Unit 3 Flashcards
Fee simple
The highest interest in real estate recognized by the law; the holder is entitles to all rights if the property
Life estate
In interest in real or personal property that is limited in duration to the lifetime if its owner or some other designated person(s)
Estate in land
An ownership interest defined by the degree, quantity, nature, and extent of interest a person has in real property.
Freehold estate
An estate in land in which ownership is for an indetermined length if time in contrast to a leasehold estate.
Fee simple absolute
Ownership entitles its owner to all rights to the property by law. This estate is intended to run forever. Upon the death if the owner… the property interest passes to a co-owner; person specified in the decendent’s will; or persons designated by the states law of intestate succession
Fee simple defeasible
is a qualified fee estate that is subject ti the occurrence or nonoccurrence of some specified event. For example if a church is sold only under the condition it remains a church. Or selling land under the condition that you can not hunt on the land.
Fee simple determinable
Is a type of fee simple defeasible estate that may be inherited. This estate is qualified by a special limitation, which is an occurrence or an event. The language used to distinguish a special limitation- words such as “so long as” “while” or “during” is the key to creating this limitation. Former owner retains a POSSIBILITY OF REVERTER, if the limitations are violated, the holder of the possibility of reverter can acquire full ownership with no need to being to a legal action in court.
Fee simple subject to a condition subsequent
An estate carrying the limitation that, if it id no longer used for the purpose conveys, it reverts to the original grantor by the right if reentry.
Fee simple subject to a condition subsequent
The estate does bit automatically terminate upon violation if the condition of ownership. The owner or heir has the right of reentry but must bring legal action in court to assert this right.
Land given on the condition that there be no consumption of alcohol on the premises is an example of a …
If alcohol is consumed on the property, the former owner has the right to reacquire full ownership
Fee simple subject to a condition subsequent
When an owner gives land to a church, so long as the land is used for only religious purposes, it is known as a …
The church holds all the rights but, but if the church were to use the land for a non-religious purpose, the holder of the possibility of reverter obtains title without going to court.
Fee simple determinable
In the defeasible estates, the possibility of reverter (fee simple determinable) or right of entry (fee simple subject to a condition subsequent) will only be possible at some time in the future, and may never take effect. Each of those rights thus is considered a
Future interest
Future interest
A person’s present right to an interest in real property that will not result in possession or enjoyment until sometime in the future, such as a reversion or right of reentry.
Life estate
A freehold estate limited in duration to either the life of the holder of the estate or the life of some other designated person or persons. (Non-inheritable)
Life tenant
Is not a renter like a tenant associated with a lease. ___ is entitled to the rights of ownership and can benefit from both possession and ordinary use, and profits arising from ownership, just as the individual were a fee simple owner. Ownership may be sold, mortgaged, or leased, but it is always subject to the finite limitation of the life estate.
Pur autre vie “for the life of another”
A life estate pur autre vie is a life estate is a life estate that is measured by the life of a person or persons other than the grantee. Upon death of the grantee, the grantor or grantor’s heirs inherit the property rather than the grantee’s heirs inheriting it.
