AZ - RE School (A-2) Flashcards
1
Q
Interest & Estates
a. Definition?
b. What does it refer to?
c. To be an estate, and interest must be?
A
Interest & Estates
a. The degree, quantity, nature and extent of ownership interest which a person has in real property
b. It refers to one’s legal position of ownership - not to the amount of property owned;
c. To be an estate, and interest must be possessory or potentially become possessory, and whose ownership is measurable in terms of time duration.
2
Q
Classifications of ESTATES
A. Freehold
B. Less than Freehold
A
A. Freehold (Indefinite duration)
B. Less than Freehold (Definite duration) IE lease hold
3
Q
Fee Estates - Freehold - Inheritable
A. Fee simple absolute
B. Defeasible fee
A
f
