Estates, Transfers and Titles Flashcards
27In this chapter, we will illustrate the types of estates (ownership) that you may have, the ways in which you can hold title, and the methods of transferring real property.
An (BLANK) is an interest, share, right, or equity in real estate that varies from the minimal right of a renter to the maximum right of a full owner.
ESTATE
What are the 2 types of estates?
- Freehold
- Less-than-freehold
Freehold estates are (BLANK) property.
real
Less-than-freehold estates are (BLANK) property. Less-than-freehold estates come with certain rights for the use of real property.
personal
What are the 2 types of freehold estates?
- FEE ESTATE
- LIFE ESTATES
An estate in (BLANK) is the greatest interest a person can hold in the form of ownership; it is of indefinite duration, freely transferable, and inheritable.
FEE
A FEE SIMPLE DEFEASIBLE estate IS a fee estate that is subject to particular (BLANK) imposed by the grantor of the estate.
Limitations
A (BLANK) estate is an ownership interest in real property that only exists for the life of any designated person or persons. A life estate holder may lease the property to someone else, but if the designated person dies, the estate ends and all rights, including any tenant rights, revert back to the original owner/grantor.
LIFE
The party (grantor) granting a life estate is said to hold an ESTATE IN (BLANK)
REVERSION / REMAINDER
Less-than-freehold estates are commonly referred to as (BLANK) and (BLANK) agreements.
**Leases & Rental **
The 4 types of less-than-freehold estates are…
- Estate for years
- Estate from period-to-period
- Estate at will
- Estate at sufferance
Alienation also means to (BLANK), sell or push away.
Transfer
Besides a sale, what are the 7 other ways to transfer real property…
- Deed (grant deed / quitclaim deed)
- Will (witnessed, holographic will or living trust)
- Probate (superior court procedure)
- Intestate Succession (no will)
- Accession (natural causes, encroachment, permanent fixtures)
- Occupancy (adverse possession, abandonment and prescription)
- Dedication (voluntary)
(BLANK) is the document used to effect the transfer of title to property from one person to another
CONVEYANCE
A (BLANK) is a written instrument that conveys and evidences title.
DEED
A (BLANK) DEED is a document that transfers title (evidence of property ownership),with the key word being “grant.
GRANT
A (BLANK) DEED is a deed that conveys all the present rights or interest that a person MAY have in a property, but provides no promises. These deeds are used in situations where there is a cloud on the title.
QUITCLAIM
(BLANK) ESTATES are personal rights to the use of real property for a period of time. They are more commonly referred to as leases or rental agreements, which give tenants various rights to use real property for a specified period.
LESS-THAN-FREEHOLD
An ESTATE FOR (BLANK) is a lease for a fixed period of time, agreed to in advance. This period can be from a few days up to 99 years.
Less-than-freehold estate
YEARS