2.7 Flashcards
A _______ is a type of freehold estate that cannot be inherited.
Life estate
A ______ is a type of leasehold estate that expires with the death of the owner.
Tenancy at will
If the lessee is not paying any consideration for rent, it is _______.
Tenancy at will
______ is the type of freehold estate in which the owner has unconditional power.
Fee simple absolute
A leasehold estate that exists when a tenant remains in possession of property after the expiration of the lease is called _______.
Tenancy at sufferance
Common law duties of a lessor are to give the tenant the possession and to make it ________.
Habitable
When there is a holdover tenant (i.e.: someone who refuses to vacate after the lease expires), it is a ______ type of leasehold estate.
Tenancy at sufferance
Freehold is the estate that has to do with _____ of real estate.
Ownership
Leasehold is the estate when you __________.
Rent or lease
An owner has transferable rights to real property that are subject to certain ________ rights.
Government
The owner is entitled to the entire property with unconditional power of disposition during the _____ life.
Owner’s
The property descends to the owner’s heirs and legal representatives upon the owner’s ______.
Death intestate
_______ is the type of estate that offers the most power of ownership.
Freehold estate
A _______ is the right to ownership of the property upon the death of the life tenant.
Remainder
A ______ is the name of the person who receives possession of the property upon the death of the life tenant.
Reaminderman
________ is the freehold interest in real property that expires upon the death of the owner (the life tenant or some other specified person.
Life estate
_______ is a type of leasehold estate that lasts for some fixed period of time.
Fixed-term tenancy, or tenancy for years
_______ is a type of tenancy that is known as a tenancy from year to year, month to month or week to week.
Periodic tenancy
_______ is the type of property ownership that exists when the grant of title or duration of ownership is dependent on a specified condition.
Fee simple defeasible
______ is a type of tenancy that describes any leasehold where wither the landlord or the tenant may terminate the tenancy at any time.
Tenancy at Will
______ is a type of tenancy that is sometimes called a holdover tenancy, and exists when a tenant stays in possession property after the expiration of his or her lease, and remains until the landlord acts to eject that tenant from the property.
Tenancy at sufferance
The characteristic of _____ means that the property must be either land, or some interest derived from or affixed to land.
Immobility
A mortgage registry tax rate paid by the buyer to the county is _____ times the debt secured by mortgage.
.0023
The state deed tax rate is ______ times the sale price.
.0033
The two real estate recording systems in Minnesota are abstract and _____.
Torrens
_______ are the linkages from grantor to grantee.
The chain of title
The ______ is the last grantee found in a chain of title.
Title holder of record
