Ch 33 Fee versus leasehold Flashcards
Parcel
Hey three dimensional portion of real estate identified by legal description.
What are the other legal names of real estate?
Real property, Realty
What does real estate consist of?
- The land,
- the improvements and fixtures attached to the land,
- and all rights incidental or belong to the property.
Legal description
The description used to locate and sit boundaries for a parcel of real estate.
Estate
The ownership interest a person may hold in real estate
Fee estate
And indefinite, exclusive an absolute legal ownership interest in a parcel of real estate
Sublease
A leasehold interest subject to the terms of a master lease.
Profit A prendre
The right to remove minerals from another’s real estate.
Life estate
And interest in a parcel of real estate lasting the lifetime of the life tenant
Leasehold estate
The right to possess a parcel of land, conveyed by a fee owner (landlord) to a tenant
Fixed– term tenancy
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.
Periodic tenancy
A leasehold interest which last for automatic successive rental periods of the same length of time, terminating upon notice from either party.
Tenancy – at – will
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.
Tenancy – at – sufferance
A leasehold condition created when a tenant retains possession of the rented premises after the tenancy has terminated.
Ground Lease
A leasehold interest for which rent is based on the rental value of the land, whether the parcel is improved or an improved.
Master lease
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.
Royalty
The tenant pays the landlord rent
Farm lease
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.
