estates and ownership

Question 1

If the interest-holder enjoys the right of possession, the party is considered to have an

Answer 1

estate in land

Question 2

Escheat

Answer 2

when an owner dies and there is no heir to will the property to. California law states that ownership of this land would then revert back (or escheat) to the state.

Question 3

Freehold Estates

Answer 3

an estate limited to the life of the owner is a life estate

Question 4

Fee Simple Defeasible

Answer 4

the property must be used for a certain purpose, or under certain conditions
if the use changes or if prohibited conditions are present, the estate reverts to the previous grantor of the estate

Question 5

conventional life estate

Answer 5

created by grant from a fee simple property owner to the grantee, the life tenant.

Question 6

Dower and Curtesy

Answer 6

Dower is a wife’s life estate interest in the husband’s property. When the husband dies, the wife can make a claim to portions of the decedent’s property. Curtesy is the identical right enjoyed by the husband in a deceased wife’s property

Question 7

Estate for Years

Answer 7

a leasehold estate for a definite period of time, with a beginning date and an ending date.

Question 8

Estate from Period-to-Period

Answer 8

the tenancy period automatically renews for an indefinite period of time, subject to timely payment of rent.

Question 9

Estate at Will

Answer 9

has no definite expiration date and hence no “renewal” cycle. The landlord and tenant agree that the tenancy will have no specified termination date, provided rent is paid on time and other lease conditions are met.

Question 10

Estate at Sufferance

Answer 10

a tenant occupies the premises without consent of the landlord or other legal agreement with the landlord

Question 11

Easements

Answer 11

enables others to use the property, regardless of the owner’s desires.

Question 12

lien

Answer 12

can be placed on the property’s title, thereby restricting the owner’s ability to transfer clear title to another party.

Question 13

easement

Answer 13

an interest in real property that gives the holder the right to use portions of the legal owner’s real property in a defined way

Question 14

easement appurtenant

Answer 14

gives a property owner a right of usage to portions of an adjoining property owned by another party

Question 15

encumbrance

Answer 15

An interest in and right to real property that limits the legal owner’s freehold interest

Question 16

Land Trust

Question 17

joint tenancy

Answer 17

two or more persons collectively own a property as if they were a single person

Question 18

What are the four unities needed to create a joint tenancy?

Answer 18

Unity of possession
Unity of interest
Unity of time
Unity of title

Question 19

Syndicates

Answer 19

a descriptive term for a group of two or more people who combine their financial resources to achieve certain investment objectives