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| You are never a loser until you quit trying. - Mike Ditka |
| Real Property: Major Estates |
| Legal Enviroment of Buisness - Daily Assignments |
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Real Property: Major Estates
Freehold Estates: rights of ownership
1. Fee simple: most rights, least limitations
2. Fee tail: inalienable rights of inheritance
3. Conditional, defeasible, or determinable fee: voidable ownership
4. Life estate: ownership for the duration of someone’s life
Leasehold Estates: rights of possession and use but not ownership
1. Estate for years (tenancy for years): lease of any length with specific begin and end date
2. Period estate (periodic tenancy): automatically renewing lease (month to month, week to week)
3. Estate at will (tenancy at will: leasehold for no fixed time or period. It lasts as long as both parties desire
4. Tenancy at sufferance: created when tenant remains after lease expires and becomes a holdover tenant
Statutory Estates: created by law
1. community property
2. homestead
3. dower: interest a wife has in the property of her husband
4. curtesy: interest a husband has in the property of his wife
5. tenancy by entirety
Equitable estates: neither ownership nor possession
1. lien: a claim that one has against the property of another
2. easement: the right to make use of someone else’s land
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