Chapter 3 - Real Property Ownership Flashcards
1
Q
Feudal System
A
System of property ownership in which all land belonged to the sovereign or king in exchange for pledges of loyalty and military support. The king would grant large land holdings to important noblemen, who would in turn grant portions of their holdings to minor noblemen. Peasants and surfs could not own land.
2
Q
Allodial System
A
System of land ownership in which ordinary citizens are allowed to own land, and they can own it absolutely.
3
Q
Estate (or Tenancy)
A
An interest in land that is or may become possessory.
4
Q
Possessory Interest
A
The right to possess property now or in the future.
5
Q
Non-Possessory Interest
A
Ownership rights of realty that do not entitle a person or entity to possess the property.
6
Q
Two Types of Estates
A
- ) Freehold Estates; and
2. ) Leasehold Estates.
