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Real Estate Investment Real Estate Investment
Chapter 4Chapter 4
Ownership of Real Property
© 2011 Cengage Learning
© 2011 Cengage Learning
Key TermsKey Terms
• Assets
• Automatic
• Community property
• Curtesy
• Devisee
•Disposition• Dower right• Estate in severalty• Estates• Fee simple absolute
© 2011 Cengage Learning
Key TermsKey Terms
Fee tail
Freehold estates
Future interests
Heir
Homestead protection
Joint tenancy
Land trust
Leasehold estate
Life estate
Non-freehold estates
Present interest
© 2011 Cengage Learning
Key TermsKey Terms
Quit claim deed
Real Estate Investment Trust
Remainder
Remaindermen
Reversions
Right of survivorship
Separate property
Tenants in common
Trust
Trustee
Undivided interest
© 2011 Cengage Learning
Fee Simple
Fee simple implies major rightsPossession
Use
Enjoyment
DispositionMost crucial right
© 2011 Cengage Learning
Definition of Estate
An interest in land.
The sum of property rights and/or things affixed to the land, which have a given duration of time.
An estate is concerned with the land; ownership is concerned with people.
Feudal versus allodial.
© 2011 Cengage Learning
MAJOR CLASSES OF ESTATES
Present Possessory Freehold Estates of Potentially Infinite Duration.
Fee Simple Absolute
Fee Simple Conditional
Fee Simple Estates of Potentially Limited Duration
Fee Simple Determinable
Fee Simple Subject to Condition Subsequent
Fee Simple Subject to Executory Limitation
© 2011 Cengage Learning
MAJOR CLASSES OF ESTATES
Present Possessory Freehold Estates of Limited Duration (Life Estates).
Conventional Life EstatesLife Estate for Grantee’s LifeLife Estate Limited by Life of Someone Other than Grantee
Legal Life EstatesDowerCurtesyHomestead Protection
© 2011 Cengage Learning
MAJOR CLASSES OF ESTATES
Future InterestsReversion
Remainder
Executory InterestsSpringing Executory Interests
Shifting Executory Interests
© 2011 Cengage Learning
MAJOR CLASSES OF ESTATES
Nonfreehold Estates (Leaseholds)
Tenancy for Years
Tenancy from Period to Period
Tenancy at Will
Tenancy at Sufferance
© 2011 Cengage Learning
Land Interests Not Deemed Estates
Easements
Licenses
Profit
Covenants
© 2011 Cengage Learning
Classification of Property Ownership
Sole Ownership
Tenants in Common
Joint Tenancy
Tenancy by the Entirety
Community Property
© 2011 Cengage Learning
Trusts
Trust Estates
Inter Vivos Trusts
Testamentary Trust
Land Trust
Real Estate Investment Trust (REIT)
