Unit 2: Forms of Ownership

Question 1

An estate in land is an interest

Answer 1

allowing for the right of possession

Question 2

Freehold estates last for

Answer 2

an indefinite period of time

Question 3

Types of freehold estates (

Answer 3

(1) Fee simple absolute - most common and features maximum rights of ownership and can last forever

(2) Fee simple defeasible (qualified fee estate) - ownership is subject to certain conditions and last as long as conditions are met

(3) Life Estate - freehold estate that lasts for the lifetime of the owner or other person, and life tenant is who receives

Question 4

The owner of a fee simple absolute can …

Answer 4

Hold title, may dispose or property, and impose restrictions or conditions on future owners

Question 5

Pur autre vie means

Answer 5

life estate based on lifetime of someone other than tenant

Question 6

When a life estate ends…

Answer 6

it becomes a fee simple absolute and goes to the party holding reversionary interest or remainderman (who has an interest in the remainder)

Question 7

The bundle of rights for freehold estate includes

Answer 7

Right to: possess, control, enjoy, exclude, improve, encumber, sell, lease