Visual Cheat Sheets for estates in land(Fee simple, Life estate, Estate at Will & more)
Hey there, I'm Jean with AgentSmartly. While helping people prep for the exam, I noticed types of estates trips up a lot of students, so I made some visual cheat sheets for it.
Freehold estates:
- Fee Simple Absolute: full ownership, no conditions, lasts forever
- Fee Simple Defeasible: ownership with conditions
- Life Estate: lasts a lifetime, when goes to the remainder-man
Leasehold estates
- Estate for Years: fixed terms, ends automatically
- Estate at Will: no fixed term, either party can end it
- Estate at sufferance: holdover tenant, no persimmon
Each graphic has an Exam Trap and Memory trick, like sufferance = suffering owner
Hope it can help, tell me which topic you like next and I'll make more, Good luck to everyone testing soon! 🍀
P.S there are part of a set of 144 key concepts we've put together in at AgentSmartly: https://www.agentsmartly.com/
u/AgentSmartly-Jean — 6 days ago