Unit 3: Interests In Real Estate Flashcards
What is estate in land?
An ownership interest defined by the degree, quantity, nature, and extent of an owner’s interest in real estate
What is a freehold estate?
Lasts for an indeterminable length of time such as for a lifetime or forever
lasts forever
What is a fee simple estate?
An estate in the highest interest in real estate recognized by law.
What is ownership entitles its owner to all rights of the property by law
Fee simple absolute
What is a *fee simple defeasible?
A qualified free estate that is subject to the occurrence or nonoccurence of some specified event.
What is a fee simple determinable?
A fee simple defeasible estate that may be inherited
so long as or while or during
What is a life estate?
A freehold estste limited in duration either to the life of the holder of the estate or the life of some other designated person or persons
A life estate is NOT….
Inheritable
The holder of a life estate is called a?
Life tenant
Life estate pur after vie
(For the life of another)
Provides for inheritance of the property right by the life tenants heirs, but the right exists only until the death of the identified person or persons
What is remainder interest?
The creator of the life estate may name a remainder an as the person to whom the property will pass when the life estate ends
What is reversionary interest?
No remainderman is named. Ownership returns to the original owner upon the end of the life estate
What is an encumbrance?
A type of interest in real estate that does not rise to the level by ownership or possession, yet still gives an individual, business, or other entity some degree of use or control of the property
What is a charge against property that provides security for a debt or an obligation of the property owner?
A lien
What runs with the land, limiting the use of the property by the current owner, as well as future owners to whom the property is subsequently transferred?
Deed restriction