CH 6 Ownership of Real Property Flashcards
What is an estate in land?
the degree of ownership one holds in the land
How did the feudal system of land ownership work?
all land was owned by a king or government while individuals were tenants
How does the Allodial system work and who uses it?
individuals are entitled to own property without government control BUT government does retain some rights AND the USA uses it
What is a freehold estate?
“I own the property” , lasts at least a lifetime and can be willed to heirs
Types of freehold estates?
- Fee Simple
- Fee Defeasible
- Life Estate
- Fee Tail (NOT legal in the USA)
Estates in real property are classified with respect to duration as one of the following:
estate. ..
1. …for life
2. …for years
3. …at will
4. …of inheritance or perpetual estate
What is a leasehold estate?
“I rent the property” , usually a definite ending date and sometimes called “less than freehold estate”
Types of leasehold estates?
- Estate for years
- Estate for period
- Estate at will
- Estate at sufferance
What is Fee Simple / Fee Simple Absolute? (type of freehold estate)
owns the bundle of rights with highest degree of ownership, for unlimited duration and is inheritable
What is Fee Simple Defeasible? (type of freehold estate)
owns the property on a condition, that if broken can cause reposition of the property
A Voluntary Life Estate is also called what?
Conventional Life Estate
Involuntary Life Estates are legal life estates, which are also called what?
marital right
What is a Fee Tail? (kind of freehold estate)
property inheritable by a monarch , NOT legal in the USA
When transferring title of real estate, what is the seller (grantor) able to decide?
what type of estate is transferred ie. life estate, fee simple, etc
When transferring title of real estate, what is the buyer (grantee) able to decide?
how to take title to an estate
What is a title?
the right to ownership of the land, and the evidence that such ownership exists
Describe separate ownership / severalty…
ownership by one individual or a corporation who alone receives all the benefits and burdens of the property , also referred to as sole ownership
What is vesting?
the method in which one holds title to property, involves placing a person’s name(s) on the deed, along with a description of the method by which that person(s) will hold title
Three main forms of co-ownership /concurrent ownership:
- tenancy in common
- joint tenancy
- community property
What is Tenancy in Common (form of concurrent ownership (aka co-ownership)?
two or more people holding ownership at the same time with the right to individually possess, will to heirs, or sell without others permission (undivided interest)
T OR F : In Tenancy in Common, interest in a property has to be equal?
False, interest can be equal but can also be un equal
What does undivided interest in a property mean?
the property can not be physically divided up but all owners have an interest based on percentage of ownership in the property
In Tenancy in Common, there is a “unity of possession”. What does this mean?
each owner has a right to possess and none can exclude others or claim a specific portion for theirselves
In order for a joint tenancy to be legal and exist, the deed must clearly state what?
intention of the owners and the phrase “in joint tenancy” / “as joint tenants”
