| Question Answer | In what kind of estate does ownership revert to the grantor of the estate if usage fails to conform to a stated condition in the grant? Fee simple defeasible | The right to zone land and the right to acquire ownership of land by eminent domain are both examples of a public interest. |
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What type of interest involves the property ownership going back to the original owner at the end of the life estate?
Reversion
. If no remainder estate is established, the estate reverts to the original owner or the owner’s heirs. In this situation, the original owner retains a reversionary interest or estate. The two types of life estates are the conventional and the legal life estate.
Which type of an estate doesn’t revert back to the previous owner when a condition is breached unless the owner takes legal action?
The former owner tenants a right of re-entry, called reversionary right, so that if the condition is broken, the former owner can retake possession of the property through court proceeding.
A fee simple estate
with the condition subsequent does not automatically revert to the original owner.
What type of estate gives an owner unlimited use until his or her demise?
A freehold estate
is one where the duration of ownership is indeterminate, which could be for a lifetime of an individual or an unlimited duration. For instance, the real estate that you buy is usually a freehold estate. A leasehold estate lasts for a definite duration.
What does an owner own if the duration of his or her rights in an estate Cannot be determined quizlet?
If the duration of an owner’s rights in an estate cannot be determined, the owner possesses: …
a leased fee simple estate
.
What type of estate does not end automatically?
A
leasehold estate
for any specific period of time. An estate for years is not automatically renewed. A lease that automatically renews for successive periods unless terminated by either party; also called estate from year to year.
Which type of estate gives the owner Condition free interest in a property?
Fee Simple Estates
are the most common and grant a complete interest in land (its yours to be used without conditions or limitations). There are two kinds of Fee Simple: Absolute or Defeasible
What is the highest and best kind of estate An owner can have?
An estate for years
is the highest and best kind of estate in real property an owner can own. A fee simple absolute estate has a potential infinite duration and unrestricted inheritability.
What is the highest level of ownership an individual can have in real estate?
It is the strongest form of ownership and nobody can possess more than a fee simple absolute interest in the land.
What is the highest and best ownership?
What is the highest and best ownership?
FEE SIMPLE
: Fee Simple Absolute ownership is always clearly stated on the transfer papers (the deed) to the property. It can be called any or all of the three words, but it means the highest and best form of ownership.
When a joint tenant dies what happens to the tenant’s interest in the estate?
This is because unlike other forms of co-ownership, a joint tenancy implies a right of survivorship. What this means is that upon the death of one joint tenant, that
decedent joint tenant’s interest automatically passes to the other remaining joint tenants.
What is the distinguishing feature of an estate for years?
An estate for years is a type of leasehold estate that lasts for a specific period of time.
The beginning and ending dates are specified in the lease, along with the amount paid in rent
. No notice is required to vacate, as the tenant is expected to vacate at the end of the lease.
What has the greatest impact on the value of a property?
A home’s size
has a major influence on its value, with some prospective homebuyers looking specifically at price per square foot to filter out this effect and determine value. Bigger houses tend to sell for higher prices, of course.
What type of estate lasts for an indefinite period of time?
Freehold estates
are estates of indefinite duration that can exist for a lifetime or forever.
What is the major difference between an estate for years and an estate from period to period?
An ESTATE FOR YEARS is a
lease
for a fixed period of time, agreed to in advance. An ESTATE FROM PERIOD-TO-PERIOD is a renewable agreement to rent or lease a property for a period of time, where the rental or lease amount is fixed at an agreed to sum per week, month, or year.
What is the most significant difference between a determinable estate and condition subsequent estate?
The major difference is that while
a fee simple determinable automatically ends
if the grantee (the person who received the land) does not fulfill the condition, the grantee’s interest in a fee simple subject to condition subsequent does not automatically end if the event or condition occurs.
