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18 Cards in this Set
- Front
- Back
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Defeasible Fee |
One that can be defeated or can be underdone |
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Equitable Title |
A present right,created at the time of signing a purchase and sale agreement, which may develop into absolute ownership upon conveyance of title |
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Estate |
When one has the minimum accumulation of property interest ie possession and control |
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Fee |
An Estate that may be inherited |
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Fee Simple Absoulute |
The most complete estate that one can hold. Reflects complete ownership of potentially infinite duration and without limitations, restrictions, or conditions |
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Fee Simple Determinable |
A type of fee simple qualified, which expires automatically upon the occurrence or non-occurrence of some event specified in the instrument creating the estate. |
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Estates Pur Autre Vie |
Estates measured not on the life of the grantee but on the life of someone else |
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Conventional Life Estates |
Created by ats of the parties such as conveyance by deed or will |
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Life Estte |
A form of freehold estate that is not inheritable |
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Remainder |
a future interest created in a grantee that can become a present possessory estate only when a prior estte created in favor of another grantee by the same instrument expires |
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Reversion |
the residue of an estte that remains with the grantor who regains possession when an estte granted by him/her terminates |
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Tenancy in Common |
This is a concurrent type of ownership whereby two or more persons own a part of the whole |
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Joint Tenancy (with riight of survivorship) |
A form of concurrent tenacy in which the tenants are each regareded as owning all of the entire estate as well as individually owning a part which they cease to own at thier death |
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Life Estate |
A form of freehold estate that is not inheritable |
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Survivorship |
Allows the interests of the deceased to pass, automatically, to te survivng tenants, until there is but one survivor. |
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Tenancy |
Th period of time that a tenant is permitted to remain in possession of anothr's property. |
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Title |
Evidence of ownership relecting one's right to possess, use and dispose of property |
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Deed |
The formal document which conveys title to real property |
