Chapter 2: Ownership/Interest in Real Property

Estate in Land

Defines the degree, quantity, nature, and extent of a person’s interest (Possessory or potentially possessory)

Ownership

Is characterized by duration

Freehold Estates

Uncertain duration

Fee Simple Absolute State

Complete ownership with no conditions or limitations

What estate is The highest form of ownership recognized by law?

Fee Simple Absolute

What estate runs for an indefinite duration?

Fee simple absolute

What estate has full transferability?

Fee simple absolute

Fee Simple Defeasible

Ownership with no specific conditions or terms

What estate has no duration, so long as conditions are met?

fee simple defeasible

What kind of estate has transferability but its subsequent owners must abide by conditions?

fee simple defeasible

Nonfreehold Estate (leasehold estate)

Based on a fixed calendar time

Estate for years

lease with a definite duration

Leasehold Estate (tenancy at will)

Exists for an uncertain duration

Conventional Life Estate

life tenant enjoys full use of that property for their lifetime, after which the property either reverts to the grantor or is transferred to another party