Estates In Land Flashcards
Interest (in property)
The right concerning land or a claim against it
Possessory interests-also called estate
Exclusive use to the land and possession of the property
Also called estates
What is an estate
The right to exclusive use of real property either now or in the future.
Lien
Mortgage- non possessory interest in real property
What are the two basic categories of estates?
Freehold estate (includes title) and leasehold estates (does not include title).
What are the two types of freehold estates?
Fee simple estate
Life estate
What is the most common type of estate?
Fee simple estate
Which are either absolute of defensible
Fee simple estate is
The highest and complete form of ownership. The ownership can potential ally last forever and be transferred in any manner she wishes.
They are perpetual, transferable and inheritable
The fee simple absolute allows:
The new owners to hold the title free and clear to do what they want with the ownership of land.
Fee simple defeasible means-
They take ownership on a condition stated by the previous fee simple owners.
The fee holders interest will end of a specific qualification is not met.
For example: she sells her property on the condition it be used to house an orphanage.
If the specifications are breached. The estate will return to the person who imposed the limitation or to their heirs.
A life estate is and life tenant is:
Limited to time that only lasts as long as that person is alive.
The holder of a life estate is called the life tenant
Pur autre vie is French for
Another life
This is for when the measuring life is for someone other than the tenant
What is an estate for years? Sometimes called a term tenancy
A leasehold estate that lasts for any fixed term.
Exp apr 1- sept 30
Termination of a lease by mutual consent is called
A surrender
What is a period estate?
When a tenancy is not limited to a specific term.
A period estate continues from rent period to rent period, until one parties gives the other party notice of termination
Estate at will
Can be terminated at any time by either the landlord or the tenant.
Estate at sufferance
Someone who stays beyond their agreed lease is considered an estate and sufferance.
in severalty means
Single-alone
what are the 3 forms of concurrent ownership
- tenancy in common
- Joint tenancy
- community property
Tenancy in common is
the most basic form of ownership between multiple people. You can think of it as the default category. A co-ownership arrangement.
A tenant in common is free to sell, will, or mortgage his or her interest without the consent of the other tenants.
Joint Tenancy is
In a joint tenancy, two or more persons are joint and equal owners of a property.
The most important characteristic of joint tenancy is the right of survivorship: when a joint tenant dies, his or her interest in the property automatically passes to the surviving joint tenant(s).
What are the four unities of joint tenancy
[PITT] Possession Interest Time Title
Community Property is
Community property is property owned concurrently and equally by two spouses.
As a general rule, a married couple in Washington owns the property they acquire during marriage as community property.
What is considered in a spouses separate property?
Anything acquired before marriage
bought with separate funds
gift or inheritance
profits from separate property
What does Syndicate mean?
Syndicate is a general term that can refer to any group of individuals who pool their resources to carry on a business enterprise.
How can a syndicate be organized?
Partnership Corporation Limited liability company Joint venture Trust
What is a business partnership?
A partnership is an association of two or more persons to carry on a business as co-owners and divide the profits.
There are two types of partnerships: general and limited.
What is a business corporation?
A corporation is made up of stockholders, a board of directors, and corporate officers.
What is a business shareholder?
The shareholders (also called stockholders) are investors who own shares in the corporation.
Who has overall control over a business?
board of directors, which has overall control over the business, which are elected by the shareholders.
What do officers do in a business?
officers of the corporation manage the business from day to day.
Share in a corporation are considered to be:
Securities-A security is a financial investment in a company made by an investor who does not have managerial control over the business.
Blue Sky Law
Sales of securities are regulated at the federal level by the Securities and Exchange Commission.
What does REIT mean and what do they do?
A real estate investment trust (REIT) [must have 100 investors] is a business association that invests almost exclusively in real estate or real estate financing.
What is a typical condominium?
A typical condominium is made up of one or more multi-family residential buildings and looks just like an apartment complex.
What are common elements?
parts of the condominium property that may be used by all of the residents.
Common elements are also called common areas.
Limited common elements are;
reserved for the exclusive use of the owners of a specific unit or a specific group of units.
