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.
