MBE - Real Property Flashcards
(2 cards)
1
Q
Freehold Estate
A
To be categorized as a freehold estate, the estate must be”
(i) Immobile (either land or some interest derived from or affixed to land); AND
(ii) For an indeterminate duration (as opposed to a leasehold, which has limited duration).
2
Q
Defeasible Fee
A
A defeasible fee is ownership of potentially infinite duration and is freely alienable (i.e., transferable during life or upon death). A defeasible fee may be terminated by the occurrence of an event. A defeasible fee is created by imposing some condition on the ownership of the property in the conveyance.
