Estates and Interests Flashcards
Unit 6, Page 103
What are legal claims or rights called?
Interests
What are interests?
Legal claims or rights?
Estate in land
The amount and kind of ownership interest that a person has in real property.
The amount and kind of ownership interest that a person has in real property.
Estate in land
What are the two major classifications of estates in land?
-Freehold estates
-Less-than-freehold, leasehold estates
Types of freehold estates.
-Fee simple
-Fee determinable
-Life estates
What are freehold estates?
Ownership interests in real estate. They are for an indeterminable amount of time. They can be for a lifetime or forever.
What are leasehold estates?
Estates for a period of time. They are personal property, not real property.
Estates for a period of time. They are personal property, not real property.
Leasehold estates
What is reversionary interest?
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.
What says the property will revert to the original owner (or their heirs) upon the death of the current owner?
Reversionary interest.
“The life of another”
Pur autre vie
What is pur autre vie?
A life estate that active so long as someone else is alive.
PPMR
Principal primary marital residence
Dower
Right in which a wife has certain interests upon her husband’s death.
Right in which a wife has certain interests upon her husband’s death.
Dower
Right in which a husband has certain interests upon his wife’s death.
Curtesy
Curtesy
Right in which a husband has certain interests upon his wife’s death.
When was the creation of Dower and Curtesy abolished?
May 28, 1980
What happened on May 28, 1980?
Abolishment of Dower and Curtesy
When do both spouses need to sign the documents to sell a property?
-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.
When does only one spouse need to sign the documents to sell a property?
Only one spouse is listed as the owner AND they were married AFTER May 28, 1980 AND the property is not their PPMR.
A claim, lien, charge or liability attached to and binding on real property that affects or limits its use.
Encumbrance
Financial claims against the property.
Liens
