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16 Cards in this Set
- Front
- Back
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Define and understand the term Estate.
(4) ---- What is required for interest to be an estate? |
The quality, quantity, nature and extent of ownership interest or rights a person holds in real property. Estates are either possessory or nonpossessory.
---- There must be a present or future right to posses (occupy) the property. |
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What is the key difference in determining if an estate is Possessory/Non-Possessory?
---- Define Possessory/Non. ---- When possession is postponed, then... ---- Can one estate exist simultaneously with another on the same property? |
RIGHT TO OCCUPY
--- Possessory - the person is occupying it RIGHT NOW. Non-Possessory - the person is NOT OCCUPYING the property right now as possession is postponed. ---- ...then the estate is Non-Possessory. ---- YES! David owns the home and rents to Jim. David has a Fee Estate but it’s non-possessory as Jim presently occupies (possessory) the home. |
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Identify and define the two types of possessory estates.
--- Possessory Estates are classified on the basis of ____. |
Freehold Estates: length of ownership is UNCERTAIN, and is therefore INHERITABLE.
---- Leasehold Estate: length of ownership is KNOWN (lease). *Also known as Non-Freehold, Less Than Freehold.** ---- Possessory Estates are classified on the basis of their DURATION, or LENGTH OF TIME. |
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Define and understand the term freehold estate.
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Possessory Estate
Freehold Estates: length of ownership is UNCERTAIN *Duration be measure by one person's life (as it's UNCERTAIN when life will end). |
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What does the term "Fee" mean?
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Inheritable.
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Define the term Fee Estate.
--- What's another name for Fee Estate? (2) ---- List the (3) types of Fee Estates. |
Ownership in estates that can be inherited by others.
---- Also called FEE SIMPLE and FEE SIMPLE ABSOLUTE. ---- Absolute, Determinable, or Conditional Subsequent. |
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Define and understand the term fee simple absolute.
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Freehold + Possessory
FEE = Inheritable (IF inheritable, THEN indefinite) SIMPLE = Fee ABSOLUTE = All Bundle of Rights Included |
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Define Fee Simple Determinable.
---- List (3) "Determinable" phrases. ---- The ownership is subject to certain limitations based on ____. |
Freehold + Possessory + Lesser
FEE SIMPLE Inheritable, Indefinite DETERMINABLE Automatically reverts if occurrence/non of condition (known as the Reverter Clause). ---- "...so long as" "...during" "...until" ---- TIME *Other names for Fee Simple Determinable include: Qualified Fees | Conditional Fees | Fees on Conditional Limitation | Defeasible Fees |
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Define Fee Simple on Condition Subsequent.
--- List a "Condition Subsequent" phrase. |
Freehold + Possessory + Lesser
FEE SIMPLE = Inheritable, Indefinite CONDITION SUBSEQUENT = Can revert, but NOT automatic ---- "...on the express condition..." Based on Occurrence/Non of a stated condition... Estate can ONLY BE RECOVERED through legal action ---- "On the express condition. |
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Define Life Estate.
Define Life Tenant. --- What's another name for Life Estate? |
Freehold + Possessory + Lesser
LIFE ESTATE = Lasts for the lifetime of a person; NOT inheritable LIFE TENANT = to whom a Life Estate is granted; owner of the estate. ---- Conventional Life Estate |
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Define Ordinary Life Estate.
Define Life Estate Pur Autre Vie. |
Freehold + Possessory
LIFE ESTATE = Lasts for the life of a person; NOT inheritable ---- ORDINARY = the life of the Life Tenant. ---- PUR AUTRE VIE = the life of someone OTHER THAN the Life Tenant |
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Define Lesser Estate.
List (4) Lesser Estates. |
Possessory
LESSER = an estate is created and a portion of ownership is given to another ---- Life Estate | Determinable (fee simple) | Condition Subsequent (fee simple) | Non-Freehold/Less Than Freehold (leases) |
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Define Remainderman.
Define Remainder Estate. |
Non-Possessory
REMAINDERMAN - named by the grantor of the lesser estate, this person has future possession at the end of the lesser estate ---- REMAINDER ESTATE= the lesser estate is terminated; the future possession goes to remainderman (or someone else, but NOT THE GRANTOR of the lesser) |
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Define a Reversionary Estate.
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Non-Possessory (occupying at later date)
Fee simple owner grants a Life Estate; reserves the right to repossess estate upon Life Estate termination |
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Define Leasehold or Less Than/Non-Freehold.
List (4) types of Leasehold. |
Possessory + Reversionary
LEASEHOLD = tenant granted right of POSSESSION to real property by a lease; reversionary estate recovers possession to landlord at lease conclusion ---- Estate for Years | Estate for Period-to-Period | Estate at Will | Estate at Sufferance |
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Explain:
Estate for Years Estate from Period-to-Period Estate At Will Estate at Sufferance |
Possessory + Leasehold (Less/Non)
Estate for Years - FIXED PERIOD Lease ---- Estate for Period-to-Period - CERTAIN PERIOD, automatically renewed without notice ---- Estate at Will (Tenancy for Year)- INDEFINITE PERIOD; landlord/tenant may terminate w/proper notice; estate terminated with death of either party; ---- Estate at Sufferance - property held by tenant AFTER right of POSSESSION ends |
