Unit 4 Vocabuarly Flashcards
estate in land
defines the degree, quantity, nature, and extent of an owner’s interest in real property.
A freehold estate
lasts for an indeterminable length of time, such as for a lifetime or forever.
fee simple
is the highest interest in real estate recognized by law
Fee simple ownership is ownership in which the holder is entitled to all rights to the property by law.
Upon the death of the owner of a fee simple estate, the property interest passes to
fee simple defeasible
estate is a qualified fee estate that is subject to the occurrence or nonoccurrence of some specified event
fee simple determinable
is a fee simple defeasible estate that may be inherited
fee simple subject to a condition subsequent
an owner gives real estate on condition of ownership, which means there is a difference in the way the estate will terminate if there is a violation of the condition.
future interest
In the defeasible fee estates, the possibility of reverter (fee simple determinable) or right of entry (fee simple subject to a condition subsequent) will only be possible at some time in the future, and may never take effect.
life estate
is a freehold estate limited in duration to either the life of the holder of the estate or the life of some other designated person or persons.
pur autre vie
provides for inheritance of the property right by the life tenant’s heirs, but the right exists only until the death of the identified person or persons.
Remainder interest
The creator of the life estate may name a remainderman as the person to whom the property will pass when the life estate ends.
Reversionary interest
The creator of the life estate may choose not to name a remainderman. In that case, ownership returns to the original owner upon the end of the life estate.
legal life estate
is not created by a property owner, but rather is established by state law
homestead
is a legal life estate in real estate occupied as the family home.
encumbrance
is a type of interest in real estate that does not rise to the level of ownership or possession, yet still gives an individual, business, or other entity some degree of use or control of the property.
lien
is a charge against property that provides security for a debt or an obligation of the property owner.