Exam (elaborations)
REE 3433 EXAM 2 UCF (1)
- Course
- Institution
REE 3433 EXAM 2 UCF (1)
[Show more]
Seller
Follow
topgradesdr
Reviews received
Content preview
REE 3433 EXAM 2 UCFFreehold Estates - ANS-Derived from the feudal system.
The most prestigious of the estates.
The term "freehold" derives from the fact that the estates were held by free men, not
serfs.
Leasehold Estates: - ANS-Non-freehold estates.
Less prestigious.
Originated as moneylender's devices.
Now commonly referred to as simply "leases."
Fee Simple Absolute - ANS--The greatest estate possible.
-Complete ownership.
-An estate limited absolutely to its owners and their heirs that assigns forever without
limitation of condition.
-Words of conveyance:
O, the owner of land, conveys property "to A and his heirs."
Fee Simple Defeasible - ANS-1)Fee Simple Determinable
2)Fee Simple Subject to an executory Limitation
3)Fee Simple Subject to a Conditional Subsequent
Fee Simple Determinable - ANS-A Defeasible Fee that ends automatically when land is
used in a manner forbidden in the grant of ownership.
Created by the transfer of a fee simple to endure until the occurrence of an event.
Fee Simple Subject to an Executory Limitation - ANS-A Defeasible Fee that ends
automatically when land is used in a manner forbidden in the grant of ownership , but
vests in someone other than the grantor.
Like Fee Simple Determinable in that it is Created by the transfer of a fee simple to
endure until the occurrence of an event.
Fee Simple Subject to a Condition Subsequent - ANS-A Defeasible Fee that entitles the
grantor to end the interest by exercising the right of entry after the grantee breaches a
condition under which the property had been granted.
,Like Fee Simple Determinable in that it is Created by the transfer of a fee simple to
endure until the occurrence of an event .
Distinguishable from Fee Simple Determinable in that reversion to grantor is not
automatic: grantor must exercise right of entry.
Fee Tail - ANS-An estate in fee that descends to the grantor's direct lineal heirs and
through them to the direct lineal heirs of the net generation.
Words of conveyance:
"To A and the heirs of his body."
Originated in 13th century : property owners wanted to guarantee that property would
stay in the family, passing from generation to generation.
Disadvantage in that posed a restriction on alienation, which meant the owner was
essentially just a life tenant (a tenant only for life), who could not, therefore, use the land
in the most productive manner.
Creditors could also be frustrated in collecting on lawful claims.
Almost all states have either abolished fee tails or provided easy means to defeat it.
It can only be created in 4 states: Delaware; Maine; Massachusetts and Rhode Island.
Life Estate - ANS-An estate in which duration is measured by the life of a person.
Words of conveyance:
"To A for life"
It must end at someone's death and is, therefore, not inheritable.
Concurrent Ownership - ANS-All property is either owned in "severalty" or in
"concurrence."
"Severalty" - ANS-actually means sole ownership (as in severed ownership).
"Concurrent" - ANS-ownership is ownership by two or more persons.
, "Concurrent estate" - ANS-" is ownership or possession of property by two or more
persons at the same time.
Joint Tenancy - ANS-Ownership of real or personal property by two of more persons in
which each owns an undivided interest in the whole and each has a right of
survivorship.
Created by a will or deed.
Requires 4 unities:
Possession: Ownership is undivided.
Each owner has an undivided interest entitling them to an equal right to take possession
of the entire real estate.
Interest: There must be equal ownership.
Must be equal percentage.
Title: Ownership was acquired from the same source.
Must come from same conveyance instrument.
Time: Each joint tenant's ownership was acquired at the same time.
Undivided Interest - ANS-Each owner has a right to possession of the entire property.
No owner can exclude the other or claim any specific portion for himself.
Right of Survivorship - ANS-Upon the death of a joint tenant, that tenant's interest is
extinguished.
For example:
In a two-person joint tenancy, when one person dies, the other immediately become the
sole owner.
When two or more persons are joint tenants, the remaining joint tenants are
automatically left as owners.
"The last joint tenant standing."
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller topgradesdr. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75323 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now