iNet Hawaiian Real Estate Chapter 4 Study Guide Exam.

Condition Precedent - correct answer where a condition needs to happen prior to the transfer of property Condition Subsequent - correct answer condition that might happen in the future and is easily recognizable by words such as "but if" and "provided that" Dower and Curtesy - correct answer an automatic life estate given to the surviving spouse of a marriage Estate - correct answer the degree, nature, quantity, or extent of a person's ownership interest in real property fee simple (absolute) - correct answer greatest estate possible, carrying with it the largest bundle of ownership rights recognized by law fee simple defeasible - correct answer a qualified fee estate that is subject to the occurrence or nonoccurrence of some specified event freehold estate - correct answer one who's duration is uncertain and indefinite; may be further classified grantor/grantee - correct answer grantor: the person transferring rights in the property; grantee; the person receiving rights in the property Homestead - correct answer legal life estate in a piece of real property used by the occupant as his primary residence; protects property from most creditors during the occupant's lifetime Less Than Freehold - correct answer second category of estate in leasehold estates; a) tenancy for years, b) periodic tenancy, c) tenancy at will, d) tenancy at sufferance Life Estate - correct answer freehold estate limited in duration to either the life of the holder of the estate or the life of some other designated person(s). not inheritable, it passes to the future owner according to provisions when the life estate was created Remainderman - correct answer The one in whom an estate vests after termination of a prior estate reversion - correct answer The residue of an estate left to the grantor or his heirs after termination of all prior estates and interests; the right of a lessor to recover possession of leased property upon the termination of the lease, with all subsequent rights to use and enjoy the property. Seisin/ seizen - correct answer possession of real property by one entitled there to; a warranty that at the time of delivery of a deed, the grantor actually has the right and capacity to convey good legal tigle Fee Simple Government Limitations (P. E. T. E) - correct answer Police Power, Eminent Domain, Taxation, Escheat Fee Simple Private Limitations (D. E. L. L.) - correct answer Deed Restrictions (CC&R's), Easements (appurtenant, gross), Liens (Mortgages), and Leases two categories of estates - correct answer freehold and leasehold whats the difference between freehold and leasehold estate? - correct answer freehold: duration is uncertain or undetermined leasehold: duration is certain or determined three types of freehold estates - correct answer fee simple absolute, free simple defeasible, and life estate two types of life estates - correct answer conventional and legal two types of fee simple defeasible - correct answer fee simple condition subsequent and fee simple determinable which rights are fee simple owners entitled to? - correct answer fee simple owners are entitled to the entire bundle of rights by the law P.U.E.D.E - correct answer possess, use, enjoy, dispose, encumber how long is a fee simple estate intended to run for