Study Notes on Estates in Land with Shauna Jo Prew

Instructor Introduction: Shauna Jo Prew
- Instructs at RD Academics and is a practicing real estate professional
- Expresses excitement about teaching the concept of estates

Student Concerns: Many students believe that much of their learning will be irrelevant in their careers.
- Instructor's Experience: After 24 years in real estate, it’s emphasized that understanding foundational concepts is crucial even if specific terms like "hypothecation" aren't directly used with clients.
Educational Goal: Students should aim to both pass the test and build a solid foundation for their real estate careers.

Definition of Estate:
- Generally refers to ownership of property, not necessarily just a large estate (like on "Downton Abbey").
- Modern Definition: Replace the word 'estate' with 'ownership'; therefore, estate in land = ownership in land.
- Characteristics of an estate:
- Must be immovable
- Must have no time limit on ownership

Focus: Primarily on freehold estates.
Types of Freehold Estates:
1. Fee Simple Estates:
- Fee Simple Absolute:
  - Highest form of ownership.
  - Unrestricted; does not end upon any condition.
  - Full bundle of rights.
  - Ownership is permanent and irrevocable for the owner and heirs.
- Fee Simple Defeasible:
  - High form of ownership but with certain conditions affecting ownership.
  - Types:
    - Condition Precedent: Ownership only commences after a specific condition is met (e.g., inheriting land upon marriage).
    - Condition Subsequent: Ownership can be revoked if a specific condition is broken after ownership begins (e.g., not selling ice cream on the property).
- Fee Simple Determinable:
  - Automatically reverts to the grantor if a specified condition is met.

Fee Simple Absolute: Direct ownership without conditions.
Fee Simple Defeasible: Conditional ownership that may change.
Fee Simple Determinable: Automatic return of ownership upon condition without extra action needed.

Definition: A type of freehold estate limited to the duration of a specific person’s life.
Ownership types within life estates:
- Life Tenant: Individual who holds the life estate.
- Remainder Man: Individual who receives the property after the life tenant’s interest ends.
- Grantor: Original owner who transfers the property.
Types of Life Estates:
- Conventional Life Estates:
- Created by a deed or will.
- Types include:
  - Ordinary Life Estate: Based on the life of the life tenant.
  - Pur Autre Vie: Based on the life of another person (not the tenant).
- Legal Life Estates: Created under law, one example being dower and curtsy rights in some states (no longer in Utah).
Homestead: A legal life estate providing protection from creditors during a homeowner's lifetime.

Leasehold Estate: Rights of a tenant under a lease agreement, with an expiration date defined.
- Tenant has limited rights compared to freehold estates (they do not own the property).
- Rights include possession, use, and enjoyment.
Estate at Will: Tenancy without a written lease agreement; can be terminated by either party without notice.

Upon review and examination, key definitions and scenarios were discussed related to ownership in land.
Emphasis on understanding the differentiation between types of estates:
- Freehold Estates: Fee Simple Absolute, Fee Simple Defeasible, Fee Simple Determinable, and Life Estates.
- Nonfreehold Estates: Leasehold and Estate at Will.
Encouragement for students to engage with the material and apply it in their studies.

Instructor encourages ongoing engagement and connection with coaches for support.
Expresses gratitude for student's participation in the course.