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12 Cards in this Set
- Front
- Back
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Freehold interest |
Ownership interest (own your house) |
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Non-freehold interest |
Possessory w/o ownership (rentals) |
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Freehold(ownership)- fee simple absolute |
Default form of ownership, own absolutely |
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Freehold- fee simple defeasible |
Something can cause you to loose ownership -deed restriction/ can only be used as. specific entity |
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2 ways that fee simple defeasible estates can be construed |
-Determinable- automatically lost or -Subject to a condition subsequent(lawsuit) |
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What are the 3 freeholds in real estate |
Fee simple absolute Fee simple defeasible Life estates |
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Life estates |
Fee simple ownership as long as your alive |
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What are the 3 ways to set up life estates |
Reversion Remainder Pur autre vie |
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What is reversion in a life estate |
(A) goes to (B) when (B) passes away it property goes back to (A) |
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What is remainder in a life estate? |
(A) goes to (B) passes away it goes to (C) [the remainderman] (A) names them |
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What is pur Autre Vie in a life estate? |
(A) goes to (B) as long as (D) is alive then goes to (C) |
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Daro rights? |
Allows a spouse to have a third of realestate so they dont become homeless |
