Interests and Estates in Real Estate

This set of flashcards covers key terms and concepts related to interests and estates in real estate, providing definitions essential for understanding property rights and management.

Undivided interest

An owner's interest in a property shared with others.

Estate in land

The right of possession enjoyed by an interest-holder.

Encumbrance

A restriction on an owner's bundle of rights by a nonowning party.

Police power

A prime example of public interest regarding property management.

Eminent domain

The right to acquire ownership of property for public use.

Escheat

Ownership claimed by the state when an individual dies without a will.

Freehold estate

An estate in land with an indeterminate duration of ownership rights.

Leasehold estate

An estate in land with a specific duration defined by a lease.

Fee simple estate

A freehold estate of potentially unlimited duration.

Life estate

An estate limited to the life of its owner.

Fee simple absolute estate

A perpetual estate without conditions that can be freely passed to heirs.

Defeasible estate

An estate that can continue indefinitely under certain conditions.

Determinable estate

A type of defeasible estate that terminates automatically upon the violation of conditions.

Condition subsequent estate

A type of defeasible estate that may be terminated by the grantor if conditions are violated.

Reversionary interest

Future interest retained by the grantor after the life estate ends.

Remainder interest

Future interest that becomes possessory when the life estate ends.

Acts of waste

Damages or misuse of the property by the life tenant.

Community property

Property owned jointly that requires consent for transfer or encumbrance.

Tenancy at will

An arrangement allowing a tenant to occupy without a lease.

Tenancy at sufferance

A situation where a tenant unlawfully remains in possession after lease expiration.

Homestead laws

Laws that protect family homes from being lost to creditors.

Dower

A wife's life estate interest in her husband's property.

Curtesy

A husband's life estate interest in his deceased wife's property.

Elective share

A surviving spouse's minimum claim to a deceased partner's estate.