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REE 3433 EXAM 2 UCF (1).
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REE 3433 EXAM 2 UCF (1).
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REE 3433 EXAM 2 UCFFreehold Estates - ANS-Derived from the feudal system.
The most prestigious of the estates.
The term "freehold" derives from the fact that the estates were held by free men, not
serfs.
Leasehold Estates: - ANS-Non-freehold estates.
Less prestigious.
Originated as moneylender's devices.
Now commonly referred to as simply "leases."
Fee Simple Absolute - ANS--The greatest estate possible.
-Complete ownership.
-An estate limited absolutely to its owners and their heirs that assigns forever without
limitation of condition.
-Words of conveyance:
O, the owner of land, conveys property "to A and his heirs."
Fee Simple Defeasible - ANS-1)Fee Simple Determinable
2)Fee Simple Subject to an executory Limitation
3)Fee Simple Subject to a Conditional Subsequent
Fee Simple Determinable - ANS-A Defeasible Fee that ends automatically when land is
used in a manner forbidden in the grant of ownership.
Created by the transfer of a fee simple to endure until the occurrence of an event.
Fee Simple Subject to an Executory Limitation - ANS-A Defeasible Fee that ends
automatically when land is used in a manner forbidden in the grant of ownership , but
vests in someone other than the grantor.
Like Fee Simple Determinable in that it is Created by the transfer of a fee simple to
endure until the occurrence of an event.
Fee Simple Subject to a Condition Subsequent - ANS-A Defeasible Fee that entitles the
grantor to end the interest by exercising the right of entry after the grantee breaches a
condition under which the property had been granted.
,Like Fee Simple Determinable in that it is Created by the transfer of a fee simple to
endure until the occurrence of an event .
Distinguishable from Fee Simple Determinable in that reversion to grantor is not
automatic: grantor must exercise right of entry.
Fee Tail - ANS-An estate in fee that descends to the grantor's direct lineal heirs and
through them to the direct lineal heirs of the net generation.
Words of conveyance:
"To A and the heirs of his body."
Originated in 13th century : property owners wanted to guarantee that property would
stay in the family, passing from generation to generation.
Disadvantage in that posed a restriction on alienation, which meant the owner was
essentially just a life tenant (a tenant only for life), who could not, therefore, use the land
in the most productive manner.
Creditors could also be frustrated in collecting on lawful claims.
Almost all states have either abolished fee tails or provided easy means to defeat it.
It can only be created in 4 states: Delaware; Maine; Massachusetts and Rhode Island.
Life Estate - ANS-An estate in which duration is measured by the life of a person.
Words of conveyance:
"To A for life"
It must end at someone's death and is, therefore, not inheritable.
Concurrent Ownership - ANS-All property is either owned in "severalty" or in
"concurrence."
"Severalty" - ANS-actually means sole ownership (as in severed ownership).
"Concurrent" - ANS-ownership is ownership by two or more persons.
, "Concurrent estate" - ANS-" is ownership or possession of property by two or more
persons at the same time.
Joint Tenancy - ANS-Ownership of real or personal property by two of more persons in
which each owns an undivided interest in the whole and each has a right of
survivorship.
Created by a will or deed.
Requires 4 unities:
Possession: Ownership is undivided.
Each owner has an undivided interest entitling them to an equal right to take possession
of the entire real estate.
Interest: There must be equal ownership.
Must be equal percentage.
Title: Ownership was acquired from the same source.
Must come from same conveyance instrument.
Time: Each joint tenant's ownership was acquired at the same time.
Undivided Interest - ANS-Each owner has a right to possession of the entire property.
No owner can exclude the other or claim any specific portion for himself.
Right of Survivorship - ANS-Upon the death of a joint tenant, that tenant's interest is
extinguished.
For example:
In a two-person joint tenancy, when one person dies, the other immediately become the
sole owner.
When two or more persons are joint tenants, the remaining joint tenants are
automatically left as owners.
"The last joint tenant standing."
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