Use Quimbee’s Property Law Outline and Quickline to ace your final exam in property law or to supplement your preparation for the Multistate Bar Examination (MBE). Professionally written and fully accessible 24/7 on desktop, tablet, and mobile devices, Quimbee’s Property Law Outline covers present and future interests, concurrent ownership, restrictive covenants, the rule against perpetuities, restraints on alienation, transfers of interests in real property, recording acts, and water rights.
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Introduction and Summary: Estates in Land: Present Possessory Estates, Future Interests, and Conveyances
The term “estate,” as used in property law, means “[t]he amount, degree, nature, and quality of a person’s interest in land or other property.” [Black’s Law Dictionary (9th Ed. 2009), estate] There are two basic types of estates in land: present possessory estates (or possessory estates, for short) and future interests.
Present Possessory Estates
A possessory estate affords the holder of the estate the present right to possess the property. The possessory estates are further subdivided into two basic categories: the freehold estates and the non-freehold estates. [See 28 Am. Jur. 2d Estates §§ 11, 130]
The freehold estates confer the present right of possession for an indefinite period of time or, at the very least, for the life of the holder. They are: the fee simple estates, the life estate, and the fee tail. [Id.]