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18 Cards in this Set

  • Front
  • Back
The extent of an owner's interest in real property
1. Amount of ownership
2. right of ownership
Refers to a person or persons whose interest it is
Seller or giver
Buyer or receiver
Owner or landlord
Feudal system
All land owned by king
1. Individual was merely the tenant with right to use and occupy
Allodial system
1. Idividual entitled to property ownership rights
2. Still subject to the four government powers (police power, eminent domain, taxation, escheat)
Police power (Allodial system)
Catchall for laws and restrictions that are considered beneficial to the public
1. affects use and enjoyment of property
2. includes zoning, building codes, and environmental protection laws
Eminent Domain (Allodial system)
The right to take private property for public use
Taxation (Allodial system)
Property taxes
1. Charge on real property to raise funds to meet operation costs of government
Escheat (Allodial system)
Property reverts to the state when a person dies without a will and has no heirs
Freehold Estates
1. is actual ownership of land
2. Ownership for an indefinite duration
3. Freehold estates include (fee simple, defeasible fee, and life estates)
4. Legal matters tried under real property law
Leasehold Estates
Are less than freehold
A. no ownership, only possession of land
B. Possession for a definite duration
C. Leasehold estates include:
1. Estates for years
2. Periodic estates
3. Estate at sufferance
4. Estate at will

D. Legal matters tried under personal property law
Types of Freehold Estates
1. Fee Estates
2. Qualified fee estates
A. Fee Simple Determinable
B. Fee Simple on Condition Subsequent
C. Fee Simple Conditional (Fee Tail)
Fee Simple Determinable (Qualified Fee Estates)
A. Ownership subject to occurrence or nonoccurrence of specified event
B. This is a restriction which is included in the deed
C. The Estate ends AUTOMATICALLY on current owner's failure to comply with the limitation
Limiting language (key words)
a. "for as long as"
b. "while"
c. "during the period"
D. Former owner (grantor) retains the possibility of reverter
1. This means the owner has the right to retake possession of land
2. If the limitation is not met the former owner reacquires FULL ownership (or their heirs)
3. There is no need for the former owner to re-enter the land OR to go to court
Fee Simple on Condition Subsequent (Qualified Fee Estates)
1. new owner must not perform some action or activity
2. limiting language (key words)
a. "provided that"
b. "on condition that"
c. "if"

3. Former owner (grantor) retains the right of re-entry
a. REQUIRES that the former owner take legal action (ownership does NOT revert automatically)
Fee Simple Conditional (Qualified Fee Estates)
AKA Fee Tail
1. is fee simple with a restriction as to the right of inheritance
2. limiting right of inheritance to a fixed line of succession