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15 Cards in this Set

  • Front
  • Back
Fee Simple
The most complete estate in land. It is without end and it is inheritable.
Fee Determinable (Qualified Fee or Conditional Fee)
Has all the rights of fee simple, but those rights could be taken away under certain circumstances.
Life Estate
Has all the rights of Fee Simple except the right to bequeath and may not commit waste. The ownership is only for the life of a designated person. The party who owns the life estate is called the life tenant.
Reversionary Interest
When the property ownership reverts back tot he grantor of the life estate upon death ofthe life estate person.
Example: A grants to B a life estate and designates a reversion interest. When B dies, the ownership of the property reverts back to A (or to A's heirs if A is dead).
Reversionary Interest
Remainder Interest
When the property ownership goes to a 3rd person, named by the grantor, upon death of the life estate person.
Example: A grants to B a life estate and designates C to have a remainder interest. When B dies the ownership of the property goes to C.
Remainder interest
Life Estate "Pur Autre Vie"
A life estate based on the life of a person other than the owner of the life estate. Pur Autre Vie means for another's life.
Example: A gives a life estate to B for as long as C is alive. Here B is the life tenant "owner" of the property, and the life estate will continue as long as C is alive.
Life Estate "Pur Autre Vie"
Non-Freehold Estate
A non-ownership estate that provides for possession. A leasehold estate in land. Less than a freehold.
Estate for Years (Tenancy for Years)
A lease with a definite beginning date and a definite ending date. It is for a definite period of time. No notice required to terminate. It automatically terminates on teh dending date. may be for any length of time, a few days, weeks, month or years.
Estate From Period to Period (Periodic Tenancy)
A lease with a definite beginning date but no ending date. The lease automatically renews itself if not terminated. To terminate requires prior written notice by either pary. Called a "Month to Month" for city property, "year to year" for farm property.
Estate at will (Tenancy at Will)
When the tenant takes possession with the owners permission. No term is given. Either may terminate the lease at their will.
Estate at Sufferance (Holdover Tenancy)
When the tenant holds over at the end of a lease without the landlords permission. All rights are with the landlord.
Planned Unit Development (PUD)
A development where the homeowner owns their own lot and home, and is a member of an association that owns common areas that are available to its members for various uses. Requires a bulk, density, or overlay zoning.