Law of Contracts Level 5
allodial system (Ans- system of ownership in which land is owned completely, without an obligation of services or duties to another
conventional life estate (Ans- a type of freehold life estate created by a deed or will that lasts for the duration of the tenant's life
deed restriction (Ans- a provision in a deed that restricts the land use of a property
defeasible fee estate (Ans- also known as fee simple defeasible or qualified fee, is a type of freehold estate in which the person who has possession of the property is only able to hold the property until an event takes place or does not occur; two common defeasible fee estates are fee simple determinable and fee simple subject to condition subsequent
easement (Ans- an interest in, or a right to use, another individual's land or property, generally for a specific, limited purpose
eminent domain (Ans- the power of the government or a public entity to take private property for public use without consent of the property owner
encumbrance (Ans- a non-possessory interest in a property that burdens the title
equitable interest (Ans- the right of a lender to claim ownership of a property if a borrower defaults on payments 1 / 2
estate (Ans- the degree, quantity, nature, and extent of one's interest in property
estate for years (Ans- a leased possession of property for a certain, specific period of time; also known as a tenancy for years
fee simple subject to condition subsequent (Ans- a defeasible fee estate in which a grantor conveys a parcel of real estate subject to a condition of ownership; the grantor must go to court to assert their right to retake ownership (right of re-entry)
fee simple determinable estate (Ans- a defeasible fee estate that will come to an end automatically and immediately upon the occurrence of a designated event, the time of which is uncertain
fee simple estate (Ans- maximum ownership of real property; also called a fee or a fee simple absolute; it is of indefinite duration, freely transferable, and freely inheritable
freehold estate (Ans- an estate in land in which ownership will last for an indeterminate duration
homestead (Ans- a personal residence that is protected from creditor seizure except for mortgage liens, tax liens, or mechanic's liens
Interest (Ans- a right or legal share in a property
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