Estates & Interests Flashcards
The fullest interest I can have in my ownership of real estate is called having a ____________ interest.
Fee Simple
____________ is Freehold; ____________ is Leasehold. ____________ is the most common form of freehold interest.
Owning, Leasing
Which kind of ownership comes with the full bundle of rights (legal rights of real estate ownership)?
Fee Simple
What are other kinds of ownership - without the full bundle of rights (i.e. owner has less rights) - called?
“Lesser estates”
What are the full bundle of rights?
Possession (access and use)
Quiet enjoyment (no noise, nuisance, danger)
Exclusion (keep people out)
Control (build tear down, lease, farm, mine)
Disposition (sell, give away, etc.)
Unlike residential leases where if you add a ‘fixture’ such as a ceiling lamp, it becomes part of the real property, in a commercial environment it’s understood that if you add cabinets, refrigerator units, etc, that they are leaving when the lease is over. You would call these ____________.
Trade Fixtures
Tenants in common is characterized by ____________.
Rights of Inheritance
What is Survivorship?
When one owner dies, the other owner(s) automatically inherit the real estate, no matter what it says in the will.
What are joint tenants? What rights do they have?
2 or more unmarried people with equal ownership shares. Rights of survivorship
In NYS, husband and wife takes ownership as ____________.
Tenants by the Entirety
What would you call it when one person buys a property all by himself/herself?
Ownership in Severalty
____________ (for rivers) and ____________ (for lakes) are ownership or use of water.
Riparian, littoral
