answer 4

A leasehold estate is a temporary right to possess and use real property.

Question 5

What is a fee tail estate?

Answer 5

A fee tail estate is a type of ownership that limits the heirs to certain blood relatives.

Question 6

What is a defeasible estate?

Answer 6

A defeasible estate is an estate that can be terminated if a specific condition is not met.

Question 7

What is a remainder estate?

Answer 7

A remainder estate is an estate that follows a life estate and goes to a third party upon the death of the life tenant.

Question 8

What is a reversion estate?

Answer 8

A reversion estate is an estate that returns to the grantor or the grantor’s heirs after a life estate ends.

Question 9

What is a concurrent estate?

Answer 9

A concurrent estate is an estate shared by two or more individuals.

Question 10

What is a joint tenancy?

Answer 10

A joint tenancy is a type of concurrent estate where each tenant has an equal and undivided interest in the property.

Question 11

What is a tenancy in common?

Answer 11

A tenancy in common is a type of concurrent estate where each tenant has a distinct share of the property.

Question 12

What is a community property estate?

Answer 12

A community property estate is a type of ownership where property acquired during marriage is considered jointly owned by both spouses.

Question 13

What is a tenancy by the entirety?

Answer 13

A tenancy by the entirety is a form of joint ownership between spouses, where each has an equal and undivided interest in the property.

Question 14

What is a homestead estate?

Answer 14

A homestead estate is a legal protection that allows a homeowner to protect their primary residence from certain creditors.

Question 15

What is an easement estate?

Answer 15

An easement estate is a non-possessory interest in real property that allows the holder to use the property in a specific way.

Question 16

What is a profit estate?

Answer 16

A profit estate is a non-possessory interest in real property that allows the holder to enter the property and take something away.

Question 17

What is an encumbrance estate?

Answer 17

An encumbrance estate is a claim or liability attached to real property that may affect its value or use.

Question 18

What is a remainderman in relation to a remainder estate?

Answer 18

A remainderman is the third party who receives the remainder estate after the life tenant’s death.

Question 19

What is a life tenant in relation to a life estate?

Answer 19

A life tenant is the person who holds a life estate and has the right to possess and use the property during their lifetime.

Question 20

What is the difference between a fee simple estate and a life estate?

Answer 20

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.

Question 21

What is the significance of the words ‘in fee simple’ in relation to an estate?

Answer 21

The words ‘in fee simple’ indicate that the owner has full rights and privileges over the property, with no limitations or conditions.

Question 22

What is the main characteristic of a fee tail estate?

Answer 22

The main characteristic of a fee tail estate is that it limits the heirs to certain blood relatives, usually lineal descendants.

Question 23

What is the primary difference between a joint tenancy and a tenancy in common?

Answer 23

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.

Question 24

What is the purpose of a homestead estate?

Answer 24

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.

Question 25

What is the difference between an easement estate and a profit estate?

Answer 25

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.

Question 26

Fee simple defeasible

Answer 26

A type of property interest that is subject to a condition or specific.

Question 27

Conditional subsequent estate

Answer 27

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.

Question 28

Determinable (special limitations)

Answer 28

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.

Question 29

Life Estate

Answer 29

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

Question 30

Life tenant

Answer 30

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.

Question 31

Revisionary estate

Answer 31

Upon death of the life tenant the property reverts to the grantor or the grantors heirs

Question 32

Remainder estate

Answer 32

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.

Question 33

Statutory (legal) estates

Answer 33

Are created by law usually with variations at the state or local level.

Question 34

Fee Simple

Answer 34

In severalty so owner can be inherited. Owner gets complete legal title to the property full and irrevocable with no limitations. Sole owner.

Question 35

Joint tenant in common

Answer 35

Two or more owners undivided interest equal shares

Question 36

Revisionary estate

Answer 36

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.

Question 37

At Will Estate

Answer 37

No definite timeframe can be written or oral

Question 38

For Years

Answer 38

For a specific time written and witnessed

Question 39

At sufferance

Answer 39

No agreement

Question 40

Fee simple estate or Life Estate?

Q: Fee Simple

Answer 40

A: fee simple

Question 41

Fee simple estate or Life Estate?

Q: Fee Simple Defeasible

Answer 41

A: Fee Simple

Question 42

Fee Simple Defeasible

Answer 42

Is a type of property interest that a subject to a condition or a specific event

Question 43

Fee simple estate or Life Estate?

A: condition, subsequent

Answer 43

A: Fee Simple

Question 44

Fee simple estate or Life Estate?

Q: Common remainder or revisionary

Answer 44

A: Life Estate

Question 45

Fee simple estate or Life Estate?

Q: Pur Autre Vie

Answer 45

A: life estate

Question 46

Pur Autre Vie Estate
(French for another life)

Answer 46

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