Ch. 3 Flashcards
______ is ownership of any combination of the bundle of rights
to real property, including the rights to
Interest
is an owner’s interest in a property in
which two or more parties share ownership.
Undivided interest
If the interest-holder enjoys the right of possession, the party is considered to have an?
estate in the land
If a private interest-holder does not have the right to possess, the interest is an
encumbrance
If the interest-holder is not
private, such as a government entity, and does not have the right to possess, the interest is some form of _______
Public Interest
the duration of the owner’s rights cannot be determined:
the rights may endure for a lifetime, for less than a lifetime, or for generations
beyond the owner’s lifetime.
Freehold estate
is distinguished by its specific duration, as represented by
the lease term.
leasehold estate
Both leasehold and freehold estates are referred to as _________
Tenancies
The owner of
the freehold estate is the _________
freehold tenant
the renter, or lessee, is the _________
leasehold tenant
freehold estate is the highest form of ownership interest one can
acquire in real estate. It includes the complete bundle of rights, and the tenancy is
unlimited.
Fee Simple
is a perpetual estate that is
not conditioned by stipulated or restricted uses.
Fee Simple Absolute
is perpetual, provided the
usage conforms to stated conditions. Essential characteristics are. the property must be used for a certain purpose or under certain
conditions. if the use changes or if prohibited conditions are present, the
estate reverts to the previous grantor of the estate.
Fee Simple Defeasible
If the restrictions are violated, the estate automatically reverts to the grantor or
heirs.
Determinable
the previous owner
may repossess the property. However, reversion of the estate is not
automatic: the grantor must re-take physical possession within a certain
time frame.
Condition subsequent
The holder of a
life estate is called the _______
Life Tenant
If a life estate names a third party to receive title to the property
upon termination of the life estate, the party enjoys a future interest?
Remainder
The holder of a remainder interest is
called a __________
remainderman
If no remainder estate is established, the estate reverts to the
original owner or the owner’s heirs.
Reversion
During the life estate period, the owner enjoys all ownership rights, provided
he or she does not infringe on the rights of the remainder or reversion interest
holders, such as by damaging the property or jeopardizing its value.
Conventional
life estate
Ends with the death of the life estate
owner and may pass back to the original owners or their heirs (reversion) or to a
named third party (remainder).
Ordinary life estate
life estate endures over the lifetime of a third person, after which the property passes from the tenant holder to the original grantor (reversion) or a third party (remainderman).
Pur autre vie
laws protect
family members against losing their homes to general creditors attempting to collect on debts.
Homestead
When the husband dies, the wife can make a claim to portions of the
decedent’s property.
Dower
