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Real Estate > Estates and Interests > Flashcards

Estates and Interests Flashcards

Unit 6, Page 103

1
Q

What are legal claims or rights called?

A

Interests

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2
Q

What are interests?

A

Legal claims or rights?

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3
Q

Estate in land

A

The amount and kind of ownership interest that a person has in real property.

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4
Q

The amount and kind of ownership interest that a person has in real property.

A

Estate in land

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5
Q

What are the two major classifications of estates in land?

A

-Freehold estates
-Less-than-freehold, leasehold estates

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6
Q

Types of freehold estates.

A

-Fee simple
-Fee determinable
-Life estates

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7
Q

What are freehold estates?

A

Ownership interests in real estate. They are for an indeterminable amount of time. They can be for a lifetime or forever.

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8
Q

What are leasehold estates?

A

Estates for a period of time. They are personal property, not real property.

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9
Q

Estates for a period of time. They are personal property, not real property.

A

Leasehold estates

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10
Q

What is reversionary interest?

A

In a life estate, reversionary interest says the property will revert to the original owner (or their heirs) upon the death of whoever the life estate is dependent on.

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11
Q

What says the property will revert to the original owner (or their heirs) upon the death of the current owner?

A

Reversionary interest.

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12
Q

“The life of another”

A

Pur autre vie

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13
Q

What is pur autre vie?

A

A life estate that active so long as someone else is alive.

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14
Q

PPMR

A

Principal primary marital residence

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15
Q

Dower

A

Right in which a wife has certain interests upon her husband’s death.

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16
Q

Right in which a wife has certain interests upon her husband’s death.

A

Dower

17
Q

Right in which a husband has certain interests upon his wife’s death.

A

Curtesy

18
Q

Curtesy

A

Right in which a husband has certain interests upon his wife’s death.

19
Q

When was the creation of Dower and Curtesy abolished?

A

May 28, 1980

20
Q

What happened on May 28, 1980?

A

Abolishment of Dower and Curtesy

21
Q

When do both spouses need to sign the documents to sell a property?

A

-They are both listed as the owners OR
-The property is their primary principal marital residence OR
-They were married prior to May 28, 1980.

22
Q

When does only one spouse need to sign the documents to sell a property?

A

Only one spouse is listed as the owner AND they were married AFTER May 28, 1980 AND the property is not their PPMR.

23
Q

A claim, lien, charge or liability attached to and binding on real property that affects or limits its use.

A

Encumbrance

24
Q

Financial claims against the property.

A

Liens

25
Q

Types of encumbrances

A

-Liens
-Physical or usage encumbrances

26
Q

Types of usage encumbrances

A

“REEL”
-Restrictions
-Easements
-Encroachments
-Licenses

27
Q

Are property taxes voluntary or involuntary liens?

A

Voluntary

28
Q

Order of priority of liens on a property.

A
  1. Real estate taxes and special assessments for improvements
  2. Other liens are paid in order of the date of recording in the public records.
29
Q

Easement types

A

-Appurtenant
-Gross

30
Q

The right of one party to use the land of another party for a particular purpose.

A

Easement

31
Q

Servient estate vs dominant estate.

A

Servient estate is the property that the easement is on.
Dominant estate is the land that OWNS the easement, and that is allowed to use the other property.

32
Q

Convey

A

Transfer by sale or gift

33
Q

Transfer by sale or gift.

A

Convey

34
Q

A monetary decree issued by a court

A

Judgement

35
Q

What is a judgement?

A

A monetary decree issued by a court

Real Estate (22 decks)

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