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Aceable Agent Level 1 - Chapter 5 Questions And Answers With Verified Solutions Already Passed!!!
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Aceable Agent Level 1 - Chapter 5 Questions And Answers With Verified Solutions Already Passed!!!
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Aceable Agent Level 1 - Chapter 5Questions And Answers With Verified
Solutions Already Passed!!!
Estate - ANSWER✔✔ Describes what type of ownership an owner has in the
property - which of the rights come in their specific bundle.
A person has an estate when... - ANSWER✔✔ they hold a possessory interest in
real property.
Three basic types of freehold estates: - ANSWER✔✔ 1. Fee simple estate
2. Qualified fee estate (broken into fee simple determinable and fee on condition)
3. Life estate
Freehold Estate - ANSWER✔✔ The individual with the interest has some degree
of ownership for an undetermined or unspecified (and therefore unlimited) period
of time.
Fee Simple Absolute Estate
(also known as fee title or fee simple estate) - ANSWER✔✔ The least limited,
most absolute interest in real property. It is of indefinite duration, freely
transferrable, and freely inheritable. The highest or fullest type of interest in real
estate recognized by law.
Property Interest - ANSWER✔✔ Refers to the extent of a persons or entity's rights
in property.
i.e., percentage of ownership, time period of ownership, right of survivorship,
rights to transfer or encumber property.
, Defeasible Fee Estate/Qualified Fee
(also known as fee simple defeasible estate) - ANSWER✔✔ Any estate that is
conveyed by a grantor with a condition attached. The conditioned placed on the
estate creates an encumbrance that "runs with the land," meaning it is against the
land (use) and NOT the owner of the land.
* Estate that ends if qualified event takes place.
Two kinds of qualified fee estate: - ANSWER✔✔ Fee simple determinable & fee
on condition. Determined by the language around the condition attached to the
property.
Fee Simple Determinable Estate - ANSWER✔✔ One of the two types of
defeasible fee estates (qualified fee estate). Will come to an end automatically and
immediately upon the occurrence if a designated event; the time of that occurrence,
however, is uncertain. No legal action required.
Fee on Condition Estate - ANSWER✔✔ One of the two types of defeasible fee
estates (qualified fee estate). The grantor of the estate must prove (in court) that the
defeasible fee estate condition has been violated.
Right of Reentry
(pertains to fee of condition) - ANSWER✔✔ The grantor's right to retake
possession of the property once the court is satisfied with an established condition
violation.
Life Estate - ANSWER✔✔ Limited to the duration of a measuring life. Life
tenants enjoy the full bundle of rights of ownership. The provisions of the life
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