Types Of Estates Flashcards
(46 cards)
What is an estate?
An estate is an interest in real property that includes the right of possession.
What is a fee simple estate?
A fee simple estate is the highest form of ownership interest in real property, with the most rights and privileges.
True or False: A life estate lasts for the lifetime of the grantee.
True
What is a leasehold estate?
A leasehold estate is a temporary right to possess and use real property.
What is a fee tail estate?
A fee tail estate is a type of ownership that limits the heirs to certain blood relatives.
What is a defeasible estate?
A defeasible estate is an estate that can be terminated if a specific condition is not met.
What is a remainder estate?
A remainder estate is an estate that follows a life estate and goes to a third party upon the death of the life tenant.
What is a reversion estate?
A reversion estate is an estate that returns to the grantor or the grantor’s heirs after a life estate ends.
What is a concurrent estate?
A concurrent estate is an estate shared by two or more individuals.
What is a joint tenancy?
A joint tenancy is a type of concurrent estate where each tenant has an equal and undivided interest in the property.
What is a tenancy in common?
A tenancy in common is a type of concurrent estate where each tenant has a distinct share of the property.
What is a community property estate?
A community property estate is a type of ownership where property acquired during marriage is considered jointly owned by both spouses.
What is a tenancy by the entirety?
A tenancy by the entirety is a form of joint ownership between spouses, where each has an equal and undivided interest in the property.
What is a homestead estate?
A homestead estate is a legal protection that allows a homeowner to protect their primary residence from certain creditors.
What is an easement estate?
An easement estate is a non-possessory interest in real property that allows the holder to use the property in a specific way.
What is a profit estate?
A profit estate is a non-possessory interest in real property that allows the holder to enter the property and take something away.
What is an encumbrance estate?
An encumbrance estate is a claim or liability attached to real property that may affect its value or use.
What is a remainderman in relation to a remainder estate?
A remainderman is the third party who receives the remainder estate after the life tenant’s death.
What is a life tenant in relation to a life estate?
A life tenant is the person who holds a life estate and has the right to possess and use the property during their lifetime.
What is the difference between a fee simple estate and a life estate?
A fee simple estate is perpetual and can be passed down to heirs indefinitely, while a life estate is temporary and ends upon the death of the life tenant.
What is the significance of the words ‘in fee simple’ in relation to an estate?
The words ‘in fee simple’ indicate that the owner has full rights and privileges over the property, with no limitations or conditions.
What is the main characteristic of a fee tail estate?
The main characteristic of a fee tail estate is that it limits the heirs to certain blood relatives, usually lineal descendants.
What is the primary difference between a joint tenancy and a tenancy in common?
In a joint tenancy, each tenant has an equal and undivided interest in the property and a right of survivorship, while in a tenancy in common, each tenant has a distinct share and no right of survivorship.
What is the purpose of a homestead estate?
The purpose of a homestead estate is to provide legal protection for a homeowner’s primary residence against certain creditors and to ensure the home is not easily taken away.
