Estates And Tenancies

Question 0

Personalty

Answer 0

Chattel. Same as emblements…personal property, etc.

Question 1

Bundle of Rights

Answer 1

Time, Title, Interest, Possession

Right to use. Right of possession. Right to transfer (sell, lease, will)
Right of encumbrance. Right to exclude.

Question 2

Freehold

Answer 2

Includes property ownership and indeterminate duration.

Question 3

Determinable fee

Answer 3

Based on duration of ownership.
(Has conditions).
Example… Continue to do this, and you may stay here.
“As long as” or “while”

Question 4

Fee Simple Absolute

Answer 4

Highest quality of ownership.

Question 5

Inheritable

Answer 5

Fee Estates

Question 6

Non-inheritable

Answer 6

Life Estates

Question 7

Fee Tail

Answer 7

Limited to blood relatives only. Not legal in AZ

Question 8

Pur autre vie

Answer 8

For the life of another.

Question 9

Dower

Answer 9

Wife’s interest in the husbands property.

Not in AZ

Question 10

Curtesy

Answer 10

Husbands interest in the wife’s property.

Not in AZ

Question 11

Homestead

Answer 11

Protect equity up to 150K in primary residence. (Never applies in default or foreclosure.)

Question 12

Nature of an easement

Answer 12

One persons right o use someone else’s land.

Question 13

Easement By Prescription

Answer 13

Created by open, hostile, continuous use for ten years.

May be lost by non-use for 5 years

Question 14

Trespass

Answer 14

W/O permission.

Question 15

Nuisance

Answer 15

Examples…
Hanging tree branches.
Offensive smells.
Loud noise.

Question 16

Abatement actions

Answer 16

Court order to remove a nuisance.

Question 17

Joint Tenancy

Answer 17

Time, title, interest, possession. You Do Not have to be related.

If any of these are destroyed, tenancy is terminated.

Question 18

Tenancy in common

Answer 18

You may have uneven ownership.
You can sell your share w/o permission.
Terminated by agreement to sell.

Question 19

Community property

Answer 19

Must be married @ the time of purchase.

Question 20

Community Property w/ Right of Survivorship

Answer 20

Probate to the other spouse.
The purpose is to step up the value.
You don’t have to be married.

Question 21

Partnership Property

Answer 21

Stock or securities.

Question 22

Cooperative

Answer 22

Stock (with a lease)

Individual ownership plus common area interest.

Question 23

Differences in a condo and townhouse.

Answer 23

Condo is w/o land.

Townhouse is w/land.

Question 24

Condominium Ownership

Answer 24

Horizontal property regime - cubage.

Ownership interest is fee simple.

Ownership - common areas - Tenants in common.

Question 25

The Townhouse

Answer 25

Air rights and mineral rights.

Vertical property regime.

Ownership interest - unit. Fee simple.

Ownership common areas are undivided. Held as tenant in common.

Question 26

Allodial concept

Answer 26

Individuals have the right to own property.

Question 27

Fee conditional

Answer 27

A building conveyed to grantee “provided that” or “on the condition that”
Example: conveyed to a school provided that it be used for educational purposes.

Question 29

Life estate

Answer 29

Include real and personal property.
Are worth less than fee estates.
For the life of someone (Until their death)