What Are Freehold and NonFreehold Estates? | Real Estate Exam Prep Video
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- เผยแพร่เมื่อ 18 ก.ย. 2024
- I guarantee you - your real estate licensing exam will ask questions regarding FREEHOLD and NonFREEHOLD ESTATE. Key real estate terms you should know once you've completed this video:
Freehold Estate
NonFreehold Estate
Fee Simple
Fee Simple Deteminable
Life Estate
Title
Remainderman
Reversionary Interest
Deed Restriction
Leased Fee Interest
Leasehold Interest
Bundle of Rights
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Hi Ivy, I was told it would be up by now... but they were wrong. :0(
I had a couple of questions on my real estate exam. Don't remember the exact questions, but I do remember they were about life estates... Thanks Paul!
Thanks for leaving a cooment!
I am one of those straight to the point people. In most of the videos I watch, they veer off, tell jokes, read chats.... I cannot focus. You go straight to the point and keep the personal out. LOVE IT!
Thank you!
Thank you very much for breaking this down! My text books didn’t really help me understand how they worked but you explaining it definitely did! ☺️
Thank you... I am glad we are helping with your study routine... keep studying 😁
Your explanation is perfect. This Chapter is the most difficult for me.
Hi Miranda... that's awesome to hear. Glad it helped! Best of luck with your studies! :o)
Thank you so much for making sense of this for me! We need more REAL LIFE examples like yours in our prep books! THANK YOU!
You are so welcome! Glad is was helpful.
I am profoundly impressed by your teaching.I have decided to study all your videos on real estate.❤❤❤
Awesome... thank you
YOU'RE A GREAT TEACHER ! THANK YOU SO MUCH FOR ALL THE TIME AND DETAILS YOU PUT INTO YOUR VIDS
You're very welcome!
Thank you for explaining this. I was having such a hard time with these particular ones. I'm taking my National exam tomorrow for the 2nd time...( I passed the state).... I feel better after watching this!
Thank you for leaving a comment... You will do great on the exam... keep studying! Let us know how you do!
I am taking my pre-licensing course right now and I'm on unit three where I'm learning all these terms plus some and this helped out tremendously! Thank you!!
Hi McKala... I am glad we are part of your study portfolio... Keep studying... you will do great on the exam :o)
Same!! So grateful for these video’s! I have ADHD and don’t retain the information in reading as well as I do with videos✨
Thank you so much for your explanation! You give great examples for all of these scenarios. I am watching all of your videos and sometimes I watch them several times so that I really get it.
Thank you, Sheila... I appreciate you leaving a comment. I am glad the videos are helpful! Keep on studying!
This is the best explanation that I’ve heard! Thank you!
Thank you!
I just wanna say thankyou so much for your videos ! You’ve helped me pass my exam ! You break things down and help a lot with understanding especially since I learned from an online at home course some of these topics were really hard to interpret through the wording in the documents, so thanks again!
I'm so glad you passed!!! Congratulations! I wish the best of luck in your new career and thank you for letting us know you passed :o)
Thank you, for all your videos.I have been watching them and they give better understanding.My exam is next week, hopefully I will pass.
You will pass. Keep studying.... study study study! You got this! :o)
Thank you for your help. I have passed my Exam! You explain things very well. Thanks for all you are doing to help others.
Hi David.... you're welcome and congratulations on passing your exam. Welcome to the real estate industry. If you ever need anything and I can help... please reach out. Best of luck!
You are absolutely a blessing. Thank you for your super simplified breakdowns. I am really enjoying your videos!
You are so welcome... thanks for leaving a comment! Keep studying
what a gr8 explanation!!! Loved the Defeasible with the word Defeat!! Now it makes more sense... thank you Paul...
Glad it was helpful!
Amazing teacher. WONDERFUL EXPLANATION! I really love it.
Gracias....
Hello. Thank you for your videos. For life estate example, mom sold it then after time, she died. As explained, the property will go to the remainderman. What is going to happen with the buyer, total loss for him or he will get anything back? Thank you
thank you for this explanation, well done. this was a confusing subject to learn by reading in my course work. I really liked the way you described the fee simple Defeasible. I am glad I finally understand it.
You're welcome!
Your videos are so helpful! Thank you Paul.
Thank you!
Thank you! It’s so helpful to study 📖
You're welcome!
Hi Paul. Thanks a lot for another video. Would it be possible for you to add 2 or 3 questions after each video to test what we learned? I love your videos, just wondering if that is possible. 💕💕💕
Veronica T... that is an amazing idea!!!
Thank you so so much. I am looking forward 😁😁I will keep watching your videos and recommending you. Blessings.
Thank you for this:) Definitely helping me as well.
You're welcome
Thank very much for making the explanation so clear. If you could clarify a bit the difference between Determinable and Condition Subsequent would be awesome. Thanks
Hi Alex... let me explain it this way. You own a parcel of ground a gift it to the city to be used only as a park. Title (ownership) transfer to the city BUT there is a deed restriction that says it can be only used as a park. Ten years later, a new mayor wishes to use it as a parking lot and removes the playground equipment and it becomes a park.... Now, if you transferred title under a fee simple determinable estate once the parcel stopped being a park, title would automatically revert back to you. Under a Fee Simple to a Condition Subsequent, you would have to take some type of legal action to recover title. Until you take such action, it will remain a city parking lot. Hope this helps... :o)
Thank you! I am preparing
Valerie... you will do great!
Amazing explanation. Very helpful. Thank you. You are a great teacher.
My Michigan exam is Friday, last minute advice on what to focus on vocabulary ? Laws ? So much material - just a bit nervous and overwhelmed......working 12 hrs a day, until the day of the test, need to utilize the time I do have to my advantage
Hi Carlos... this response may be a bit late but I really can't know what you need to study... I would say study the area you feel you're weak in. I find most people don't study the math enough so that may be a great place to start....
After a few times I passed, thank you for your help ! #nevergiveup
@@carlosledee7086 Congrats and yes #nevergiveup .... best of luck!
You are an amazing teacher!
Thank you!
I love your videos they are super informative… great tool for studying 📚 THANK YOU
Thank You so much for your video uploads I really do appreciate you , I have a better understanding when I watch your videos keep the videos coming. Please and Thank You in advance.
Great video! I have one question. What happens to Sally, if the remainderman comes in and take the property. Sally has to vacate the property? Wow that's tricky!
Hi Angelica... once the remainderman has obtained legal title (ownership) they can require Sally to move. They may have to evict Sally through the court system but eventually, the remainderman will obtain the legal right of possession
So Sally gets scammed? How is that legal? I'm guessing this is why you want to hire a title company?@@TheRealEstateClassroom
@@christiensebastien2442 with every type of real estate transaction there is a chance someone could get scammed. There are also relevent reasons as well. Things like title searches and recording deeds and contracts help minimize the scams.
Ahh..this finally makes sense! Thank you!
You're welcome!
What is the mortgage scenario for Mom in this example? Please explain.
I love your tool. It helped me remember
Thank you
great video really helps!!!
Thank you! Appreciate the shout out!
Thank you so much!
You're welcome!
Thank you! Amazing
Welp, I had to describe after watching this because others can't compare!! Awesome videos.
Good teaching thank you
Glad it was helpful!
hi paul, i had a question regarding life estate. why cant sally have the property if it was sold to her already?
Thank you, Paul
You're welcome!
What is tenancy in common and joint tenancy?
Here is a link to my video that explains it... th-cam.com/video/SwzGlVKm8us/w-d-xo.html
Thanks!
You're welcome, Kaneron... and thanks for hitting that "Thanks" button. GREATLY appreciated!
Hi Poul,
You are awesome!
I live in Massachusetts and I was wondering if the lessons good for me.
Yes... all 50 states
so are you the life tenant though this whole process?
Your explanation is throwing me off. Correct if I'm wrong but my understanding of Fee Simple Determinable is for example - when a piece of land is gifted to the town but to be used only as a park - it's use is determined in the deed and can't be used for anything else or town will lose title to that land and ownership automatically reverts back to original owner or heir or successor. For Fee Simple Condition Subsequent is when for example this same piece of land gifted to town and can be used for whatever they want 'on the condition that' no alcohol can be sold, if alcohol is sold original owner (or heir or successor) can sue to reacquire ownership.
I may be over analyzing this but just want to have a clear understanding. Like I said, correct me if I'm wrong.
Nope you got it right! :o)
Amazing example, this helped me understand better
Please answer?so mom sold the house to a "Sally", but because of the contract condition that the house goes to Bob when mom dies, what happens to Sally who is now technically the owner, when bob automatically becomes the owner? does he have to "buy" the house back from Sally? what if mom spent all the money and Bob is broke? Sally isn't compensated or is this strictly on Sally to thoroughly check out if there were conditions when she bought the house?it seems unfair if this didn't come up when Sally bought the house,and she ends up homeless and out of all that money she paid for the house.
When mom dies Tom becomes fee simple owner. He owes nothing to Sally. Now remember, this situation is drawn out for you for testing purposes. The in reality never happens. Could it? Yes, it could but with abstracts and title searches it's extremely rare. Likewise, you would never get a mortgage company to borrow money to Sally - in real life.
Question regarding Life Estate. If you transfer title to Mom and designate your brother as remainderman, mom doesn't have fee simple absolute, but your brother would as remainderman if/when mom dies?
correct
Great video thank you so much. One question though . Would you have to tell Sally , who bought moms house, that once mom dies , the house goes to Tom?
lol
Thank you this helped me immensely.
Please help where does a “Pur autre vie” stand?
It's a freehold estate. A life estate gives someone else the legal right of possession and title for a limited period of time for either their life or the life of another person. The individual who owns the life estate is called the "life tenant." If the life estate is based on the life tenant’s life, it is known as an ordinary life estate. Once the life tenant dies, the estate is terminated. If the estate is based on the life of another (other than the life tenant), it is known as a pur autre vie life estate, which means for another’s life.
Hiii sir. I have question hehe what is the more realistic fair value of a property? If its sales comparison or income approach?
Both and it depends on the type of property it is. A single family house or duplex is going to use the sales comparison approach (sometimes called a market data approach) an apartment community is use the income approach. Generally speaking, an income producing property will use the income approach
Mom sold half her share to Sally. They lived in house together. Sally died a couple months ago, Mom still in house alone. Mom is beneficiary to all Sally owned. Now what?
My mother paid the full purchase price for 4 pieces of land. In 1994.
One parcel my mother put her mobile home on and my aunt put a mobile home on the lot next door. So my aunt had went to real estate school back in 1977.
My mother put all 4 lots in joint tenants with my aunt to avoid probate. So in 2003 my aunt recorded 4 quit claim deeds my aunt taking her name off of my mother’s lot and my aunt ended up with the 3 other lots.
So it just looks like the only way my mother could get her sister to take her name off of my mother’s lot that her mobile was on is to sign over 3 lots to her sister.
Because I know my mother was not just giving her sister equal interest in as it would be as joint tenants.. The mobile home was not joint tenants. So if my mother was so worried about probate. Then why wasn’t the mobile home joint tenants also? Ok so my mother passed away in 2009.
I moved into her mobile home. And I didn’t know about the joint tenants thing. Until I realized my aunt was not saying anything about the 2.5 acres .. that my mother talked about all the time and how it would be worth a lot of money some day. And my mother called me when she purchased it.. So then I started investigating the deeds. So in 2018 I took a real estate course. Because I had to figure out how my aunt got these 3 lots in her name as a gift? Really? Who just gives 3 out of 4 lots away to their sister that lived next door. It just made no sense.. Plus my mother didn’t have her own mailbox 13 years living here. I put the mailbox in after my mother passed away. Because my aunt was trying to control my mail. So I started paying attention to things my aunt was doing. Like telling me to throw my mothers Will in the trash.. And I did not.
My aunt kept telling me I couldn’t live in my mother’s house and I had to sell it and give my brother half. Still never saying a word about the 2.5 acres. That is in my aunt’s name. I was so mad I stopped talking to her for 7 years she lived next door. Because I didn’t know how she did this.. And she was getting older and she wanted to get me into trouble . So she did things to piss me off. She didn’t like the fact that I got my mother’s house., And I did not have to sell the house.. I finally went to court in 2016.
My mother’s house is paid off.
So my aunt sold her house and the 2 other lots and my mother paid for them. So I figured it out about the joint tenants thing. She learned in real estate school that it avoids probate and convinced my mother into doing it.
I wrote my aunt a letter she had bought a 5th wheel and lived in some guys back yard. In 2018. 2 weeks after I told her in the letter how she tricked my mother and it was basically exploitation.. And it was theft and she had no right to sell something she did not pay for. She died.
So I’m saying she sold stolen property.. So to me I should be able to at least get the 2.5 acres back somehow if title did not pass.. Right? Because my mother was not giving my aunt that 2.5 acres for sure. And I think she out smarted my mother, So she thought and that’s why my mother started getting sick. Because all of her money was invested in property that my aunt ended up with? And my mother paid properly taxes on all 3 of those lots.
I have so much paper work proving my mother had all of the money to buy everything. If she didn’t buy everything then she has over $100 grand that I can’t account for. It all adds up. Then lawyers tell me statue of limitations., the guy she sold to paid $59,000 and the 2.5 acres next door sold for $2,500,000.00 in 2004. So my mother never got a dime for what she purchased. No consideration is documented anywhere.. What do u think? Thank you for your time..
so if someone purchases a house and lives in it while the lender still has a mortgage on the property, what interest does the lender hold ?
If I add one person as reminderman using life estate deed on my home which is on my name, I need to pay gift tax for it? Is it like gifting at current fair market value of home divided by 2 as both me, new person co own home under life estate deed?
That I don't know for certain but I do know the exam won't ask about that
@@TheRealEstateClassroom thank you
@@boyboy-xe6rx You're welcome 😁
Under the "fee simple defeasible" I didn't get the difference between the (determinable & condition) kindly explain it to me
What happens to Sally once mom dies and Tom gets the house back? Is she just out of the money she paid?
Yeah, and why is it cool? Because you get to scam Sally? Like, what?
@@christiensebastien2442 He is presuming that Sally knew of the life estate restriction. A life estate should appear on the deed as an interest in the property. A title check would reveal the life estate before purchase.
If my father granted my step mother a life estate in his will with the provision that upon death or vacating without intent to return, the home would be sold with proceeds being divided one half step mother's estate, one half my brother and myself. how does that work if the home is sold prior to death?
And what happens to Sally in the event that she buys the land and mom dies?
Sally loses her ownership interest
@@TheRealEstateClassroom how is that legal though?
@@christiensebastien2442 it's presumed that everyone included in the transaction has full knowledge and understanding of this. Should it be legal, well that's a whole different topic. 😁
The purpose of a title check is to prevent such a situation. If the life estate deed was never recorded, well that's another can of worms.
Seems so long ago....
It was for many of us lol
My only complaint is that you have way too many ads and it interrupts the learning of the material.
Hi Lorena... I totally appreciate what youre saying. So a few months ago Google changed their Terms of Use that allows them to fully advertise a channel even if the creator isnt part of the youtube ads program. They chose to fully advertise even though Im not a part of the advertising program. Its their platform so I have no control :o(
If mom sells the house to sally,, mom dies and the property goes back to the remainder man,
Is Sally a victim of real estate fraud?
Confused
imagine being that one person who disliked the video
lol all good... even hitting the dislike is considered traffic by the TH-cam gods.... so I'll take it!
Do you tutor?
I don't... Just not enoug time in the day... Sorry! :o(
Is Mom the life tenant in this example?
I would like to know the answer to this question as well. Is the life tenant the original grantor, "Paul", or is the life tenant "Mom.
I see that he answers this in his "What Is A Life Estate?" video. The Life Tenant is "Mom".
What happens IF Tom, who is the Remainderman dies before mom dies?
Great question... it depends on how the person who gave the life estate set it up. Titile would pass to Tom's estate unless the person who gave the life estate stated something different AT THE TIME the life estate was created. For example. The person giving the life estate could have made it where if Tom dies prior to mom, the reversionary interest/remainderman goes to someone else and not Tom's estate.
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YT algo comment : )
THIS IS NOT CORRECT...IN THIS SCENARIO, MOM IS IN A LIFE ESTATE, MAKING HER A "LIFE TENANT" THEREFORE SHE CANNOT SELL, TRANSFER OR WILL IT TO ANYBODY.
Not true... you're correct she can't will it or "waste" it but she can sell it, give it away, take out a mortgage, lease it, etc. If she sells it, she is conveying her "life tenant" interest to the purchaser. Therefore, upon the death of mom, title conveys to the remainderman. Therefore, whoever purchases it from mom loses all rights to the property at that point. Now, in real life... is this common? Absolutely not, for obvious reasons... but it is real and something to know for the exam. Thank you for leaving a comment, @shellie goodale 😀
@@TheRealEstateClassroomthank you, these concepts are hard to asimílate, they do not make sense so our mind fights to accept it!
Great explanations Tom! I appreciate you.
Thank you!