Maine Real Estate Study Guide Exam 2024.
Maine Real Estate Study Guide Exam 2024. CONVENTIONAL LIFE ESTATE - correct answer SET UP BY THE GRANTOR. EXAMPLE: SON GIVES PROPERTY TO HIS MOTHER FOR HER LIFE. UPON HER DEATH THE PROPERTY COULD REVERT BACK TO THE SON OR TO A REMAINDERMAN THAT HE NAMES WHEN HE SETS UP THE LIFE ESTATE. Fee Simple on A Condition Subsequent - correct answer CHARACTERIZED BY THE CONCEPT OF "NEVER TO BE USED AS" POSSIBLE FUTURE INTERST IS CALLED THE RIGHT OF RE-ENTRY FEE SIMPLE WITH A SPECIAL LIMITATION - correct answer CHARACTERIZED BY THE WORDS "FOR AS LONG AS" THE POSSIBLE FUTURE INTEREST IS CALLED THE POSSIBILITY OF REVERTER. SOMETIMES CALLED A FEE SIMPLE DETERMINABLE. Fee Simple Defeasible Estate - correct answer qualified by some condition that, if violated, may "defeat" the estate and lead to its loss and reversion to the grantor. TWO TYPES FEE SIMPLE WITH LIMITATIONS OR FEE SIMPLE ON THE CONDITION SUBSEQUENT.
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