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WY Real Eatate > Chapter 3 - Interests and Estates > Flashcards

Chapter 3 - Interests and Estates Flashcards

1
Q

An interest in real estate that does not include the right to possess is considered

A

An encumbrance

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2
Q

An estate for period-to-period will continue as long as

A

The tenant makes and landlord accepts, regular rent payments

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3
Q

The distinguishing feature of a leasehold estate is

A

duration limited by a lease term

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4
Q

What distinguishes a freehold estate from a leasehold estate?

A

A leasehold endured only for a specific period of time

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5
Q

A widow who was excluded from a will makes a claim to a portion of the couple’s principal residence - is an example of?

A

The legal concept of elective share

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6
Q

To convey clear title in a dower and curtesy state..

A

both spouses must sign the conveyance

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7
Q

Dower refers to

A

A wife’s life estate interest in her husbands property

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8
Q

The owner of a freehold estate is known as

A

a freehold tenant

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9
Q

An interest in real estate is

A

ownership of any combination of the bundle of rights to real property

Including rights to possess, use, transfer, encumber, exclude

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10
Q

Undivided interest

A

an owner’s interest in a property in which 2 or more parties share ownership

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11
Q

Interests are principally distinguished by

A

whether they include possession

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12
Q

estate in land

A

interest’holder enjoys the right of possession

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13
Q

The prime example of public interest is

A

police power, or the right to of the local or county government to zone

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14
Q

Freehold estate

A

the duration of the owner’s rights cannot be determined. The rights may endure for a lifetime, for less than a lifetime, or for genreations

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15
Q

Leasehold estate

A

is distinguished by its specific duration (lease term)

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16
Q

Both leasehold and freehold estates are referred to as

A

tenancies

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17
Q

The renter or lessee is the

A

leasehold tenant

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18
Q

____ differ primarily according to the duration of the estate and what happens to the estate when the owner dies

A

freehold estate

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19
Q

Fee simple freehold estate

A

is the highest form of ownership interest one can acquire in real estate

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20
Q

Fee simple freehold estates include

A

the complete bundle of rights, and the tenancy is unllimited

21
Q

The owner of the fee simple interest is called the

A

fee tenant

22
Q

Two forms of fee simple estate

A

absolute and defeasible

23
Q

Fee simple absolute

A

is a perpetual estate that is not conditioned by stipulated or restricted uses

24
Q

Fee simple defeasible

A

is perpetual, provided the usage conforms to stated conditions

25
Q

Fee simple defeasible conditions

A

the property must be used for a certain purpose or under certain conditions

if the use changes or if prohibited condition are present, the estate reverts to the previous grantor of the estate

26
Q

Two types of fee simple defeasible are

A

determinable and condition subsequent

27
Q

Fee simple defeasible - determinable

A

the deed to the determinable estate states usage limitations

28
Q

Fee simple defeasible - condition subsequent

A

if any condition is violated, the previous owner may repossess the property

However, reversion of the estate is not automatic: the grantor must re-take physical possession withing a certain time frame

29
Q

Life estate

A

a life estate is a freehold estate that is limited in duration to the life of the owner or other named persons

30
Q

The holder of a life estate is called

A

the life tenant

31
Q

The distinguishing characteristics of the life estate are…

A

the owner enjoys full ownership rights during the estate period

holders of the future interest own either a revisionary or a remainder interest

the estate may be created by agreement between private parties, or it may be created by law under prescribed circumstances

32
Q

If the life estate names a third party to receive title to the property upon termination of the life estate..

A

the party enjoys a future interest called a remainder interest or a remainder estate

33
Q

The holder of a remainder interest is called

A

a remainderman

34
Q

Reversion

A

if no remainder estate is established, the estate reverts to the original owner or the owner’s heirs

35
Q

Two types of life estates

A

conventional and legal

36
Q

Conventional life estate

A

is created by grant from a fee simple property owner to the grantee, the life tenant

37
Q

Two types of conventional life estate

A

ordinary and pur autre vie

38
Q

Ordinary life estate

A

an ordinary life estate ends with the death of the life estate owner and may pass back to the original owners or their heirs (reversion) or to a named their party (remainder)

39
Q

Pur autre vie

A

a pur autre view life estate endures over the lifetime of a third person, after which the property passes from the tenant holder to the original grantor (reversion) or a third party (remainderman)

40
Q

Legal life estate

A

is created by state law as opposed to being created by a property owner’s agreement

the focus is defining and protecting the property rights of surviving family members upon the death of the husband or wife

41
Q

Three major forms of legal life estate

A

homestead, dower and curtesy, and elective share

42
Q

Homestead

A

one’s principal residence, homestead laws protect family members against losing their homes to general creditors attempting to collect on debts

43
Q

Homestead laws generally provide that

A

all or portions of one’s homestead are exempt from a forced sale executed for the collection of general debts

tax debts, seller financing debt, debts for home improvement are not exempt

the family must occupy the homestead

the homestead interest cannot be conveyed by one spouse

homestead exemption and restrictions endure over the life of the head of the house hold and pass on to children under legal age

homestead interest in a property are extinguished if property is sold or abandoned

44
Q

Dower and curtesy

A

have been largely supplanted by community property laws and elective share laws

45
Q

Estate for years

A

is a leasehold estate for a definite period of time, with a beginning date and an ending date

46
Q

Most common form of periodic tenancy

A

month to month lease

47
Q

Estate at will

A

also called tenancy at will, has no definite expiration date and no renewal cycle

48
Q

Estate at sufferance

A

a tenant occupies the premises without consent of the landlord or other legal agreement with the landlord

49
Q

Accretion

A

the natural deposit of soil by water, becomes the property of the riparian or littoral owner

WY Real Eatate (30 decks)

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