Aceable principles 1 exam 2023 with 100% correct answers

Life Estates - correct answer -level 13 chp 2 The Four Main Types of Estates - correct answer -Freehold Estates Leasehold Estates Equitable Estates Concurrent Estates Freehold Estates - correct answer -Three Types of Freehold Estates Okay, so now you know what a freehold estate is. Let's break it down further into three categories: Fee simple absolute estate Defeasible fee estate (also called qualified fee or fee simple defeasible) Life Estate Fee Simple Estate/Fee Simple Absolute - correct answer -the highest interest in real estate recognized by law. holder is entitled to all rights to the property by law. runs forever. heirs. Defeasible Fee Estates - correct answer -The defeasible fee estate is a property interest characterized by perpetual ownership on the condition that the property is used for a certain purpose or under specific conditions. Ownership reverts back to the original owner if these stipulations are violated. It's similar to a life estate (which we'll cover a little later) in that some event must take place for the estate to come to an end. Two Common Forms of Defeasible Fee Estates They are: Fee Simple Determinable Fee Simple Subject to Condition Subsequent Fee Simple Determinable - correct answer -This particular defeasible estate will come to an end automatically and immediately upon the occurrence of a designated event, the time of such occurrence is uncertain. No legal action is required of the grantor in order to assume the recovery of the estate. Fee Simple Subject to Condition Subsequent - correct answer -These estates have specific requirements on them that, if they are not met, could cause the property to revert back to the original owner. But a fee simple subject to condition subsequent estate will NOT immediately go back to the grantor like a fee simple determinable estate. Instead, with the fee simple subject to condition subsequent estate, the previous owner would have to go to court to prove that they should be the proud owner again.