Types of Estates

Question 1

Legal interest or right one has in the land; intangible and immeasurable

Answer 1

Estate

Question 2

Possession (rather than ownership) of property

Answer 2

Tenancy

Question 3

Right or claim a person has to property

Answer 3

Interest

Question 4

Form of real property ownership; fee simple is absolute ownership and most common form

Answer 4

Fee

Question 5

Abuse of a property by a person who holds possession through a life estate

Answer 5

Act of waste

Question 6

An inheritable estate

Answer 6

Fee simple

Question 7

Provides the most complete form of ownership and bundle of rights in real property

Answer 7

Fee simple absolute

Question 8

An inheritable freehold estate that is defeasible (the grantor can terminate the title). For example, a parent could transfer property to a child as long as the child remained unmarried.

Answer 8

Qualified fee

Question 9

Ownership, possession and control for someone’s lifetime

Answer 9

Life estates

Question 10

Ownership for an undetermined length of time; an example is home ownership.

Answer 10

Freehold estates

Question 11

An estate for a limited time (e.g., renting, leasing)

Answer 11

Leasehold estates

Question 12

An estate for a specified time: (e.g., days, months, years)

Answer 12

Estate for years

Question 13

An estate that renews itself automatically at the end of each lease period

Answer 13

Periodic estate

Question 14

An estate for an unknown period of time; either party may terminate the lease by giving notice to the other.

Answer 14

Estate at will (a.k.a. tenancy at will)

Question 15

A wife’s interest in the real estate owned by her deceased husband; a form of legal life estate

Answer 15

Dower

Question 16

A husband’s interest in the real estate owned by his deceased wife; a form of legal life estate

Answer 16

Curtesy

Question 17

The power of the state to claim property when the owner dies without a will and without heirs or creditors

Answer 17

Escheat

Question 18

A type of estate that gives the owner special rights in property used as a family home (not valid in all states)

Answer 18

Homestead

Question 19

The person receiving title upon the death of the life tenant

Answer 19

Remainderman

Question 20

Fee simple present interest in conjunction with receipt of title upon the death of the life tenant

Answer 20

Remainder interests

Question 21

Right of repossession of the property by the owner after the end of the life estate

Answer 21

Reversionary interest

Question 22

With a fee simple _____ estate, the property holder owns the property with all legal rights, but subject to a condition. If the condition is breached, the property may go back to the original owner.

Answer 22

Fee Simple Defeasible

Question 23

A type of fee simple defeasible, this ends automatically when the stated event or condition occurs. The original owner retains a possibility of reversion. Property is retained “while,” “during,” or “so long as” the condition occurs; this is the language most often seen in the deed.

Answer 23

Fee Simple Determinable

Question 24

A type of fee simple defeasible, and also known as a fee on condition, this is created when an estate is given on the condition that the owner does or doesn’t take a specific action. The grantor has the right of reentry if the condition is violated. The estate doesn’t automatically revert to the original owner; it may require legal action on the part of the original owner.

Answer 24

Fee Simple on Condition Subsequent

Question 25

Evidence of ownership of a property

Answer 25

Title