What are the different estates or interests in land?
What will be an ideal response?
There are six main types of estates or interests in land. A fee simple absolute is the maximum legal ownership, of potentially unlimited duration and unrestricted inheritability. Defeasible fee is the term used to describe estates in land which have a specified limitation and includes fee simple determinable and fee simple on condition subsequent. A life estate is a duration of ownership measured by the life of an individual(s). The owner of the life estate is the life tenant. The measuring life may be someone other than the life tenant's, and this is called an estate pur autre vie. Leasehold estates include the estate for years (duration is a fixed period of time) and the estate at will (unlimited duration, but terminable.) These common law estates are most often the subject of statutory provisions under modern landlord/tenant law.
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Answer the following statement true (T) or false (F)
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Answer the following statement true (T) or false (F)