Freehold Estates

Question 0

Bundle of rights

Answer 0

Allows owner to process, enjoy, control, exclude, and dispose of the property.

Question 1

Freehold estates

Non-freehold estates

Answer 1

Free- exist unknown time

Non- based on calendar time

Question 2

Fee simple absolute

Answer 2

Highest form of ownership

For indefinite time, transferable, and inheritable

Question 3

Fee simple defeasible estates

Answer 3

Special limitation

Condition subsequent

Question 4

Special limitation

Answer 4

Possibility of reverter- possible future interest the grantor heirs have.

Granted as ownership as long as property used for that purpose, if not goes back to heirs!

Question 5

Condition subsequent

Answer 5

Right of reentry- possibly future interest of the grantor

Action or condition grantee can’t perform.

Binding on future owners

Question 6

Life estate based on 3rd party.

Answer 6

Life estate pur autre via

Question 7

Dower, curtesy and homestead r ?

Answer 7

Legal life estates

D- wife’s interest in real este owned by husband.

C- husbands interest

H- protects owner from certain creditors

Question 8

Severalty

Answer 8

Title of real estate held by one party.

Individual, corporation, or government body

100% ownership

Question 9

3 forms of ownership in real estate

Answer 9

Severalty

Tenancy in common

Joint tenancy

Question 10

Tenancy in Common

Answer 10

2 or more people

Co-owners ea. have own title as sole owner

Interest may be unequal

Can inherit

Unity of possession

Question 11

Joint Tenancy

Answer 11

Concurrent right of survivorship

1 title

Share must be equal

Pass to surviving owners

Ea. tenant right to sell

Question 12

Life tenant

Answer 12

Full enjoyment while alive

Can’t let go to waste

Lease deed becomes void on death of them

Question 13

Trust

Answer 13

Manages property for owner.

Trustor,
Trustee,
And beneficiary

Question 14

To make a condo.

Answer 14

Must record declaration of condo.

Master deed allows land to be converted

Bylaws govern it

Question 15

Party purchasing residential condo owns?

Answer 15

Air space on a unit (severalty),
Land and buildings (tenant in common)

Must pay homeowners fee,
Maintenance, insurance, reserve funds

Or can be foreclosed on

Question 16

Cooperative

Answer 16

Form of co-ownership in which a corporation holds the title and owners purchase shares of stock in the corp. and receive proprietary lease (grants occupancy of specific unit in building).

If owner defaults, other shareholders are expected to pay

Question 17

Conversion

Answer 17

Changing one from of ownership to another such as;

Apartment building to condominium

Question 18

Life estates

Answer 18

1) Ordinary with remainder or reversion
- set up by grantor

2) pur autre via w/ remainder and reversion
- set up by grantor based on 3rd person

3) legal life estates
- (set up by law)

Question 19

Remainder man

Answer 19

When owner gives life estate to one party and the remainder to another

Question 20

Right of reversion

Answer 20

The part of an estate that the grantor holds after they gave a life estate to another person.
The estate will return to them