Interests Estates Flashcards

Interests & Estates Flashcards An ownership estate of indeterminable duration; contrasts with a leasehold estate.Freehold Estate Which of the following is an illustration of the legal concept of elective share?A widower whose spouse died without a will sues to change the provisions of the will.A spouse who loses her home because of her husband's gambling debt sues in court for exemption from the debt.A surviving spouse places a lien on a debtor's property.A widow who was excluded from a will makes a claim to a portion of the couple's principal residence.A widow who was excluded from a will makes a claim to a portion of the couple's principal residence.A life estate where the grantee's interest endures over the lifetime of another party named by the grantor.Pur Autre Vie A freehold estate that is limited in duration to the life of the owner or other named person. On the death of this person, legal title passes to the grantor or other named party.Life Estate A future freehold interest in a life estate held by a third party remainderman named by the grantor. When the life tenant dies, the estate passes to the remainderman. See also reversion.Remainder What distinguishes a pur autre vie life estate from an ordinary life estate?The pur autre vie estate endures only for the lifetime of a person other than the grantee.An estate representing the highest form of legal ownership of real property, particularly the fee simple absolute estate.Fee Simple Which of the following life estates is created by someone other than the owner?Ordinary life estateConventional life estateCommunity property life estateLegal life estate Legal Life Estate A widower's life estate claim to portions of his deceased spouse's real property. See also dower.Curtesy The highest form of ownership interest one can acquire in

real estate is the:

absolute fee simple estate.A widow's life estate interest in portions of her deceased spouse's real property.Dower A fee estate where ownership is perpetual, provided that usage restrictions or other conditions stated in the deed are upheld. If not, the fee reverts to the grantor either automatically (determinable fee) or by the grantor's actions (condition subsequent).Defeasible Fee

• A set of rights to real property that includes the right of

possession. 2. The totality of one's personal and real property ownership.Estate

A transfer of title from a life estate tenant back to the grantor.Reversion Examples of interests include all but which of the

following:A buyer who prevents an owner from selling the

property to another party under the terms of the sale contractA weekend guest at a property of a friendA tenant who temporarily enjoys the right to use and excludeAn owner who enjoys the complete bundle of rights A weekend guest at a property of a friend A life estate established by operation of law rather than by the actions or wishes of the property owners. Examples are homestead law, dower, curtesy.Legal Life Estate What distinguishes a freehold estate from a leasehold estate?A leasehold endures only for a specific period of time.