Ch 2- RE Interests And Ownership Flashcards
Estate
The degree, quantity, nature, and extent of ownership interest that a person has in real property
Freehold Estate
Characterized by property ownership of indeterminate duration
Leasehold Estate
When tenants occupy but do not own property
Fee simple absolute estate
Where a property is fully owned, transferable, and inheritable
Grantor
Individual who grants real property interests to another
Grantee
Individual who receives the grant of real property
Fee simple defensible Estate
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
Life Estate
A freehold Estate that lasts only as long as the specified person (measuring life) lives
Life tenant
Holder of the life Estate
Dower
Life Estate a wife has of a deceased husband
Curtesy
Life Estate a husband has of deceased wife
Homestead protection
Primary residence, the equity in which is usually exempt from attachments by creditors to a statutorily preset amount
Demise
Transfer of possession of property by a lease
Devise
Transfer of real property through a will
Estate at sufferance
Describes possession of a property by a holdover tenant
Gross lease
Tenant pays a set amount of rent each month, landlord pays building expenses
Net lease
Tenant pays set amount of rent plus some or all of the building expenses
Percentage lease
Rent is determined by a percentage of gross income of tenant plus fixed minimum rent
Ground lease
Where one person owns the land and the other person owns the improvements
Severalty
Ownership by a single individual or corporation where the person’s interests are cut from the interests of all others
Concurrent ownership
Any form of ownership in which two or more people share title to real property
Joint tenancy
An estate that arises by purchase or grant to two or more people
Tenancy in common
Ownership of realty by two or more unmarried persons with no right of survivorship
Tenancy by the entirety
When spouses are regarded as a single legal person. Does not exist in Arizona
