ch 2 estates in land and methods of holding title

Question 1

estate

Answer 1

an intertest in land that is or may become possessory

Question 2

free hold estate

Answer 2

a possessory interest that has na indeterminable duration

Question 3

less-than-freehold (leasehold) estate

Answer 3

a possessory interest with an limited duration

Question 4

fee simple absolute

Answer 4

the highest and most complete form of ownership, which is of potentially infinite duration

Question 5

fee simple defeasible

Answer 5

a free simple estate that is subject to termination (returning ownership to the grantor or her heirs) if a specified event occurs or a condition is not met. also called a defeasible fee.

Question 6

life estate

Answer 6

a freehold estate whose duration is measured by the lifetime of one or more persons

Question 7

waste

Answer 7

permanent damage to real property cause by the party in possession, harming the interests of other estate holders.

Question 8

term tenancy (estate for years)

Answer 8

a leasehold estate with a fixed term

Question 9

periodic tenancy

Answer 9

a leasehold estate that is renewed at the end of each period unless one party gives notice of termination. Also called a periodic estate.

Question 10

tenancy at will

Answer 10

a lease hold estate that may arise after a periodic tenancy or a term tenancy terminates. Also called an estate at will.

Question 11

ownership in severalty

Answer 11

sole ownership of property

Question 12

tenancy in common

Answer 12

joint ownership where there is no right of survivorship

Question 13

joint tenancy

Answer 13

join ownership with right of survivorship

Question 14

right of survivorship

Answer 14

the right by which upon the death of a co-owner, the surviving co-owner(s) acquire his interest in the property

Question 15

community property

Answer 15

property owned jointly by a married couple (in California and other community property states).

Question 16

corporation

Answer 16

a form of business entity owned y its shareholders; the shareholders have limited liability

Question 17

limited liability company

Answer 17

a form of business entity that offers limited liability and tax benefits

Question 18

real estate investment trust

Answer 18

a real estate investment business that qualifies for tax advantages if certain requirements are met.

Question 19

condominium

Answer 19

a property that has been developed so that individual unit owners have separate title to their own units, but share ownership of the common elements as tenants in common.