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Aceable principles 1 Exam Questions and Answers 100% Pass
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Aceable principles 1 Exam Questions and Answers 100% Pass Life Estates - level 13 chp 2 The Four Main Types of Estates - Freehold Estates Leasehold Estates Equitable Estates Concurrent Estates Freehold Estates - Three Types of Freehold Estates Okay, so now you know what a freehold estate is...

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  • December 27, 2024
  • 81
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • aceable principles 1 exam questions and answers 10

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  • Aceable agent real estate
  • Aceable agent real estate

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Aceable principles 1 Exam Questions
and Answers 100% Pass

Life Estates - ✔✔level 13 chp 2


The Four Main Types of Estates - ✔✔Freehold Estates


Leasehold Estates


Equitable Estates


Concurrent Estates


Freehold Estates - ✔✔Three Types of Freehold Estates


Okay, so now you know what a freehold estate is. Let's break it down further into three

categories:


Fee simple absolute estate


Defeasible fee estate (also called qualified fee or fee simple defeasible)


Life Estate


Fee Simple Estate/Fee Simple Absolute - ✔✔the highest interest in real estate

recognized by law. holder is entitled to all rights to the property by law. runs forever.

heirs.


Katelyn Whitman© 2025, All Rights Reserved.

,2|Page


Defeasible Fee Estates - ✔✔The defeasible fee estate is a property interest characterized

by perpetual ownership on the condition that the property is used for a certain purpose

or under specific conditions. Ownership reverts back to the original owner if these

stipulations are violated.




It's similar to a life estate (which we'll cover a little later) in that some event must take

place for the estate to come to an end.




Two Common Forms of Defeasible Fee Estates


They are:


Fee Simple Determinable


Fee Simple Subject to Condition Subsequent


Fee Simple Determinable - ✔✔This particular defeasible estate will come to an end

automatically and immediately upon the occurrence of a designated event, the time of

such occurrence is uncertain. No legal action is required of the grantor in order to

assume the recovery of the estate.


Fee Simple Subject to Condition Subsequent - ✔✔These estates have specific

requirements on them that, if they are not met, could cause the property to revert back

to the original owner.



Katelyn Whitman© 2025, All Rights Reserved.

,3|Page


But a fee simple subject to condition subsequent estate will NOT immediately go back

to the grantor like a fee simple determinable estate. Instead, with the fee simple subject

to condition subsequent estate, the previous owner would have to go to court to prove

that they should be the proud owner again.


Determinable vs. Subject to Condition Subsequent - ✔✔The difference is that this return

to the original owner is automatic with fee simple determinable, but the reversion

requires going to court if it's subject to a condition subsequent.




Fee simple determinable doesn't require you to go to court to get your property back:

It's already been DETERMINED that it'll be returned to you.


Fee simple subject to condition subsequent does require you to go to court. That's

another, SUBSEQUENT action you have to get to get your property back.


Life Estates - ✔✔A life estate is yet another type of freehold estate. A life estate is so

named because it is owned for the duration of an individual's life. The life estate

documents identify the party to whom the estate will pass at the time of the death of the

individual upon whom the life estate is based. Sometimes it passes to a new owner, and

sometimes it reverts back to the original owner.




Life Estate Terms




Katelyn Whitman© 2025, All Rights Reserved.

, 4|Page


There are certain terms that apply to a life estate that you'll want to learn. They are

remainder, reversion, and remainderman.




Remainder refers to the estate that will pass to another party at the death of the person

upon whom the life estate is based.




Reversion is the concept that the property will revert back to the person who granted

the life estate in the first place.




Remainderman refers to the recipient of the remainder — either the grantor who set up

the life estate or a designated third party.


Remainderman and Reversion - ✔✔A life estate is a more limited interest in real

property than a fee simple absolute estate because ownership is limited to the lifetime

of the life estate owner or some other designated party.


The life estate owner does NOT have the right to dispose of the property or allow the

property to descend to heirs. Instead, the grantor of the life estate will either:


Designate a third-party as a remainderman (recipient of the remainder, with a

remainder interest). The remainderman receives the estate when the grantor's own life

estate ends.OR



Katelyn Whitman© 2025, All Rights Reserved.

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