Chapter 3 Flashcards
curtesy
corresponding
legal right that a husband has
to a portion of his deceased
wife’s real property upon her
death. Similar to dower,
curtesy provided a widower
with a life estate in a portion
of his deceased wife’s real
property, typically one-third.
dower
he legal right
that a wife has to a portion of
her deceased husband’s real
property upon his death.
Traditionally, dower provided
a widow with a life estate in
one-third of her husband’s
real property, ensuring that
she had a source of support
after his passing.
elective
share
legal
provision that allows a
surviving spouse to claim a
portion of their deceased
spouse’s estate, including
real property, even if the
deceased spouse’s will
attempts to exclude them.
encumbrance
any
claim, lien, or liability
attached to a property that
affects its title or use, such
as mortgages, easements, or
property taxes.
estate at
sufferance
when a
tenant remains in possession
of a property without the
landlord’s consent after the
lease agreement has expired.
estate
at will
type of
tenancy or lease agreement
that can be terminated at any
time by either the landlord or
tenant without advance
notice.
allowing a friend to
temporarily stay in your spare
bedroom without signing a
lease establishes an
estate at
will because either party can
end the arrangement at any
time.
estate
for years
type of tenancy or lease
agreement that has a specific
duration with a definite
beginning and end date.
Renting a vacation home for
two weeks during the
summer constitutes an
estate for years because the
tenancy has a fixed duration.
estate
from
period
-to-
period
type of
tenancy or lease agreement
that automatically renews at
the end of each rental period
unless terminated by either
party.
estate
in land
level or
extent of ownership one has
in real property. It can range
from full ownership to a
lesser interest like a lease.
fee
simple
highest form of ownership
interest in real property. It
grants the owner full and
unrestricted rights to use,
possess, and transfer the
property indefinitely.
Owning a house outright
without any limitations on
use or duration is an example
of
fee simple ownership.
freehold
ownership of
real property for an indefinite
period, such as owning a
house or land outright.
When you buy a home and
hold title to it, you have a
freehold interest in the
property.
homestead
property
designated as a primary
residence and protected by
law from certain creditors
and legal claims. It often
includes exemptions or
limitations on property taxes
and can provide a level of
protection in bankruptcy
proceedings.
interest
any right or claim a person
has in a property
leasehold
the right to possess
and use real property under a
lease agreement between the
tenant and landlord for a
specified period.
Renting an apartment under a
lease agreement gives you a
leasehold interest
life
estate
ype of
ownership interest in real
property that grants an
individual (life tenant) the
right to possess and use the
property for the duration of
their life.
police
power
government’s
authority to regulate land use
and enforce laws for the
health, safety, and welfare
of the public.
remainder
the future
interest in real property that
is granted to a third party
(remainderman) following the
termination of a life estate or
other estate.
A property owner grants a life
estate to their spouse and
designates their child as the
remainderman, what does this mean?
upon the spouse’s death,
ownership of the property
transfers to the child.
reversion
future
interest in real property that
returns to the grantor or their
heirs once a life estate or
other estate ends.
tenancy
right to
occupy and use a property
under a lease or rental
agreement. It outlines the
terms and conditions of the
occupancy, including rent
payments and duration.
Renting an apartment under a
one-year lease agreement
establishes a
tenancy
undivided
interest
multiple
people share ownership of a
property without it being
divided into specific portions.
Each owner has the right to
use and enjoy the entire
property.
encumbrance
A claim, lien, or liability attached to a property that affects its title or use, such as mortgages, easements, or property taxes.
estate at sufferance
Occurs when a tenant remains in possession of a property without the landlord’s consent after the lease agreement has expired.
estate at will
A type of tenancy or lease agreement that can be terminated at any time by either the landlord or tenant without advance notice.
estate for years
A type of tenancy or lease agreement that has a specific duration with a definite beginning and end date.
fee simple
The highest form of ownership interest in real property. It grants the owner full and unrestricted rights to use, possess, and transfer the property indefinitely.
freehold
Refers to ownership of real property for an indefinite period, such as owning a house or land outright.
interest
In real estate refers to any right or claim a person has in a property. It could be ownership interest, like owning the property outright, or a lesser interest, like a leasehold interest.
leasehold
This is the right to possess and use real property under a lease agreement between the tenant and landlord for a specified period.
life estate
A type of ownership interest in real property that grants an individual (life tenant) the right to possess and use the property for the duration of their life. Upon the life tenant’s death, the property reverts to the remainderman.
tenancy
The right to occupy and use a property under a lease or rental agreement. It outlines the terms and conditions of the occupancy, including rent payments and duration.
Which type of ownership interest represents the most complete and unrestricted form of ownership in real estate?
Fee simple absolute
What is the process of establishing a conventional life estate?
By conveying ownership of the property to an individual with a life estate interest. This grants the life tenant the right to possess and use the property for the duration of their life, after which ownership reverts to another party, known as the remainderman. The creation of a life estate usually involves specific language in a deed or legal document delineating the life tenant’s rights and the interests of the remainderman.
What sets a defeasible fee simple estate apart from other types of property ownership?
The estate is subject to certain conditions or limitations that could result in the estate being terminated.
What is the relationship between encumbrances and police powers in real estate?
Encumbrances limit property rights, while police powers regulate land use for the public good.
What happens to a life estate upon the death of the owner?
It passes to the remainderman or the designated beneficiary.
An interest in real estate is best defined as ownership of
one or more of the bundle of rights to real property
Which of the following is an illustration of the legal concept of elective share?
A widow who was excluded from a will makes a claim to a portion of the couple’s principal residence
Elective share
state-level statute enabling a surviving spouse to make a minimum claim to the deceased spouse’s real and personal property in place of the provisions for such property in the decedent’s will
What distinguishes a pur autre vie life estate from an ordinary life estate?
The pur autre vie estate endures only for the lifetime of a person other than the grantee
In a scenario where a tenant’s one-year lease has expired, but they continue paying rent monthly, and the owner accepts it, what type of leasehold estate is present?
Estate at sufferance
What distinguishes a freehold estate from a leasehold estate?
A leasehold endures only for a specific period of time
Which of the following is true of a homestead?
A homestead interest cannot be conveyed by one spouse, both spouses must sign the deed conveying homestead property
How does a pur autre vie life estate differ from a typical life estate?
A pur autre vie life estate is based on the duration of a specified individual’s life.
In real estate terms, what does an “interest in real estate” typically refer to?
Ownership, possession, or a claim on property rights.
Which of the following life estates is created by someone other than the owner?
A legal life estate is created by state law as opposed to being created by a property owner’s agreement
Dower refers to
a wife’s life estate interest in her husband’s property
Which type of life estate is established by someone other than the property owner?
Life estate per autre vie
The distinguishing feature of a defeasible fee simple estate is that
the estate may revert to a grantor or heirs if the prescribed use changes
What is the fate of a life estate when the owner passes away?
It transfers to the remainderman or the named beneficiary.
Which of the following is an illustration of the legal concept of elective share?
A widow who was excluded from a will makes a claim to a portion of the couple’s principal residence
