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Real Estate Principles > Chapter 4 > Flashcards

Chapter 4 Flashcards

1
Q

Estate

A

The degree, quantity, nature, and extent of interest that a person
has in real and personal property (includes everything one owns).

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2
Q

Freehold Estate

A

A right of title to land.

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3
Q

Fee Simple Estate

A

Absolute ownership of real property; a person has this
type of estate where the person is entitled to the entire property with
unconditional power of disposition during the person’s life and descending
to the person’s heirs or distributees.

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4
Q

Fee Simple Absolute

A

An inheritable estate in land providing the greatest
interest of any form of title.

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5
Q

Fee Simple Determinable

A

An estate that will end automatically when the
stated event or condition occurs. The interest will revert to the grantor or
the heirs of the grantor.

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6
Q

Fee Simple on Condition

A

A defeasible fee (title), recognizable by words
‘but if’.

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7
Q

Life Estate

A

A freehold estate created for the duration of the life or lives of
certain named persons; a non-inheritable estate.

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8
Q

Grantor

A

A person who conveys title to real property by deed.

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9
Q

Grantee

A

A person who receives title to real property by deed.

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10
Q

Leasehold Estate

A

Non-freehold estate; of limited duration, providing the
right of possession and control but not title.

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11
Q

Estate in Reversion

A

Property or estate ownership that reverts back to the
grantor after a temporary ownership period.

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12
Q

Estate in Remainder

A

An estate which vests after the termination of the
prior estate.

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13
Q

Estate for Years

A

A leasehold estate for any specific period of time. An
estate for years is not automatically renewed.

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14
Q

Periodic Tenancy

A

A lease that automatically renews for successive periods
unless terminated by either party; also called estate from year to year.

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15
Q

Estate at Will

A

A leasehold estate that may be terminated at the desire of
either party.

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16
Q

Estate at Sufferance

A

Continuing to occupy property after lawful
authorization has expired; a form of leasehold estate.

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17
Q

Lease

A

A contract whereby, for a consideration, usually termed rent, one
who is entitled to the possession of real property transfers such rights to
another for life, for a term of years, or at will.

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18
Q

Lessor

A

One who rents property to another under a lease.

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19
Q

Lessee

A

A person to whom property is rented under a lease.

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20
Q

Covenants

A

Agreements written into deeds and other instruments
promising performance or nonperformance of certain acts, or stipulating
certain uses or non-uses of the property.

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21
Q

Constructive Eviction

A

Any disturbance of the tenant’s possession of the
leased premises by the landlord whereby the premises are rendered unfit or
unsuitable for the purpose for which they were leased.

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22
Q

Tort Liability

A

A legal obligation of one party to a victim as a result of a civil
wrong or injury.

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23
Q

Eviction

A

A legal proceeding by a lessor landlord to recover possession of
real property.

24
Q

Joint Tenancy

A

Undivided ownership of a property interest by two or more
persons each of whom has a right to an equal share in the interest and a
right of survivorship, i.e., the right to share equally with other surviving joint
tenants in the interest of a deceased joint tenant.

25
Q

Tenancy in Common

A

An ownership of realty by two or more persons, each
of whom has an undivided interest, without the “right of survivorship”.

26
Q

Condominium

A

Five or more units where in the owner has a fee simple
interest in the air space, or four walls in which they live or occupy, plus
common areas which are owned as a tenancy in common.

27
Q

Ownership in Severalty

A

Title to real property held in the name of only one
person.

28
Q

The degree, quantity, nature, and extent of interest that a person has in real and personal property is known as…?

A

Estate

29
Q

Absolute ownership of real property is also known as…?

A

Fee Simple Estate

30
Q

An inheritable estate in land providing the greatest interest of any form of title is known as…?

A

Fee Simple Absolute

31
Q

An estate that will end automatically when the stated event or condition occurs is known as…?

A

Fee Simple Determinable

32
Q

A freehold estate created for the duration of the life or lives of certain named persons is known as a…?

A

Life Estate

33
Q

A person who conveys title to real property by deed is known as the…?

A

Grantor

34
Q

A person who receives title to real property by deed is known as the…?

A

Grantee

35
Q

A non-freehold estate of limited duration, providing the right of possession and control but not title is referred to as a…?

A

Leasehold Estate

36
Q

Property or estate ownership that reverts back to the grantor after a temporary ownership period is known as…?

A

Estate in Reversion

37
Q

An estate which vests after the termination of the prior estate is known as…?

A

Estate in Remainder

38
Q

A leasehold estate for any specific period of time is known as…?

A

Estate for Years

39
Q

An estate for years is NOT automatically renewed…?

A

True

40
Q

A lease that automatically renews for successive periods unless terminated by either party is also known as…?

A

Periodic Tenancy

41
Q

Periodic tenancy is also referred to as an estate from year to year…?

A

True

42
Q

A leasehold estate that may be terminated at the desire of either party is known as…?

A

Estate at Will

43
Q

Continuing to occupy property after lawful authorization has expired is known as…?

A

Estate at Sufferance

44
Q

This is a contract whereby, for a consideration, usually termed rent, one who is entitled to the possession of real property transfers such rights to another for life, for a term of years, or at will…?

A

Lease

45
Q

One who rents property to another under a lease is referred to as the…?

A

Lessor

46
Q

A person to whom property is rented under a lease is referred to as the…?

A

Lessee

47
Q

Any disturbance of the tenant’s possession of the leased premises by the landlord whereby the premises are rendered unfit or unsuitable for the purpose for which they were leased is known as…?

A

Constructive Eviction

48
Q

Which of the following is an example of a leasehold estate…?

A

Estate at will, periodic tenancy, estate for years

49
Q

A legal obligation of one party to a victim as a result of a civil wrong or injury is referred to as…?

A

Tort Liability

50
Q

A legal proceeding by a lessor landlord to recover possession of real property is known as…?

A

Eviction

51
Q

Leases under one year MUST be in writing…?

A

False

52
Q

There are two primary types of estates, freehold estate and leasehold estates…?

A

True

53
Q

Undivided ownership of a property interest by two or more persons each of whom has a right to an equal share in the interest and a right of survivorship is known as…?

A

Joint Tenancy

54
Q

An ownership of realty by two or more persons, each of whom has an undivided interest, without the right of survivorship is known as…?

A

Tenancy in Common

55
Q

This includes five or more units wherein the owner has a fee simple interest in the air space, or four walls in which they live or occupy, plus common areas which are owned as a tenancy in common…?

A

Condominium

56
Q

Title to real property held in the name of only one person is known as…?

A

Ownership in Severalty

57
Q

A condominium is considered real property…?

A

True

Real Estate Principles (14 decks)

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