unit 4: interest in real estate
estate in land Correct Answer: The degree, quantity, nature, and extent of interest a person has in real
property.
A freehold estate Correct Answer: An estate in land in which ownership is for an indeterminate length
of time, in contrast to a leasehold estate.
fee simple Correct Answer: The highest interest in real estate recognized by the law; the holder is
entitled to all rights to the property.
fee simple absolute Correct Answer: The maximum possible estate or right of ownership of real
property, continuing forever.
fee simple determinable Correct Answer: A fee simple estate qualified by a special limitation. Language
used to describe the limitation includes the words so long as, while, or during.
fee simple subject to a condition subsequent Correct Answer: An estate carrying the limitation that, if it
is no longer used for the purpose conveyed, it reverts to the original grantor by the right of reentry.
future interest Correct Answer: A person's present right to an interest in real property that will not
result in possession or enjoyment until sometime in the future, such as a reversion or right of reentry.
life estate Correct Answer: An interest in real or personal property that is limited in duration to the
lifetime of its owner or some other designated person or persons.
life tenant Correct Answer: holder of a life estate
Pur Autre Vie Correct Answer: "For the life of another." A life estate pur autre vie is a life estate that is
measured by the life of a person or persons other than the grantee.
Remainder interest Correct Answer: The remnant of an estate that has been conveyed to take effect
and be enjoyed after the termination of a prior estate, such as when an owner conveys a life estate to
one party and the remainder to another.
reversionary interest Correct Answer: The remnant of an estate that the grantor holds after granting a
life estate to another person.
legal life estate Correct Answer: A form of life estate established by state law, rather than created
voluntarily by an owner. It becomes effective when certain events occur. See dower, curtesy, and
homestead for legal life estates used in some states.
dower and curtesy Correct Answer: provide a nonowning spouse with a means of support after the
death of the owning spouse.
estate in land Correct Answer: The degree, quantity, nature, and extent of interest a person has in real
property.
A freehold estate Correct Answer: An estate in land in which ownership is for an indeterminate length
of time, in contrast to a leasehold estate.
fee simple Correct Answer: The highest interest in real estate recognized by the law; the holder is
entitled to all rights to the property.
fee simple absolute Correct Answer: The maximum possible estate or right of ownership of real
property, continuing forever.
fee simple determinable Correct Answer: A fee simple estate qualified by a special limitation. Language
used to describe the limitation includes the words so long as, while, or during.
fee simple subject to a condition subsequent Correct Answer: An estate carrying the limitation that, if it
is no longer used for the purpose conveyed, it reverts to the original grantor by the right of reentry.
future interest Correct Answer: A person's present right to an interest in real property that will not
result in possession or enjoyment until sometime in the future, such as a reversion or right of reentry.
life estate Correct Answer: An interest in real or personal property that is limited in duration to the
lifetime of its owner or some other designated person or persons.
life tenant Correct Answer: holder of a life estate
Pur Autre Vie Correct Answer: "For the life of another." A life estate pur autre vie is a life estate that is
measured by the life of a person or persons other than the grantee.
Remainder interest Correct Answer: The remnant of an estate that has been conveyed to take effect
and be enjoyed after the termination of a prior estate, such as when an owner conveys a life estate to
one party and the remainder to another.
reversionary interest Correct Answer: The remnant of an estate that the grantor holds after granting a
life estate to another person.
legal life estate Correct Answer: A form of life estate established by state law, rather than created
voluntarily by an owner. It becomes effective when certain events occur. See dower, curtesy, and
homestead for legal life estates used in some states.
dower and curtesy Correct Answer: provide a nonowning spouse with a means of support after the
death of the owning spouse.
