Fee Vs Leasehold Flashcards
A three-dimensional portion is real estate identified by a legal description.
Parcel
The description used to locate and set boundaries for a parcel of real estate.
Legal Description
The ownership interest a person may hold in real estate.
Estate
An indefinite, exclusive and absolute legal ownership interest in a parcel of real estate.
Fee Estate
The right to remove minerals from another’s real estate.
Profit a prendre
An interest in a parcel of real estate lasting the lifetime of the life tenant.
Life Estate
The act of injuring or demolishing the value of a fee interest.
Impairment
The right to possess a parcel of land, conveyed by a fee owner (landlord) to a tenant.
Leasehold Estate
A leasehold interest which last for the specific lease period set forth in a lease agreement. A fixed-term tenancy automatically terminates at the end of the lease period.
Fixed-term Tenancy
A leasehold interest granted to a tenant with no fixed duration or rent owed. A tenancy-at-will can be terminated at any time by an advance notice from either party.
Tenancy-at-will
A leasehold interest held by a tenant who retains possession of the rented premises after the termination of the tenancy.
Tenancy-at-sufferance
A leasehold interest in which rent is based on the rental value of the land, whether the parcel is vacant or improved.
Ground Lease
A leasehold interest which grants a master tenant the right to sublease a property in exchange for rent paid to the fee owner.
Master Lease
A leasehold interest subject to the term of a master lease.
Sublease
