Fee Simple The greatest possible interest a person can have in real

Types of Estates Flashcards FreeholdThe full use of real estate for an indeterminate time. It differs from leasehold, which allows possession for a limited time.Fee Simple Absolute1) The largest, most complete ownership recognized by law.2) An estate in fee with no restrictions on its use.3) Property transferred or sold with no conditions or limitations on its use.Fee SimpleThe greatest possible interest a person can have in real estate.Periodic TenancyA tenancy for successive periods of equal duration.Life EstateAn estate that is limited in duration to the life of its owner or the life of another designated person.Tenancy for YearsA tenancy created by a lease for a fixed period of time.Tenancy at WillA written or oral agreement, allowing a tenant to use or occupy property with the permission of the owner. The term of the tenancy is unspecified and the tenant may leave at any time, or at the request of the owner.Estate in RemainderAn estate that has been conveyed to take effect and be enjoyed after the termination of a prior estate. Also known as remainder estate.Freehold EstatesAn estate in real property which continues for an indefinite period of time.Pur Autre Vie1) For another's life.2) A life estate created on the life of a designated person.Fee Simple Qualified1) an estate in which the holder has a fee simple title, subject to return to the grantor if a specified condition occurs.2) Also known as fee simple defeasible.Estate in ReversionAn estate that comes back to the original holder, as when an owner conveys a life estate to someone else, with the estate to return to the original owner on termination of the life estate.Estates in fee1) The most complete form of ownership of real property.2) A freehold estate that can be passed by descent or will.3) Also known as estate of inheritance or fee simple estate.Non-freehold EstateAn estate in real property for the temporary and limited right of use in the real property, such as a tenancy for years, from period to period , at will, or at sufferance. It is an estate with a fixed or determinable duration. Also known as a leasehold estate.