BUS 23 Study Guide - Quiz Guide: Adverse Possession, General Partnership, Fee Simple
28 Nov 2020
School
Department
Course
Professor
Document Summary
Estate -> interest, share, right, or equity in real estate: can be freehold (real property) or less-than-freehold (personal property, freehold estates include fee simple estates/life estates. Fee simple (estate in fee) = most complete form of ownership. If condition is attached to property"s use -> fee simple defeasible estate. Life estate - freehold estate w/ limited duration based upon someone"s lifetime (property reverts back to original owner [holds estate in reversion] upon death of life estate holder. If someone other than owner is to receive title -> person holds an estate in remainder. Lease/rental agreement = less-than-freehold estate, tenant given rights to use real property for period of time: considered personal property because no real ownership exists. Estate for years - lease for fixed period of time, agreed to in advance. ** other less-than-freehold estates -> estates from period-to-period, estates at will, and estates at sufferance.
