Hondros Real Estate Principles and
Practices
Fee Simple Absolute - ✔️✔️The greatest estate (ownership) one can have in real
property because it is freely transferable, inheritable, of indefinite duration, and with no
conditions on the title. Also called Fee, Fee simple, or Fee title.
Freehold Estate - ✔️✔️A possessory interest in real property of uncertain (and often
unlimited) duration; an ownership estate in real property, either a fee simple or life
estate. The holder of a freehold estate has title.
Holdover Tenant - ✔️✔️A lessee who remains in possession of property after the lease
has expired without the owner's permission.
Curtesy - ✔️✔️An interest held by a married person in the real property owned by a
spouse; refers to a husband's interest in his wife's property. Not recognized in all states.
Defeasible Fee - ✔️✔️A type of freehold estate conveying ownership interest that
comes with a condition. Also called Qualified Fee
Dower - ✔️✔️The interest held by a married person in the real property owned by a
spouse; generally refers to a wife's interest in her husband's property. Not recognized in
all states.
Estate - ✔️✔️A possessory interest in real property; either a freehold estate or a
leasehold estate.
Estate for Years - ✔️✔️A leasehold estate set to last for a definite period (e.g. one
week, three years), after which it automatically terminates. Also called Term Tenancy or
Tenancy for Years
Homestead - ✔️✔️A statutory or legal life estate recognized in some states that
protects the estate belonging to a deceased person for the use of a surviving spouse
and minor children.
Leasehold Estate - ✔️✔️The temporary interest that an owner gives to a tenant
(lessee) that includes the right of possession and quiet enjoyment, without title. Also
called Less-Than-Freehold-Estate
Lessee - ✔️✔️A person who leases property; a tenant
, Lessor - ✔️✔️A person who leases property to another; a landlord
Life Estate - ✔️✔️An interest in real property, the duration of which is limited by the life
of its owner or another designated person.
Life Estate Pur Autre Vie - ✔️✔️A life estate "for another's life", where the measuring
life is someone other than the life tenant.
Life Tenant - ✔️✔️Someone who owns a life estate; the person entitled to possession
of the property during the measuring life.
Measuring LIfe - ✔️✔️A person whose life determines the length of a life estate.
Periodic Tenancy - ✔️✔️A leasehold estate that continues for successive periods of
equal length (such as from week to week or month to month), until terminated by proper
notice from either party. Also called Periodic Estate, estate from year to year, or period-
to-period tenancy.
Possessory Interest - ✔️✔️An interest in property that entitles the holder to possess
and occupy the property, now or in the future; either a freehold or leasehold estate
Remainderman/woman - ✔️✔️A person, other than the grantor, who has a future
interest in the estate when a life estate ends. A remainder interest is inheritable.
Reversioner - ✔️✔️The person who grants a life estate and retains a future interest in
it. A reversionary interest is inheritable.
Tenancy at Sufferance - ✔️✔️Possession of property by a tenant who once had a valid
lease, but stays on after the lease expires without the landlord's permission. Also called
Estate at Sufferance.
Tenancy at Will - ✔️✔️When a tenant is in possession with the owner's permission, but
with no definite lease term and no rent being paid (or rent is not paid on a regular
basis); e.g. a landlord lets a holdover tenant remain on the premises without paying rent
until the landlord finds a new tenant. Also called estate at will.
Tenant - ✔️✔️Someone in lawful possession of real property, especially someone who
has leased property from the owner.
Abstract of Title - ✔️✔️A brief, chronological summary of the recorded documents
affecting title to a particular parcel of real property.
Practices
Fee Simple Absolute - ✔️✔️The greatest estate (ownership) one can have in real
property because it is freely transferable, inheritable, of indefinite duration, and with no
conditions on the title. Also called Fee, Fee simple, or Fee title.
Freehold Estate - ✔️✔️A possessory interest in real property of uncertain (and often
unlimited) duration; an ownership estate in real property, either a fee simple or life
estate. The holder of a freehold estate has title.
Holdover Tenant - ✔️✔️A lessee who remains in possession of property after the lease
has expired without the owner's permission.
Curtesy - ✔️✔️An interest held by a married person in the real property owned by a
spouse; refers to a husband's interest in his wife's property. Not recognized in all states.
Defeasible Fee - ✔️✔️A type of freehold estate conveying ownership interest that
comes with a condition. Also called Qualified Fee
Dower - ✔️✔️The interest held by a married person in the real property owned by a
spouse; generally refers to a wife's interest in her husband's property. Not recognized in
all states.
Estate - ✔️✔️A possessory interest in real property; either a freehold estate or a
leasehold estate.
Estate for Years - ✔️✔️A leasehold estate set to last for a definite period (e.g. one
week, three years), after which it automatically terminates. Also called Term Tenancy or
Tenancy for Years
Homestead - ✔️✔️A statutory or legal life estate recognized in some states that
protects the estate belonging to a deceased person for the use of a surviving spouse
and minor children.
Leasehold Estate - ✔️✔️The temporary interest that an owner gives to a tenant
(lessee) that includes the right of possession and quiet enjoyment, without title. Also
called Less-Than-Freehold-Estate
Lessee - ✔️✔️A person who leases property; a tenant
, Lessor - ✔️✔️A person who leases property to another; a landlord
Life Estate - ✔️✔️An interest in real property, the duration of which is limited by the life
of its owner or another designated person.
Life Estate Pur Autre Vie - ✔️✔️A life estate "for another's life", where the measuring
life is someone other than the life tenant.
Life Tenant - ✔️✔️Someone who owns a life estate; the person entitled to possession
of the property during the measuring life.
Measuring LIfe - ✔️✔️A person whose life determines the length of a life estate.
Periodic Tenancy - ✔️✔️A leasehold estate that continues for successive periods of
equal length (such as from week to week or month to month), until terminated by proper
notice from either party. Also called Periodic Estate, estate from year to year, or period-
to-period tenancy.
Possessory Interest - ✔️✔️An interest in property that entitles the holder to possess
and occupy the property, now or in the future; either a freehold or leasehold estate
Remainderman/woman - ✔️✔️A person, other than the grantor, who has a future
interest in the estate when a life estate ends. A remainder interest is inheritable.
Reversioner - ✔️✔️The person who grants a life estate and retains a future interest in
it. A reversionary interest is inheritable.
Tenancy at Sufferance - ✔️✔️Possession of property by a tenant who once had a valid
lease, but stays on after the lease expires without the landlord's permission. Also called
Estate at Sufferance.
Tenancy at Will - ✔️✔️When a tenant is in possession with the owner's permission, but
with no definite lease term and no rent being paid (or rent is not paid on a regular
basis); e.g. a landlord lets a holdover tenant remain on the premises without paying rent
until the landlord finds a new tenant. Also called estate at will.
Tenant - ✔️✔️Someone in lawful possession of real property, especially someone who
has leased property from the owner.
Abstract of Title - ✔️✔️A brief, chronological summary of the recorded documents
affecting title to a particular parcel of real property.
