Flashcards in From Principles Workbook Unit 2 Deck (21)
What are the two types of estate?
Freehold estate and leasehold estates
Freehold estate is
estate of ownership
Leasehold state is
estate of possession
What is the duration of a freehold estate?
What is the duration of a leasehold estate?
can be terminated
What are the three freehold estates?
1. Fee simple absolute
2. Fee simple defeasible (also called a qualified fee because there are deed conditions)
3. LIfe estate
Which type of estate is the greatest, most complete form of ownership?
fee simple absolute
what are the four types of leasehold estates?
1. estate for years
2. estate from period to period
3. estate at will
4. estate at sufferance
are easements revocable?
what is escheat
government's reversionary right when a property is abandoned
When is escheat exercised?
when owner dies intestate (no will) and without heirs
do easements transfer with land?
what is a revocable, nonexclusive permission that grants privilege to use property? also can be cannceled
fee estate gives the owner the right to sell, will or give the property away
what is a fee simple estate?
right to occupy and use land forever
when do life estates terminate?
terminate upon death of life tenant.. cannot be willed
liens, easements and restrictive covenants are
what type of estate has a specific termination date?
estate for years
what is remainder estate
belongs to the party who will obtain title upon death of the measuring life
which of the following estates usually does NOT terminate on the death of the holder of the estate?
A. life estate
B. estate for years
c. estate at will
d. estate at sufferance
B. Estate for years
an estate for years is a contract and terminates on the date specified int eh elase, not upon death of the lessor or lessee.