Unit 3

Question 1

estate in land

Answer 1

defines the degree, quantity, nature and extent of an owner’s interest in real property. an interest must allow possession

Question 2

freehold estate

Answer 2

lasts for an indeterminable length of time. can be a fee simple estate that continues for an indefinite period and may be passed along to the owner’s heirs

Question 3

fee simple estate (fee simple absolute)

Answer 3

highest interest in real estate recognized by law. ownership in which the holder is entitles to all rights to the property by law

Question 4

fee simple defeasible estate

Answer 4

qualified fee estate that is subject to the occurrence of nonoccurrence of some specified event

Question 5

fee simple determinable

Answer 5

may be inherited. the former owner retains a possibility of reverter, which is interest that can be transferred to someone else

Question 6

fee simple subject to a condition subsequent

Answer 6

an owner gives real estate on condition of ownership, which means there is a difference in the way the estate will terminate if there is a violation of the condition. owner has right of re-entry but must bring a legal action in court to assert right

Question 7

pur autre vie

Answer 7

provides for inheritance of the property right by the life tenant’s heirs, but the right exists only until the death of identified person(s)