Possessory Interests in Real Property Vocabulary

Flashcards for reviewing possessory interests in real property, covering freehold and leasehold estates.

Freehold Estate

A possessory interest of an indefinite amount of time or without a specific termination date.

Fee Simple Estate

The most complete freehold estate interest, also called fee title or fee simple absolute, implying there are no conditions on the deed or title.

Defeasible Fee Estate

A freehold estate that includes a condition or requirement in the deed; if ignored, the title may revert to the grantor or the grantor’s heirs.

Determinable Fee Estate (Possibility of Reverter)

Automatically returns title to the grantor if a condition is not met.

Conditional Fee Estate (Right of Re-entry)

Requires court intervention to revert the title to the grantor if a condition is not met.

Life Estate

An estate that lasts as long as a specified person, the 'measuring life,' is alive.

Life Tenant

Holder of the life estate.

Ordinary Life Estate

Where the life tenant and the measuring life are the same person

Pur autre vie

Where the measuring life and the life tenant are not the same person.

Reversionary Life Estate

The property goes back to the grantor once the measuring life dies.

Remainder Life Estate

The property goes to another person, called the remainderman, after the measuring life dies.

Act of Waste

When a life tenant uses the property in a way that damages it or reduces its market value.

Dower/Curtesy Rights

Statutory life estate to protect family members after a death.

Homestead Statutory Life Estate

Provides protection to a surviving spouse and minor children.

Leasehold Estate

An interest that gives the holder a temporary but exclusive right to possession of the estate without having title; considered personal property.

Lessee

The tenant, who holds the leasehold estate

Lessor

The owner/landlord, who has a leased fee estate.

Reversionary Interest

Possession reverts to the lessor when the lease ends.

Estate for Years

Automatically terminates at a specific time, even one day; also known as a term tenancy or a tenancy for years.

Periodic Estate

Continues for successive equal periods until terminated by proper notice from either the lessor or the lessee.

Estate at Will

Does not have a lease to specify the termination date and rental period.

Estate at Sufferance

Possession of property by a tenant who came into possession of the property under a valid lease but stays on after the lease expires without the landlord’s permission.

Allodial System

The system of land ownership that allows anyone to own land.

Curtesy

An interest held by a married person in the real property owned by a spouse; refers to a husband’s interest in his wife’s property.

Defeasible Fee

A type of freehold estate conveying ownership interest that comes with a condition. Also called Qualified Fee.

Dower

The interest held by a married person in the real property owned by a spouse; generally refers to a wife’s interest in her husband’s property.

Estate

A possessory interest in real property; either a freehold estate or a leasehold estate.

Estate at Sufferance

Possession of property by a tenant who once had a valid lease but stays on after the lease expires without the landlord's permission. Also called Tenancy at Sufferance.

Estate at Will

When a tenant is in possession with the owner’s permission, but with no definite lease term and no rent being paid (or rent is not paid on a regular basis); e.g., a landlord lets a holdover tenant remain on the premises without paying rent until a new tenant is found. Also called Tenancy at Will.

Estate for Years

A leasehold estate set to last for a definite period (e.g., one week, three years), after which it automatically terminates. Also called Term Tenancy.

Fee Simple Absolute

The greatest estate (ownership) one can have in real property because it is freely transferable and inheritable, and of indefinite duration, with no conditions on the title. May be called Fee Simple or Fee Title.

Fee Simple Determinable

A defeasible fee that’s terminated automatically if certain conditions occur. The grantor (or their heirs) has a possibility of reverter. Also called Determinable Fee.

Fee Simple Subject to a Condition Subsequent

A type of defeasible fee; title may be terminated by the former owner if conditions stated in the deed are not met. Former owner has a power of termination.

Fee Simple Subject to a Condition Precedent

A condition in which the grantor retains title to the estate until a specific condition occurs.

Freehold Estate

A possessory interest in real property of uncertain (and often unlimited) duration; an ownership estate in real property; either a fee simple or life estate. The holder of a freehold estate has title.

Homestead

A statutory or legal life estate recognized in some states that protects the estate belonging to a deceased person for the use of a surviving spouse and minor children.

Leased Fee Estate

The owner’s interest in a leasehold estate, which is reversionary in that possession reverts to the landlord (lessor) when the lease ends.

Leasehold Estate

The temporary interest that an owner gives to a tenant (lessee) that includes the right of possession and quiet enjoyment, without title. Also called Less-Than-Freehold Estate.

Lessee

A person who leases property; a tenant.

Lessor

A person who leases property to another; a landlord.

Life Estate

An interest in real property, the duration of which is limited by the life of its owner or another designated person.

Life Estate Pur Autre Vie

A life estate “for another’s life,” where the measuring life is someone other than the life tenant.

Life Tenant

Someone who owns a life estate; the person entitled to possession of the property during the measuring life.

Measuring Life

A person whose life determines the length of a life estate.

Ordinary Life Estate

A conventional life estate where the measuring life and the life tenant are the same person.

Periodic Estate

A leasehold estate that continues for successive periods of equal length (such as from week to week or month to month), until terminated by proper notice from either party. Also called Periodic Tenancy, Estate from Year to Year, or Period-to-Period Tenancy.

Possessory Interest

An interest in property that entitles the holder to possess and occupy the property, now or in the future; an estate, which may be either a freehold or leasehold.

Remainder

A future interest that becomes possessory when a life estate terminates, and that is held by someone other than the grantor of the life estate.

Remainderman

A person, other than the grantor, who has a future interest in a life estate. A remainder interest is inheritable.

Reversion

A future interest that becomes possessory when a temporary estate (such as a life estate) terminates, and that is held by the grantor (or grantor’s successors in interest).

Reversioner

The person who has a future estate interest in reversion.

Tenant

Someone in lawful possession of real property, especially someone who has leased property from the owner.

Tenant, Holdover

A lessee who remains in possession of property after the lease has expired without permission; a tenant who refuses to surrender possession of property at the tenancy’s end.