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Interests and Estates

INTERESTS AND ESTATES IN LAND Interests ● any combination of bundle of rights ● estates, encumbrances, police powers Estates in land ● include right of possession; also called tenancies ● leaseholds: of limited duration ● freeholds: duration is not necessarily limited FREEHOLD ESTATES ● implies "ownership" in contrast to leasehold Fee simple estate ● also "fee"; most common form of estate; not limited by one's lifetime ● fee simple absolute: highest form of ownership interest ● defeasible: can revert to previous owner for violation of conditions Life estate ● fee estate passes to another upon death of a named party ● remainder: interest of a named party to receive estate after holder's death ● reversion: interest of previous owner to receive estate after holder's death Conventional life estate ● full ownership interest, limited to lifetime of life tenant or another named party ● created by agreements between parties ● ordinary: on death of life tenant, passes to remainderman or previous owner ● pur autre vie: on death of another; passes to remainderman or previous owner Legal life estate ● automatic creation of estate through operation of law ● designed to protect family survivors ● homestead: rights to one's principal residence ● laws protect homestead from certain creditors ● dower and curtesy: a life estate interest of a widow(er) in the real property ● elective share: right to claim deceased spouse's property in lieu of will LEASEHOLD ESTATES ● non-ownership possessory estates of limited duration Estate for years ● specific, stated duration, per lease Estate from period-to-period ● lease term renews automatically upon acceptance of monthly or periodic rent Estate at will ● tenancy for indefinite period subject to rent payment; cancelable with notice Estate at sufferance ● tenancy against landlord's will and without an agreement IN SOME STATES THIS VIDEO CAN ONLY BE USED AS STUDY GUIDE AND DOES NOT COUNT TOWARDS CLASS TIME For access to more videos and help passing the exam: https://www.asktherealestateinstructo... Or If you are in New Jersey and looking to change careers go to: https://newdirection.school