Definition:
An estate in fee simple absolute is a type of freehold estate; it is the highest and most complete form of land ownership under the common law system. Fee simple estates are limited only by the governmental rights of taxation, eminent domain, escheat, and police power. Holders of estates in fee simple may transfer, give, sell, will (devise), or otherwise dispose of real property in any way they wish, within the confines of the law. Fee simple estates may be held indefinitely; in legal terms, they are said to run forever.
Also known as estate in fee simple, fee simple, fee, fee ownership, or estate of inheritance.


Terms, Definitions, and Concepts: Real Estate, Title and Title Insurance, Appraisal, Auction, Legal (Law), Management

Definition:
An estate in fee simple defeasible is a freehold estate with a less-than-absolute interest in real property and is subject to certain conditions or contingencies, such as the occurrence (or non-occurrence, as the case may be) of certain specified events. There are two types of fee simple defeasible estates: qualified fee conditional (also known as subject to condition subsequent) and qualified fee determinable. Defeasible estates allow for recovery of fee simple ownership of the property by the grantor if the grantee either commits certain acts (qualified fee conditional), or fails to comply with a special limitation (qualified fee determinable). Estates in fee simple defeasible are of unlimited duration, but only if the conditions or special limitations specified by the grantor are not violated or are continually met. An estate in fee simple defeasible differs from one in fee simple absolute in that it has a clearly defined potential endpoint, and the property interest is less than fee ownership.
Also known as an Estate in qualified fee or an Estate in fee simple qualified.


Terms, Definitions, and Concepts: Real Estate, Title and Title Insurance, Appraisal, Auction, Legal (Law), Management

Definition:
A freehold estate with a less-than-absolute interest in real property, subject to certain conditions or contingencies such as the occurrence (or non-occurrence, as the case may be) of certain specified events. Also known as an Estate in fee simple defeasible or Estate in qualified fee.

There are two types of estates in fee simple qualified: qualified fee conditional (also known as subject to condition subsequent) and qualified fee determinable. Estates in fee simple qualified allow for recovery of fee simple ownership of the property by the grantor if the grantee either commits certain acts (qualified fee conditional), or fails to comply with a special limitation (qualified fee determinable). Estates in fee simple qualified are of unlimited duration, but only if the conditions or special limitations specified by the grantor are not violated or are continually met. An estate in fee simple qualified differs from one in fee simple absolute in that it has a clearly defined potential endpoint, and the property interest is less than fee ownership.


Terms, Definitions, and Concepts: Real Estate, Title and Title Insurance, Legal (Law), Management

Definition:
A freehold estate with a less-than-absolute interest in real property, subject to certain conditions or contingencies such as the occurrence (or non-occurrence, as the case may be) of certain specified events. Also known as an Estate in fee simple defeasible or Estate in fee simple qualified.

There are two types of estates in qualified fee: qualified fee conditional (also known as subject to condition subsequent) and qualified fee determinable. Estates in qualified fee allow for recovery of fee simple ownership of the property by the grantor if the grantee either commits certain acts (qualified fee conditional), or fails to comply with a special limitation (qualified fee determinable). Estates in qualified fee are of unlimited duration, but only if the conditions or special limitations specified by the grantor are not violated or are continually met. An estate in qualified fee differs from one in fee simple absolute in that it has a clearly defined potential endpoint, and the property interest is less than fee ownership.


Terms, Definitions, and Concepts: Real Estate, Title and Title Insurance, Appraisal, Auction, Legal (Law), Management

Definition:
An estate in qualified fee conditional is a freehold estate in real property in which the former owner (grantor) has specified that the new owner (grantee) or his or her heirs cannot violate a stipulated condition. If they do, the former owner retains the right of re-entry, which allows him or her to re-enter the land to make sure the condition has not been violated. The right of re-entry is also the legal mechanism through which the current estate ends and the grantor can recover fee simple ownership (a process known as reversion). Generally, the right of re-entry can be exercised only if an action is performed that has specifically been prohibited. Whether or not to take legal action to recover fee ownership of the property is at the sole discretion of the grantor.
Also known as an Estate in qualified fee subject to condition subsequent.

Example: Mr. Smith owns land in fee simple absolute, which he sells to Mr. Jones under the condition that the land not be used for industrial purposes, even though industrial land use is permissible according to local zoning regulations. If Mr. Jones constructs a factory on the property, or develops the land for any other industrial purpose, the estate ends and Mr. Smith (or his heirs) can regain ownership of the land. In order to recover the estate, Mr. Smith or his heirs must petition a court with jurisdiction over real estate matters.


Terms, Definitions, and Concepts: Real Estate, Title and Title Insurance, Legal (Law), Management

Definition:
An estate in qualified fee determinable is a freehold estate in real property that has been qualified with a special limitation. If the new owner (grantee) fails to comply with the terms of the limitation, the former owner (grantor) has the right to recover ownership of the property. The grantor of an estate in qualified fee determinable retains the possibility of reverter, a future interest and right of reversion which, if exercised, ends the estate in qualified fee and allows for automatic reacquisition of ownership. Estates in qualified fee determinable, together with estates in qualified fee conditional, are the two primary examples of estates in fee simple defeasible, also known as estates in qualified fee. Qualified fee determinable estates differ from those in qualified fee conditional in that reversion is automatic and no court action is required.

Example: Mrs. Brown owns a parcel of land in fee simple and decides to sell it to Mrs. Garcia, with the contingency that a specified portion of the property must be used for agricultural purposes only. If Mrs. Garcia uses that part of the property for any purpose that is not agricultural, Mrs. Brown has the right to recover fee ownership. Whether or not she may recover all of the property or just that portion where the violation of the special condition occurred depends on the wording of the deed, the document used to create the estate in qualified fee.


Terms, Definitions, and Concepts: Real Estate, Title and Title Insurance, Legal (Law), Management

Definition:
An estate in qualified fee subject to condition subsequent is a freehold estate in which the former owner (the grantor) has specified that the new owner (the grantee), as well as his or her heirs or assigns, cannot violate a stipulated condition. If they do, the former owner retains the right of re-entry, which allows him or her to re-enter the land to make sure the condition has not been violated. The right of re-entry is also the legal mechanism through which the current estate ends and the former owner can recover fee simple ownership (a process known as reversion). Generally, the right of re-entry can be exercised only if an action is performed that has specifically been prohibited. Whether or not to take legal action to recover fee ownership of the property is at the sole discretion of the grantor.
Also known as an Estate in qualified fee conditional.

Example: If the condition subsequent is that a historic structure may not be removed from the property, and the grantee removes it, the grantor has the right to reacquire full ownership of the property, with no compensation paid to the grantee.


Terms, Definitions, and Concepts: Real Estate, Title and Title Insurance, Legal (Law), Management

The degree, characteristics, quantity, quality, nature, and extent of the present or future possessory interest one owns in real property. There are different types of estates in land; each is distinguished by the characteristics of its interest and by its potential or actual duration.

Definition:
1. An interest in real property that can legally be passed on to one's heirs, usually done by will (devise).
2. In real estate, an estate of inheritance is technically an interest in real property that is either fee simple absolute or fee simple defeasible, since both carry rights of inheritance. In practical use, an estate of inheritance usually refers only to an estate in fee simple absolute.


Terms, Definitions, and Concepts: Real Estate, Title and Title Insurance, Taxes and Taxation, Legal (Law), Management

An interest in real property held for the duration of the life of some person other than the life tenant (Pur autre vie is a French phrase that literally means "for the life of another"). An estate pur autre vie (also known as pour autre vie) is a form of conventional life estate wherein the duration of the estate is measured not against the life of the life tenant, but against the life of another person specified by the grantor of the estate. An estate pur autre vie is the only life estate that has a right of inheritance: during the life of this other person against whose lifespan the duration of the estate depends, the life tenant's heirs may inherit the property. Once the "other person" is deceased, this right of inheritance ends.

A legal doctrine by which a person is prevented from asserting rights or facts which are inconsistent with a previous position or representation he had made by his act, conduct or silence

Arm of the sea at the mouth of a river where the ocean tide meets the river current

A system of moral principles, rules and standards of conduct

The process by which water from land, bodies of water, or other surfaces reverts to gaseous form and returns to the atmosphere.

The legal process of removing a tenant from possession of the premises for some breach of the lease contract

A transaction in which all or part of the consideration for the purchase of real property is the transfer of property of a like kind

The right to exclude or prevent others from using personal property or entering real property; one of the bundle of rights.

A written listing agreement giving one agent the right to sell property for a specified time, but reserving to the owner the right to sell the property himself without payment of any commission

A written listing of real property in which the seller agrees to appoint only one broker to sell the property for a specified period of time. The two types of exclusive listings are the exclusive agency and the exclusive right to sell.

The act of making a document legally valid, such as formalizing a contract by signing, or acknowledging and delivering a deed

A person appointed by a testator to carry out the directions and requests in the last will and testament, and to dispose of property according to the provisions of the will

A contract in which one or both of the parties has not yet performed

1. The anticipated outcome of a scientific experiment according to the research hypothesis. 2. In the scientific method, the expected result is the outcome of the experiment if the research hypothesis is true.

The process used to test research hypotheses in the scientific method. In order to be useful in scientific inquiry, an experiment should be objective, with reliable and verifiable data. In addition, the results of the experiment must be reproducible by other scientists.

A carry over clause (referred to as a safety clause) contained in a listing which provides that a broker is still entitled to a commission for a set of period of time after the listing has expired if the property is sold to a former prospect of the broker