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Real Estate > Estates & Tenancies > Flashcards

Estates & Tenancies Flashcards

Chapter 6

1
Q

Estate

A

means the degree, quantity, nature and extent of interest a person has in real property. Two major types exists: freehold, and non-freehold/leasehold

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2
Q

Freehold estates

A

estates are ownership estates and are of indeterminable length - a lifetime or forever

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3
Q

Leasehold Estate

A

(non-freehold) estates are possessory estates for a fixed term or years

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4
Q

Types of Freehold Estates (Inheritable)

A

Fee Simply, Defeasible Fee Estates

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5
Q

Fee Simple Absolute

A

The highest type of ownership interest our system of law recognizes and is by far the most popular. There is no limit on its existence and it could, theoretically, run forever. Is is alienable, inheritable and dividable.

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6
Q

Defeasible Fee Estates

A

estates in which the holder has fee simple title that may be divested (deprived or stripped away) upon the occurrence or non-occurrence of a specified event or condition

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7
Q

Three types of Defeasible Fee Estates

A

Determinable Fee, Fee Simple Subject to Condition Subsequent, Fee Simple with Executory Interest

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8
Q

Determinable Fee

A

(Qualified Fee) an estate in land that exists until a specific limitation or restriction is not complied with (determined by the limitation) If the limitation ceases, title will revert to the grantor or his heirs, devisees or other designated.

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9
Q

Fee Simple Subject to Condition Subsequent

A

grantor conveys a parcel of land on ownership that if “violated” reverts back to the original owner or heirs. Heirs must go to court to assert this possible future interest called a “right of re-entry”. Conditions might include a prohibition against alcohol consumption on the property or the stipulation that the property is not to be divided.

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10
Q

Fee simple with Executory Interest

A

an estate with a qualification or restriction that, if met or violated, the ownership goes to a third party. This would be an estate in retainer and the holder is referred to as the “remainder man”/ The term fee relates to inheritable

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11
Q

Conventional Life Estates

A

Limited in duration to the life of the holder (life tenant) or the life or lives of some other designated persons. These estates are NOT inheritable. Life estates property may not be wasted or devised. The life tenant is entitled to income and profits or he may sell, lease, or mortgage his interest

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12
Q

Types of Conventional Life Estates

A
  1. Ordinary Life Estates - based upon the life of the life estate owner (or life tenant). They terminate upon the death of the person to whom the estate was granted. 2. Our Auto Vie (for the life of another) - life estate who’s duration is not based upon the life estate owners life, but instead is measured upon the life of any other person.
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13
Q

Two forms of Future Interests

A
  1. Remainder Interest - established by the grantor through a deed or will that upon the death of the designated person, title will pass to an indicated third party or parties 2. Reversion - established by the grantor through a deed or will that upon the death of the designated person, title will revert back to the grantor or the grantors heirs.
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14
Q

Legal Life Estates

A

Curtesy, Dower, Homestead

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15
Q

Curtesy

A

the husbands life estate in the real estate of his deceased wife. It no longer exists in South Carolina

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16
Q

Dower

A

the wifes life estate in all real property owned by the deceased husband while they were married. During his lifetime, it is inchoate (inactive); at his death is is said to be consummate(complete. This does not now exists in SC

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17
Q

Homestead

A

A parcel of property owned and occupied as the family home. It provides protection in SC for every head of household regardless of material status in the event of a court sale. Its purpose is to protect the family against eviction by general creditors and a family can only have one homestead at any given time

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18
Q

Non-freehold or leasehold

A

estates that are less than freehold estates. It is established by lease for a determinable length of time. Leases for less than a year do not have to be in writing

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19
Q

Leases

A

involve a contract between losses (owner of real estate) and lessee (tenant) setting forth the length of time of exclusive possession, the amount to be paid (rent) and other rights and obligations of the parties . It is good practice to put all leases in writing, but only leases of more than one year are required to be written.

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20
Q

Estate for Years (Tenancy for Term)

A

exists for a definite time period. No notice of termination is required. It can be terminated by mutual consent prior to the expiration date

21
Q

Estate from Period to Period (periodic estates periodic tenancy)

A

A lease that continues from day to day, week to week, month to month, year to year, etc with no expiration date. it is already renewed by paying rent for a definite period until proper notice is given. It is sometimes created when a tenant with an estate for years remains in possession or “holds over” after expiration of the lease

22
Q

Tenancy at Will

A

gives the tenant the right of possession with the consent of the landlord. It does not contain an expiration date and may be an expressed agreement or operation of the law. Usually, the death of either party, thirty days written notice, or the notice required by the state statute will terminate a tenancy at will

23
Q

Tenancy at Sufferance

A

involves the worst situation for the landlord. The tenant remains after his/her rights have expired and fails to surrender property or remains after foreclosure. The landlord must prove to the magistrate that he is not accepting rental payments from the tenant.

24
Q

Types of leases

A

Gross Lease, Net Lease, Percentage Lease, Ground leases, Variable leases (Graduated and index), lease-purchase, lease with option to buy

25
Q

Gross Lease

A

the landlord pays all taxes, insurance, mortgage payments, repairs, etc. and the lessee pays a fixed rent. Typically it is associated with residential property such as apartments and single-family dwellings

26
Q

Net Lease

A

A lease requiring the tenant to pay, not only rent, but all or part of the maintenance and operational costs of the property such as taxes, insurance, utilities and repairs. It is normally associated with commercial and industrial property.

27
Q

Percentage Lease

A

A lease where the rental is based on a percentage of the gross income. It usually stipulates a base monthly rent plus a percentage of any gross sales above a certain amount. (retail stores, grocery stores). The landlord has the right to verify the gross sales by examining the records of the lessee. they may include a recapture clause - allows the lessor to reclaim the property if a minimum sales amount is not met.

28
Q

Ground Leases

A

leases of land with rights to build. These leases very often are long-term and may be used by business to lease undeveloped industrial or commercial property

29
Q

Variable Lease

A

leases that allow for changes in the rental charges during the lease period. There are two types: 1. Graduated Lease - allow for increase in rent at set future dates 2. index lease - allows for rent to increase or decrease based on changes in governments cost of living index or CPI

30
Q

Lease-Purchase

A

when a tenant leases a property for a period of time with the intention of purchasing the property at a later date, a lease-purchase arrangement has been established. The terms of sale are determines prior to signing of the lease

31
Q

Lease with Option to Buy

A

a least contract that gives the tenant the right or the option to buy the property that the tenant is leasing at an indicated price during a specified period of time. This does not require the tenant to buy the property, they can simply continue to rent it. If they do decide to buy, the seller is obligated to sell at the contract or negotiated price.

32
Q

Sublease

A

when lessee transfers most of the term, but still a portion of the leasehold to a third party. The original tenant is still responsible to the landlord

33
Q

Lease Assignment

A

original tenant assigns entire remaining term of his lease to a third party. As in sublease, original lessee is still responsible to the landlord for any delinquent rent or deliberate destruction cause by the original tenant. The landlord/lessor would certainly hold the new tenant responsible for any further destruction or non-payment

34
Q

Holdover tenant

A

retains possession of leased property after the lease has expired. If the landlord continues to accept rent, this indicates the the landlord agrees to the tenants continued occupancy.

35
Q

Ejectment (eviction)

A

the legal process initiated by a landlord or agent to oust a tenant from possession of real estate and obtain damages for its unlawful possession. Steps: 1. Landlord applies to the magistrate 2. Magistrate issues a written rule to show cause 3. if the tenant fails to show cause as to why they shouldn’t be ejected, a written warrant of ejectment is issued authorizing the sheriff or constable to eject the tenant 4. the tenant may contest the ejectment. Either party can demand a jury trial

36
Q

Demise

A

a lease conveyance for life or years

37
Q

Actual Eviction

A

landlord remedies include suit for possession. This process s undertaken when a tenant breaches a lease or improperly retains possession of leased premises

38
Q

Constructive Eviction

A

when the premises become uninhabitable, the tenant may abandon the premises without liability. Landlord allows the property to deteriorate to such an extent that the tenant is unable to have quiet enjoyment.

39
Q

Distraint

A

to take (legally or illegally) personal property of the tenant and keep it until its owner performs their obligation. For example, landlord takes personal property until the rent is paid.

40
Q

Distress (Sale)

A

the landlord makes an affidavit setting forth the amount of rent due to the landlord. the magistrate then issues a notice to the tenant stating the rent due and any cost which will be charged against the tenant. It fixes a time and place for the pre-distress hearing (not less than 5 days after the notice).

41
Q

SC Residential Landlord Tenant Act (1986)

A
  1. Delineate the rights and responsibilities of the landlord and tenant as well as the penalties for violation of this act 2. improve the quality of rental housing in SC
42
Q

SC Residential Landlord Tenant Act - Rights of the landlord

A

Collect rent, reversion, entry, hold security deposit, fixtures, lease renewal, to dispossess, recover for damages

43
Q

SC Residential Landlord tenant Act- Duties of the Landlord

A

Keep property in fit and habitable condition, relinquish position, ensure quiet enjoyment, make major repairs, provide: essential services, electricity, hot and cold water, heat.

44
Q

SC Residential Landlord Tenant Act - Rights of the Tenant

A

Possession, Control, Quiet enjoyment, essential services,

45
Q

SC Residential Landlord Tenant Act - Duties of the Tenant

A

play rent, ensure property of landlord is not abused, dispose of garbage and rubbish property, return to lessor property in the same basic condition with allowance for reasonable wear and tear.

46
Q

Major Landlord Violations

A

Retaliation, Unlawful ouster, failure to respond to service or repair requests, failing to return security deposit

47
Q

Major Tenant Violations

A

Failure to pay rent, occupying landlords property unlawful, destruction of property.

48
Q

Termination of a Lease

A

Expiration of lease, give advanced notice, surrender and acceptance, eviction, eminent domain, merger, destruction of property, abandonment, unlawful drug distribution by tenant, death of lessor or lessee

Real Estate (13 decks)

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