Chapter 4 Flashcards
Estate
The degree, quantity, nature, and extent of interest that a person
has in real and personal property (includes everything one owns).
Freehold Estate
A right of title to land.
Fee Simple Estate
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.
Fee Simple Absolute
An inheritable estate in land providing the greatest
interest of any form of title.
Fee Simple Determinable
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.
Fee Simple on Condition
A defeasible fee (title), recognizable by words
‘but if’.
Life Estate
A freehold estate created for the duration of the life or lives of
certain named persons; a non-inheritable estate.
Grantor
A person who conveys title to real property by deed.
Grantee
A person who receives title to real property by deed.
Leasehold Estate
Non-freehold estate; of limited duration, providing the
right of possession and control but not title.
Estate in Reversion
Property or estate ownership that reverts back to the
grantor after a temporary ownership period.
Estate in Remainder
An estate which vests after the termination of the
prior estate.
Estate for Years
A leasehold estate for any specific period of time. An
estate for years is not automatically renewed.
Periodic Tenancy
A lease that automatically renews for successive periods
unless terminated by either party; also called estate from year to year.
Estate at Will
A leasehold estate that may be terminated at the desire of
either party.
Estate at Sufferance
Continuing to occupy property after lawful
authorization has expired; a form of leasehold estate.
Lease
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.
Lessor
One who rents property to another under a lease.
Lessee
A person to whom property is rented under a lease.
Covenants
Agreements written into deeds and other instruments
promising performance or nonperformance of certain acts, or stipulating
certain uses or non-uses of the property.
Constructive Eviction
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.
Tort Liability
A legal obligation of one party to a victim as a result of a civil
wrong or injury.
Eviction
A legal proceeding by a lessor landlord to recover possession of
real property.
Joint Tenancy
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.
Tenancy in Common
An ownership of realty by two or more persons, each
of whom has an undivided interest, without the “right of survivorship”.
Condominium
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.
Ownership in Severalty
Title to real property held in the name of only one
person.
The degree, quantity, nature, and extent of interest that a person has in real and personal property is known as…?
Estate
Absolute ownership of real property is also known as…?
Fee Simple Estate
An inheritable estate in land providing the greatest interest of any form of title is known as…?
Fee Simple Absolute
An estate that will end automatically when the stated event or condition occurs is known as…?
Fee Simple Determinable
A freehold estate created for the duration of the life or lives of certain named persons is known as a…?
Life Estate
A person who conveys title to real property by deed is known as the…?
Grantor
A person who receives title to real property by deed is known as the…?
Grantee
A non-freehold estate of limited duration, providing the right of possession and control but not title is referred to as a…?
Leasehold Estate
Property or estate ownership that reverts back to the grantor after a temporary ownership period is known as…?
Estate in Reversion
An estate which vests after the termination of the prior estate is known as…?
Estate in Remainder
A leasehold estate for any specific period of time is known as…?
Estate for Years
An estate for years is NOT automatically renewed…?
True
A lease that automatically renews for successive periods unless terminated by either party is also known as…?
Periodic Tenancy
Periodic tenancy is also referred to as an estate from year to year…?
True
A leasehold estate that may be terminated at the desire of either party is known as…?
Estate at Will
Continuing to occupy property after lawful authorization has expired is known as…?
Estate at Sufferance
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…?
Lease
One who rents property to another under a lease is referred to as the…?
Lessor
A person to whom property is rented under a lease is referred to as the…?
Lessee
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…?
Constructive Eviction
Which of the following is an example of a leasehold estate…?
Estate at will, periodic tenancy, estate for years
A legal obligation of one party to a victim as a result of a civil wrong or injury is referred to as…?
Tort Liability
A legal proceeding by a lessor landlord to recover possession of real property is known as…?
Eviction
Leases under one year MUST be in writing…?
False
There are two primary types of estates, freehold estate and leasehold estates…?
True
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…?
Joint Tenancy
An ownership of realty by two or more persons, each of whom has an undivided interest, without the right of survivorship is known as…?
Tenancy in Common
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…?
Condominium
Title to real property held in the name of only one person is known as…?
Ownership in Severalty
A condominium is considered real property…?
True
