Ch 2- RE Interests And Ownership

Question 1

Estate

Answer 1

The degree, quantity, nature, and extent of ownership interest that a person has in real property

Question 2

Freehold Estate

Answer 2

Characterized by property ownership of indeterminate duration

Question 3

Leasehold Estate

Answer 3

When tenants occupy but do not own property

Question 4

Fee simple absolute estate

Answer 4

Where a property is fully owned, transferable, and inheritable

Question 5

Grantor

Answer 5

Individual who grants real property interests to another

Question 6

Grantee

Answer 6

Individual who receives the grant of real property

Question 7

Fee simple defensible Estate

Answer 7

Estates that include stipulations in the language of the deed that, of not adhered to by the grantee can result in the property reverting to the original grantor

Question 8

Life Estate

Answer 8

A freehold Estate that lasts only as long as the specified person (measuring life) lives

Question 9

Life tenant

Answer 9

Holder of the life Estate

Question 10

Dower

Answer 10

Life Estate a wife has of a deceased husband

Question 11

Curtesy

Answer 11

Life Estate a husband has of deceased wife

Question 12

Homestead protection

Answer 12

Primary residence, the equity in which is usually exempt from attachments by creditors to a statutorily preset amount

Question 13

Demise

Answer 13

Transfer of possession of property by a lease

Question 14

Devise

Answer 14

Transfer of real property through a will

Question 15

Estate at sufferance

Answer 15

Describes possession of a property by a holdover tenant

Question 16

Gross lease

Answer 16

Tenant pays a set amount of rent each month, landlord pays building expenses

Question 17

Net lease

Answer 17

Tenant pays set amount of rent plus some or all of the building expenses

Question 18

Percentage lease

Answer 18

Rent is determined by a percentage of gross income of tenant plus fixed minimum rent

Question 19

Ground lease

Answer 19

Where one person owns the land and the other person owns the improvements

Question 20

Severalty

Answer 20

Ownership by a single individual or corporation where the person’s interests are cut from the interests of all others

Question 21

Concurrent ownership

Answer 21

Any form of ownership in which two or more people share title to real property

Question 22

Joint tenancy

Answer 22

An estate that arises by purchase or grant to two or more people

Question 23

Tenancy in common

Answer 23

Ownership of realty by two or more unmarried persons with no right of survivorship

Question 24

Tenancy by the entirety

Answer 24

When spouses are regarded as a single legal person. Does not exist in Arizona