Ch 33 Fee versus leasehold

Question 1

Parcel

Answer 1

Hey three dimensional portion of real estate identified by legal description.

Question 2

What are the other legal names of real estate?

Answer 2

Real property, Realty

Question 3

What does real estate consist of?

Answer 3

• The land,
• the improvements and fixtures attached to the land,
• and all rights incidental or belong to the property.

Question 4

Legal description

Answer 4

The description used to locate and sit boundaries for a parcel of real estate.

Question 5

Estate

Answer 5

The ownership interest a person may hold in real estate

Question 6

Fee estate

Answer 6

And indefinite, exclusive an absolute legal ownership interest in a parcel of real estate

Question 7

Sublease

Answer 7

A leasehold interest subject to the terms of a master lease.

Question 8

Profit A prendre

Answer 8

The right to remove minerals from another’s real estate.

Question 9

Life estate

Answer 9

And interest in a parcel of real estate lasting the lifetime of the life tenant

Question 10

Leasehold estate

Answer 10

The right to possess a parcel of land, conveyed by a fee owner (landlord) to a tenant

Question 11

Fixed– term tenancy

Answer 11

A leasehold interest which last for the specific lease. Set forth in a lease agreement. A fixed term tenancy automatically terminates at the end of the lease period.

Question 12

Periodic tenancy

Answer 12

A leasehold interest which last for automatic successive rental periods of the same length of time, terminating upon notice from either party.

Question 13

Tenancy – at – will

Answer 13

A leasehold interest granted to a tenant, with no fix duration or rent owed. A tenancy-at-will Can be terminated at any time by an advance notice from either party.

Question 14

Tenancy – at – sufferance

Answer 14

A leasehold condition created when a tenant retains possession of the rented premises after the tenancy has terminated.

Question 15

Ground Lease

Answer 15

A leasehold interest for which rent is based on the rental value of the land, whether the parcel is improved or an improved.

Question 16

Master lease

Answer 16

A leasehold interest granted to a master tenant with the right to sub leased the property in exchange for rent paid to the Fee owner.

Question 17

Royalty

Answer 17

The tenant pays the landlord rent

Question 18

Farm lease

Answer 18

Also known as cropping agreement or grazing lease.

It is another type of special use lease.

The tenant operates the farm and pay the landlord either a flat fee rent or a percentage of the value of the crops or livestock produced on the land.