Unit 3

An ownership interest defined by the degree, quantity, nature and extend of an owner's interest in real property.

• Fee Simple Absolute

• Estates in Land

• Non-Freehold Estate

• Fee Simple Estate

A type of real property ownership that gives the owner exclusive rights to the property for an indeterminable length of time. Signifies full ownership of the land.

• Fee Simple Defeasible

• Fee Simple Determinalbe

• Freehold Estate

• Fee Simple Subject to a Condition Subsequent

Type of estate where the length of time of the property’s use can be determined.  Grants only the right to occupy a property for a specific period without ownership.  Usually through a lease agreement. 

• Freehold Estate

• Non-Freehold Estate

• Fee Simple Estate

• Fee Simple Absolute

The highest form of real estate ownership recognized by law. The holder is entitled to all the rights of the property.

• Fee Simple Defeasible

• Life Estate

• Pur Autre Vie

• Fee Simple Estate

Fee Simple Absolute

• Ownership entitles its owners to all rights to the property by law.  This estate is intended to run forever.

• Length of time of the property’s use can be determined.  Grants only the right to occupy a property for a specific period without ownership.

• A qualified fee estate that is subject to the occurrence or nonoccurrence of some specified event.

• Freehold estate limited in duration to either the life of the holder of the estate or the life of some other designated person.

The owner of a fee simple estate has full right to use the land. They're limited only by

• The nonoccurrence of a specified event.

• The life of the life tenant

• public and private restrictions, like zoning laws or restrictive covenants found in a deed

• The remainder interest

A qualified fee estate that is subject to the occurrence or nonoccurrence of some specified event.

• Fee Simple Defeasible

• Freehold Estate

• Fee Simple Absolute

• Life estate

A type of Fee Simple Defeasible Estate, but with an occurrence or event. If the event is violated, the former owner retains Possibility of Reverter.

• Fee Simple Subject to a Condition Subsequent

• Fee Simple Determinable Estate

• Life Estate

• Fee Simple Absolute

This type of estate uses words such as so long as or while or during.

• Fee Simple Determinable Estate

• Fee Simple Subject to a Condition Subsequent

• Life Estate

• Pur Autre Vie

A type of estate where an owner gives real estate on condition of ownership. Owner has the Right of Reentry.

• Freehold Estate

• Fee Simple Absolute

• Fee Simple Determinable Estate

• Fee Simple Subject to a Condition Subsequent