List and explain each in detail the six types of modern day estates in real property. Remember to give details on each and a proper Bluebook citation to your reference. This is an essay not a short answer question! a. Define what a deed is and explain in detail the three types commonly used as well as the basic requirements of a deed. b. Define what a promissary note is, the parties to it and for what purpose it is used in detail. 1. The six types of modern day estates in real property are as follows: (a) fee simple or fee simple absolute: It denotes maximum legal ownership where the owner is entitled to the entire state and also exercises unconditional power during his lifetime as well as the power to transfer the property to heirs or legal representatives on his death.
