- Fee Simple Determinable.
- Freehold estate that ends automatically on the occurrence of some event and title reverts automatically back to the grantor (a future interest known as a possibility of reverter).
Besides, What is fee simple absolute quizlet? Fee Simple Absolute (Defined) Absolute ownership. It is of potentially infinite duration with no limitations on its inheritability, and it cannot be divested or end on the happening of any event.
Why is a fee simple absolute estate the most desirable?
The best form of real property ownership is fee simple absolute, sometimes called a freehold, which means that the owner or owners can do whatever they like with the property, subject only to encumbrances like liens, or local guidelines, such as zoning, taxation or criminal laws.
What is another term for fee simple quizlet? Fee simple absolute. The highest form of ownership recognized by the law. Another name for fee simple estate. Fee simple defeasible (qualified fee)
Hence, Why is the fee simple absolute estate the most desirable quizlet? (C) A fee simple absolute estate is the highest interest one can own in land. It is not based on a condition or event which subsequently happens, nor is it a less-than-freehold estate. Because it is of indefinite duration, it is a freehold estate.
Is fee simple defeasible inheritable?
Freehold Estates Examples include the fee simple estate or the defeasible fee estate, which continue for an indefinite period and are inheritable by the owner’s beneficiaries.
What is an example of a fee simple?
For example, if a warranty deed conveys 123 ABC Street for as long as 123 ABC Street is used as a school, then the land would revert back to the grantor when 123 ABC Street is no longer used as a school. This would be a fee simple determinable estate.
Which type of estate Cannot pass by inheritance?
Which type of estate cannot pass by inheritance? A conventional life estate reverts back to the grantor automatically and immediately at the death of the life tenant. There is no interest remaining for the life tenant to pass on to their heirs.
Why is it called fee simple?
An interest in land. Land owned in fee simple is owned completely, without any limitations or conditions. This type of unlimited estate is called absolute. A fee simple is generally created when a deed gives the land with no conditions, usually using the words like “to John Doe” or “to John Doe and his heirs”.
What are the types of fee simple?
There are two kinds of Fee Simple: Absolute or Defeasible.
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Fee Simple Estates
- Fee Simple Determinable: The estate will be automatically terminated if the stated condition occurs. …
- Fee Simple Subject to Condition Subsequent: The estate is similar to a fee simple, but has a condition attached.
What are the two main types of possessory interest in real property?
The two types of possessory interests are freehold and leasehold estates. Easements and liens are non-possessory interests.
Which type of fee simple estate provides ownership but with conditions?
Ownership of an estate that is conditional upon the occurrence (or non-occurence) of an event are sometimes called qualified fees, conditional fees, fees on conditional limitation, or: Defeasible fees.
What is the opposite of fee simple?
Fee simple ownership requires no rent be paid, though property taxes still must be paid to the local and state government where applicable. A leasehold requires rent be paid to the true property owner, and depending on the terms of the lease, the lessee may also pay property taxes.
What is the difference between fee simple and freehold?
A freehold estate is an estate in which you have exclusive rights to enjoy the possession of a property for an undefined length of time. In contrast, a less than freehold estate is held for a fixed, defined period. Fee simple absolute is the greatest interest in a parcel of land that one can possibly own.
Why is the fee simple absolute estate the most desirable?
(C) A fee simple absolute estate is the highest interest one can own in land. It is not based on a condition or event which subsequently happens, nor is it a less-than-freehold estate. Because it is of indefinite duration, it is a freehold estate.
What are the two types of fee simple defeasible?
There are three kinds of defeasible fee simple estates:
- Fee Simple Determinable: The estate will be automatically terminated if the stated condition occurs. …
- Fee Simple Subject to Condition Subsequent: The estate is similar to a fee simple, but has a condition attached.
What are types of estates?
Categories of estates
- fee simple. fee simple absolute—most rights, least limitations, indefeasible.
- defeasible estate—voidable possession and use. fee simple determinable. fee simple subject to a condition subsequent. …
- finite estate—limited to lifetimes. life estate—fragmented possession and use for duration of someone’s life.
What is a defeasible fee simple estate?
What is fee simple defeasible? Fee simple defeasible is a legal term and type of property ownership, where the ownership is dependent on specific conditions. If the conditions of ownership are violated, the property may be returned to the grantor or to a specified third party.
Is fee simple absolute defeasible?
A defeasible fee is simply a fee simple interest in land that can be taken away from the holder by the occurrence or non-occurrence of a specified event. The two defeasible fees are the fee simple determinable and the fee simple subject to a condition subsequent.
What is an example of fee simple defeasible?
A special limitation is one type of fee simple defeasible. With this condition, the original land owner does not have sue to take back the property if the deed condition is violated. An example of this is land sold with the special limitation that it is only to be used for agriculture.
What are the 4 types of real estate?
There are five main categories of real estate which include residential, commercial, industrial, raw land, and special use.
What is a fee simple VS life estate?
Fee simple, which is effectively absolute ownership of the land. Life estate, which effectively means ownership for the duration of the holder’s life.
