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Way back when I sat for my real estate license I missed a question that has plagued me ever since. I have periodically searched the internet for an answer, and have never found a broker who could answer this question for me, so now I am throwing it out to the world.
In the exam I took in Texas back in 1986, the question was "What are the seven estates in real estate?"
I know that the estates are types of ownership, as that was covered in the prelicensing required coursework. I recall being able to remember six, but have never figured out what the seventh was. I can't recount the six now, but examples of estates are the various types of ownership such as airspace, water, mineral, etc..
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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Let's see there's Grumpy, Sleepy, Happy, Doc.....oh wait, that's different.
I was thinking that you were referring to fee simple; leasehold; tenant-in-common, joint tenants, estate for years, life estate, and reversionary interest. Are those the ones you're looking for?
Well, technically there may be more than 7. There are all the different kinds of future interests: reversions, remainders (vested and contingent), rights of reentry. There are estates for years (which are one type of leasehold estates - the others are at will and periodic, e.g., month-to-month) and for life (your own or someone else's, which is an estate "pur autre vie" (french for "for another life"). Fee simple, fee tail (abolished in many states, so perhaps not included on your exam). There are also springing interests and shifting interests. Then, nowadays, we have interests in cooperatives and condominiums, too.
Well, technically there may be more than 7. There are all the different kinds of future interests: reversions, remainders (vested and contingent), rights of reentry. There are estates for years (which are one type of leasehold estates - the others are at will and periodic, e.g., month-to-month) and for life (your own or someone else's, which is an estate "pur autre vie" (french for "for another life"). Fee simple, fee tail (abolished in many states, so perhaps not included on your exam). There are also springing interests and shifting interests. Then, nowadays, we have interests in cooperatives and condominiums, too.
I love real property law!
OMG - you and my DH would get along SO well!
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