CH 48 - Real Property

Question 1

real property

Answer 1

land, soil on surface of earth, air/minerals on or below surface and airspace above the surface

Question 2

fixtures

Answer 2

personal property until attached, then become real property

Question 3

ownership of real property

Answer 3

fee simple: you own it absolutely

fee simple defeasible: grantor places a condition on fee simple estate

life estates: only own it for duration of some life, NOT INHERRITED

Question 4

Leasehold estates

Answer 4

tenancy for years: lease hold estate for specified amount of time

periodic tenancy: lease hold estate for indefinite period of time as long as pay rent

tenancy at will: worst kind. either party can terminate tenancy at any time without notice

tenancy at sufferance: tenant continues to occupy property after lease hold expired