Chapter 2

Question 1

Chattel

Answer 1

personal property

Question 2

Chattel real

Answer 2

an interest, such as a leasehold, in an item of immoveable property, such as land or a building.

Question 3

Curtesy

Answer 3

the fractional interest of a husband in the estate of his wife at the time of her death. Not legal in AZ

Question 4

Demise

Answer 4

the transfer of possession in an estate to another by the lease

Question 5

Devise

Answer 5

(n) real prop. Transferred in a will. (v) to transfer real prop. By will

Question 6

Dower

Answer 6

the fractional interest of a wife in the estate of her husband at the time of his death. Not legal in AZ.

Question 7

Grantee

Answer 7

a person receiving a grant of real property from the grantor

Question 8

Grantor

Answer 8

: a person transferring title to real property

Question 9

Holdover tenant :

Answer 9

tenant who remains in the prop. After the lease has expired

Question 10

Homestead

Answer 10

a person’s land used as their residence, the equity in which is usually exempt from attachment by creditors to statutorily preset amount - $150,000 in AZ

Question 11

Inchoate :

Answer 11

incomplete, as an interest in property (eg. A mechanic’s lain that has been filed but not enforced).

Question 12

Lessee

Answer 12

a tenant

Question 13

Lessor

Answer 13

a landlord

Question 14

Life estate

Answer 14

a freehold state that is not inheritable, the duration of which is limited by the life of the measuring life, either the owner of the life estate or another designated person.

Question 15

Life estate in remainder

Answer 15

a life estate that passes to another named person upon the death of the measuring life

Question 16

Life estate in reversion

Answer 16

a life estate that reverts back to the grantor upon the death of the measuring life.

Question 17

Life estate pur autre vie

Answer 17

a life estate “for the life of another”, where the measuring life is someone other than the life tenant

Question 18

Life tenant

Answer 18

someone who owns a life estate; the person entitled to possession of the property during the measuring life.

Question 19

Probate

Answer 19

the legal process of determining the validity of a will, paying the debts of the deceased, and distributing the remaining assests.

Question 20

Remainderman

Answer 20

a third party who has a future interest in prop. (A remainder estate) upon the termination of a life estate.

Question 21

Reversion

Answer 21

a future interest that becomes possessory when a temporary estate (such as a life estate) terminates, and that is held by the grantor )or the grantor’s successors in interest).

Question 22

Right of survivorship

Answer 22

the characteristic of a joint tenancy by which the surviving joint tenant (owner) automatically takes all rights, title, and interest of the deceased joint tenant.

Question 23

Waste

Answer 23

the reduction in value caused by destruction, damage, or material alteration of property

Question 24

define tenancy in severalty

Answer 24

ownership by a single individual or corp. where one person’s interests are severed (cut) from the interests of all others. its the easiest type of ownership to convey. gov. owned prop is also vested in severalty

Question 25

list the concurrent co-ownership tenancies

Answer 25

co-ownership between individuals is any form of ownership in which two or more people share title to real property. aka co-tenancy or concurrent ownership. each owner has right of possession to the whole property, not just a fraction of it.

Question 26

explain community property with rights of survivorship

Answer 26

community property is a type of ownership for spouses. with rights of survivorship (WROS), if one spouse dies the prop automatically transfer to the surviving spouse, avoiding probate.

Question 27

what is a freehold estate? what is a less-than-freehold estate?

Answer 27

freehold is prop ownership of indeterminate duration. less-than-freehold (leasehold) estate, where tenants occupy but do not own property.

Question 28

what is a fee simple absolute estate

Answer 28

it is property that is wholly owned, transferable, and inheritable. the most common and complete form of ownership.

Question 29

what are some characteristics of fee simple absolute estate

Answer 29

- is the highest form of ownership - is for an indeterminable length of time - includes the bundle of rights - is inheritable - is still subject to 4 gov. powers

Question 30

what is a fee simple defeasible estate

Answer 30

(can be defeated) aka qualified fee estates. if not adhered to by the grantee, can result in the property reverting to the original grantor.

Question 31

what is a fee simple determinable

Answer 31

a type of fee simple defeasible estate terminated automatically if certain conditions occur deed says things like "for as long as" or "while" or "during the period". reversion is automatic

Question 32

what are the three forms of fee defeasible estates?

Answer 32

1. fee simple determinable 2. fee simple conditional 3. fee tail

Question 33

what is a fee simple conditional

Answer 33

aka fee simple condition subsequent may be terminated by owner if conditions state in deed are not met. "provided that" or "if"

Question 34

what is a fee tail

Answer 34

limits heirs to lineal descendants (blood relatives)

Question 35

what is a life estate

Answer 35

lasts as long as the measuring life

Question 36

what is an ordinary (conventional) life estate

Answer 36

lasts for the life of its owner or to the life of some other designated person

Question 37

what is a statutory (legal) life estate

Answer 37

aka dower, curtesy, and homestead protection

Question 38

what does it mean when waste occurs

Answer 38

improper use or abuse of property. can happen if fail to pay prop taxes, insurance, or mortgage payments as well as by making material changes to the original use of the prop.

Question 39

what is life estate in reversion

Answer 39

upon death of life tenant, ownership reverts back to the grantor or the grantor's heirs

Question 40

What are the essential requirements for a joint tenancy

Answer 40

PITT Unity of : Possession : co-owners share specific physical portion Interest : each owner has equal interest Title : each hold of their property is on one single deed Time : ownership for all was created at the same time

Question 41

what is a tenancy in common

Answer 41

ownership of realty by two or more persons each have an undivided interest in the entire property, but no right of survivorship each owner has the right to sell, encumber or will their interest to a third party

Question 42

how can a married person aquire property seperately?

Answer 42

by using a disclaimer deed

Question 43

what is community property

Answer 43

is a type of ownership for spouses. equal partners each owning half.

Question 44

does AZ support tenancy by the entirety

Answer 44

doesn't exist in AZ. its for spouses and regards them as a single legal person.

Question 45

which of the following can be considered community property?

Answer 45

property brought by one of the parties during the marriage

Question 46

which type of ownership allows for unequal shares

Answer 46

tenancy in common

Question 47

what is a joint tenancy

Answer 47

a form of co-ownership that always has the right of survivorship