Interests in Land, Different Types of Freehold Estates Flashcards
What is an interest in real property?
Is ownership of any combo of bundle of rights
How are interests distinguished?
By whether they include possession
What is it considered if an interest-holder has the right of possession?
To have an estate in land, or an estate
What is it considered if an interest-holder does not have the right of possession?
The interest is an encumbrance
What is eminent domain?
When the gov’t, or a public utility, takes private property for public use
What’s an example of public interest?
Police power
What is an escheat?
When an owner dies and there is no heir to will the property to
What is a Fee Simple Freehold Estate?
The highest form of ownership interest, it not limited by one’s lifetime
What are the 2 forms of Fee Simple Estate? Explain them
- Fee simple absolute: most desirable estate that can be obtained in residential real estate
- Fee simple defeasible: can revert to previous owner for violation of conditions
Describe a life estate
- A freehold estate that is limited in duration to the life of the owner
- Fee estate passes to another upon death of a. named party
What is a remainder?
Interest of a named party (called a remainder man) to receive life estate after holder’s death
What is a reversion?
Interest of previous owner or owner’s heirs to receive life estate after holder’s death
