Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Basic Residential Appraisal Principles > CH 2: Property Estates & Ownership > Flashcards

CH 2: Property Estates & Ownership Flashcards

1
Q

estate

A

an interest or a right in property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

future interest

A

right to possession in the future

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

leasehold estate

A

specific duration

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Primary characteristics of a freehold estate:

A
  1. Possession either immediately or in future
  2. indefinite duration of possession
  3. property ownership
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

fee simple estate

A

owner possess full bundle of rights, limited only by government power.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

possibility of reverter

A

contingent future interest in the land

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

fee simple subject to a condition subsequent

A

“on the condition that”

  • former owner has power of termination - can take steps to re-enter land to see if the condition is being complied with, if not, they can legally take possession away from landowner through due process
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

leased fee interest

A

lessor (landowner) interest in leased property

- lessor owns the property and other rights, but due to the lease, cannot occupy or possess the property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

life estates

A

freehold estates that last only as long as a specified person lives
- holder is called the life tenant

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

life estate pur autre vie

A

freehold estate that lasts for another’s life

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

reversionary interest (life estate)

A

grantor has future interest in a life estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

remainder interest (life estate)

A

future interest belongs to someone other than the grantor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

remainderman (life estate)

A

person with the future interest (not the grantor)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

leasehold estates (tenancy)

A

interests that give the holder temporary right to possession without title

  • involves 2 parties: holder of leasehold - lessee/tenant
  • owner/lessor/landlord
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Estate for years

A
  • any leasehold estate for a fixed time (not necessarily years)
  • also term tenancies
  • terminates at end of lease
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

surrender

A

ending a lease by mutual consent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

periodic tenancy

A

estate from period to period - not a specified time

Ex: regular lease is up on your apt and you just go to “monthly” renting

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

tenancy at will

A
  • leasehold w/ no specific term
  • either party can term at any time
  • cannot be assigned to someone else and automatically ends upon death of either party
19
Q

tenancy at sufferance

A

possession of property by a holdover tenant

- not different from a tresspasser

20
Q

title

A

acutal lawful ownership of real property and refers to holding the bundle of rights conveyed

21
Q

ownership in severalty

A

-ownership by one person or entity

22
Q

corporation

A

legal entity where individuals hold shares of stock

23
Q

real estate investment trust (REIT)

A

investment corp or trust w/at least 100 investors and organized as a trust
- pools of many investors’ money can be used to purchase real estate

24
Q

Distinction of Co-Ownership (PITT)

A

Possession
Interest
Time
Title

25
Q

Unity of Possession

A

each owner is entitled to possession of the entire property

- burden of maintaining land (taxes etc) fall on each co-owner in proportion to their share of ownership

26
Q

Unity of Interest

A

means each co-owner has an equal interest in property

- 50/50

27
Q

Unity of time

A

acquired title at the same time

28
Q

Unity of title

A

acquired title through same instrument

29
Q

tenancy in common

A
  • most basic form of co-ownership
  • does not include right of survivorship
  • each co-owner can do what they want with their interests
  • UNITY OF POSSESSION ALWAYS PRESENT
  • one tenant can get a judicial partition action by filing in court
30
Q

Joint Tenancy

A

can be formed only with:

  • unity of possession
  • unity of interest (same estate and equal share)
  • unity of time
  • unity of title

Includes survivorship
can be terminated by agreement, partition, or severance

31
Q

Tenancy by the entireties

A
  • recognized by 1/2 states
  • only an option for married couples
  • each spouse owns undivided one-half w/ right of survivorship
  • neither spouse can convey w/o consent
32
Q

Separate Property (Marital Property Rights)

A

property that was owned by either hus/wife before they were married
- can be transferred w/o consent of spouse not on title

33
Q

Community Property (Marital Property Rights)

A
  • was acquired by spouse during marriage
  • upon death, surviving spouse gets 50% regardless of will
  • consent required to transfer
34
Q

curtesy and dower (marital property rights)

A

If property not in co-ownership before death:

  • law entitles surviving spouse a 1/3 or more right of use of real property owned by other spouse when they die
  • surviving spouse can use entire property for life
  • sometimes dower = wife’s rights and courtesy = husbands’s rights
35
Q

Trusts

A

used for holding and controlling property on behalf of someone else
- trustor conveys title to trustee for benefit of a 3rd party (beneficiary)

36
Q

types of trusts

A
  • living trusts (established while owner is still alive
  • testamentary trust (via a will after owner’s death)
  • land trust (only real estate, trustor is also beneficiary, tax advantages and veiling identity of beneficiary)
37
Q

LLC

A
  • special type of corp
  • income passed directly to shareholders and is not taxed at corp level
  • fewer restrictions
38
Q

General Partnership

A
  • all partners share financial liability for each other

- usually held as tenants in common

39
Q

Limited partnership

A
  • has both general and limited partnerships
  • limited partners have no say in partnership matters
  • partner’s liability is limited to original investment
40
Q

syndicates

A

informal usually formed to accomplish one thing
not recognized as legal
can refer to almost any form of business

41
Q

condiminiums

A
  • can be applied to residential units or office spaces
  • separate interest in individual units, undivided interest in common areas
  • residents must follow rules of founder
  • separate mortgages and taxes for each unit
42
Q

Cooperatives

A
  • owned by a corp w/ residents as shareholders
  • each receive a proprietary lease on an individual unit + common areas
  • person who wants to live there buys shares in the corp
43
Q

fee timeshare

A

specified condominium in a resort setting where numerous co-owners have an undivided interest in a particular unit
- eacy co-owner has a specified time each year for which they use it.

44
Q

non-fee timeshares

A
  • no real property co-ownership
  • only right to use and enjoy property
  • commonly seen where major resort hotel co sell the right to occupy any of their properties for a specific period of time

Basic Residential Appraisal Principles (4 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions