Episode 100 - Real Estate Exam Questions: Fee Simple and Life Estates

Going through state exam questions to help real estate students pass their state exam.

01:20 – We hit episode number 100!!!

02:35 – Be careful where you get your information for your exam questions. Not all are the same. Watch for state specific topics versus the general/national portion of the exam.

06:20 – Example: the value of a point in relation to the interest rate reduction.

08:10 – List of recent grads: Sara, Jamila, Sharon, Breanna, Tim, Kap, Jaquie, Natalie, Shana, Austin, Sheila, Simon, Grant, Marlainna, Maya, Kennedy, Deborah, Sydney, Bridgette, Michael, John, April, Janeva, Martina, Elishia, Jessica, Naomi, Christina, Matthew, Maria, Sophia, Loren, Brandi, Eric, Dominique, Odonel, Jordan, Mark, Dana, Andres, James, Kiana, Anitra, Dayanna, Nathanial, Tatiyon, and David.

09:15 – Messages from Sara and Tatiyon. Common theme: breathe and listen to all the A-Ha episodes.

14:30 – Episode Focus: fee simple, fee simple absolute, fee simple defeasible, and life estates.

16:10 – Freehold and Non-Freehold estates.

19:00 – Fee simple and fee simple absolute.

21:40 – Fee simple defeasible: a qualified fee estate that is subject to the occurrence or nonoccurrence of some specified event.

23:30 – Three forms of fee simple defeasible: determinable, subject to condition subsequent, and subject to executory limitation. One main difference: if the condition is not met, who gets the property?

27:30 – Determinable versus subject to condition subsequent; words and phrases distinguish them; how does the property go back to the original grantor; lawsuit required? Possibility of reverter or right of reentry (power of termination.)

30:45 – Fee simple subject to condition subsequent: right of reentry/power of termination; the original grantor must bring a court action to exercise their right to reenter the property.

36:35 – Watch who has the future interest. Is it the original grantor or some third party?

38:10 – Life estate; life tenant; pur autre vie; remainder and reversion/reversionary interest; when is a life estate inheritable or transferable?

40:45 – Pur autre vie examples. What can a life estate holder do? Inheritable.

44:55 – What happens when the defined life is extinguished, who gets the property interest? Reversion/reversionary interest or remainder interest (remainderman).

49:45 – Legal life estate – state law that recognizes dower and curtsey rights, or homestead right.

51:10 – Exam questions

1:06:15 – April’s episode will be about fair housing. Come back for more to help you pass the real estate exam.

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Go to www.indianarealestateinstitute.com for Indiana real estate classes.

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