Property Ownership and Interests
This domain tests how ownership is divided by time, by shares, and by property form. Expect estate terminology, co-ownership unities, and deed descriptions.
Freehold estates
A fee simple absolute is the fullest estate, potentially infinite and freely inheritable. A fee simple defeasible can end on a condition or event; a life estate lasts for a measured life and carries duties against waste. Future interests include reversion (grantor), remainder (third party), and executory interest. A remainder is vested when the holder is ascertained and no condition precedent stands between the holder and possession; otherwise it is contingent.
Co-ownership and forms
Tenancy in common has separate, divisible shares with no survivorship. Joint tenancy requires the four unities-time, title, interest, and possession-and adds survivorship; a conveyance by one joint tenant severs that share. Tenancy by the entirety is a marital estate in some states. Community property is a marital regime in nine states. Condominium owners hold a unit plus an undivided common-element share; cooperative owners hold shares and a proprietary lease; timeshares divide use by time.
Worked example
A, B, and C take title as joint tenants. A deeds her interest to D. The joint tenancy is severed as to A's one-third: D holds a one-third tenancy in common, while B and C remain joint tenants in the other two-thirds. If B later dies, C takes B's share by survivorship; D keeps one-third.
Traps
Do not confuse reversion with remainder; do not assume joint tenants can leave their share by will; check whether a life estate is for the life of the holder or another (pur autre vie); and do not treat a cooperative interest like a condominium unit.