Ch. 8 - Estates and Interests Flashcards
The ownership of real estate and the bundle of rights associated with owning the real estate.
Real property
The ownership of anything which is not real estate, along with the rights associated with owning the personal property item.
Personal property
A set of legal rights that are attached to the ownership of a parcel of property.
the bundle of rights
____ rights concern properties that border bodies of water that are not moving.
Littoral
_____ rights concern properties that border moving water such as streams and rivers.
Riparian
____ fixtures, are items of a tenant’s personal property that the tenant has temporarily attached to a landlord’s real property in order to conduct business.
Trade fixtures
If the tenant fails to remove a trade fixture, it may become the property of the landlord. This is known as ____ .
accession
Plants and crops that need human involvement and labor.
emblements
Property that has a unique use to the persons who own and use it, such as churches, hospitals, schools and government buildings.
Special purpose real estate
An _____ interest is an owner’s interest in a property in which two or more parties share ownership. The owner’s interest is in a fractional part of the entire estate, not in a physical portion of the real property itself.
undivided
____ estate means, “I own the property.” It is what we think of as “ownership.” There is no definite ending date. The estate lasts at least a lifetime, because the property can be willed to a person’s heirs.
Freehold
_____ estate means, “I rent the property.” It is what we think of as “renting” or “leasing.” There is usually a definite ending date.
Leasehold
The _____ estate is the highest form of ownership interest one can acquire in real estate.
fee simple (this is a form of freehold estate)
The ______ estate is a perpetual estate that is not conditioned by stipulated or restricted uses. It may also be freely passed on to heirs.
fee simple absolute
_____ Is the most desirable estate that can be obtained in residential real estate. It is also the most common.
fee simple absolute
The Bundle of Rights includes:
Right of quiet enjoyment Right to give away Right to sell by deed Right to will Right to exclude Right to control with what's allowed by law
What are the three main forms of ownership?
_____ - Held by only one owner.
_____ - Held by two or more people.
_____ - Held by a third party for the benefit of someone else.
In severalty
In co-ownership
In trust
_____ is a common law doctrine that operates to ensure that property is not left in limbo and without an owner (the transfer of the title to a person’s property to the state when the person dies intestate without any other person capable of taking the property as heir)
Escheat
A _______ is a hybrid form of ownership which combines ownership of a fee simple interest in the airspace within a unit with ownership of an undivided share, as a tenant in common, of the entire property’s common elements.
condominium
________ estates have conditions attached to them. The property must be used for a certain purpose or under certain conditions and if the use changes or if prohibited conditions are present, the estate reverts to the previous grantor of the estate.
Fee simple defeasible
In a ______ , the person owns shares in a non-profit corporation or cooperative association, which in turn acquires and owns an apartment building as its principal asset. Along with this stock, the shareholder acquires a _____ lease to occupy one of the apartment units.
cooperative (co-op)
proprietary
