Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

Real Estate > Freehold and leasehold terminologies in California > Flashcards

Freehold and leasehold terminologies in California Flashcards

1
Q

Act of waste

A

Abuse of property by a person who holds possession through a life estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Fee simple

A

An inheritable Estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Fee simple absolute

A

Provides the most complete form of ownership and bundle of rights in real property.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Qualified fee

A

An inheritable freehold estate that is defeasible, the grantor can terminate the title. For example, a parent could transfer property to a child as long as the child remained unmarried.

To meet qualifications .

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Life Estates

A

And Estate Ownership, possession, and control for someone’s lifetime

Own for life

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Freehold estates

A

Ownership for an undetermined length of time, an example is home ownership.

“Hold estate”

Fee simple absolute= complete ownership

Fee simple defeasible = rights of ownership are conditional, special, limitation, subject to condition, subsequent

Conventional life estate= created by agreement of the parties, ordinary, pur autre vie.

Legal life estate= created by operation of law, Dower, curtesy , homestead

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Leasehold estates

A

And Estate for a limited time, renting leasing.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Estate for years

A

An estate for a specified time. Example days months years.

Years= time

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Periodic Estate

A

Estate that renews itself automatically at the end of each lease period.

Estate from period to period.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Estate at will a.k.a. tenancy at will

A

An Estate for an unknown period of time, either party may terminate the lease by giving notice to the other.

Known as
chattel interest

You have the will to terminate lease

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Courtesy

A

A husband’s interest in real estate, owned by his deceased wife, a form of legal life estate.

This is for the widower, Husband to take his deceased wife Estate.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Escheat

A

The power of the state to claim property when the owner dies without a will, and without errors or creditors

Think the State cheats to remember

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Homestead estate

A

A type of estate that gives the owner special rights, protections in property used as a family home, not valid in all states

Family= home

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Remainderman

A

A person receiving title upon the death of the life tenant

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Remainder interests

A

The remainder runs right to Fee simple title upon the death of the life tenant

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Reversionary interest

A

Right of repossession of property by the owner after the end of the life estate

A life estate, and which property title reverts to the owner upon the death of the life tenant

Think reverse/ do over for owner

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Fee simple defeasible

A

With a fee, simple defeasible, Estate, the property holder, owns the property with all legal rights, but subject to a condition. If the condition is breached, property may go back to the original owner.

Not able- void- undone

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Fee simple determinable

A

A type of fee simple defeasible, this, and automatically when the stated event or condition occurs. The original owner retains a possibility of reversion property is retained “while”, “during”, or “so long as” the condition occurs, this is the language most often seen in the deed.

Determined

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Fee simple on condition subsequent

A

A type of fee simple defeasible, and also known as a fee on the condition, this is created when an estate is given on the condition that the owner does or doesn’t take a specific action. The grantor has the right of reentry if the condition is violated. But Estate doesn’t automatically revert to the original owner, it may require legal action on the part of the original owner.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Dower

A

The form of legal life estate and refers to a wife’s interest in real estate, owned by her deceased husband. Dower isn’t recognized in all states.

Dour is not for the widower, it’s for the window.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

What is the estate type? You purchased a colonial home eight years ago using a traditional 30 year fixed. Conventional loan.

Freehold estate
Leasehold estate

A

Freehold estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

What estate type is this? You signed a two-year agreement to rent an office space in a local commercial building.

Freehold estate
Leasehold estate

A

Lease hold

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Freehold estate terms. Most complete form of ownership and bundle of rights in real property.

Fee simple absolute
Life estate
Fee on condition
Fee simple

A

Fee simple absolute, the most commonly that you will see for real estate terms.

24
Q

What is a freehold estate term for an inheritable freehold estate?

Life estate
Fee simple, absolute
Fee on condition
Fee simple

A

Fee simple

25
What is a freehold estate term for property that is possessed for someone’s lifetime Life estate Fee simple, absolute Fee on condition Fee simple
Life estate
26
What is a freehold estate term for example Tom Junior can own the property transferred by his parents, but if he develops the land, his ownership will end. Life estate Fee simple, absolute Fee on condition Fee simple
Fee on condition
27
What is the life estate term for this example Mr. Smith passed away without a will. Attempt to locate errors or creditors have come up empty and the state has claimed his property. Homestead Remainder interest Escheat
Escheat
28
What is the life estate term for this example Bob is married and owns the family home. Upon Bob’s death. The property may receive certain protections depending on the state. Homestead Remainder interest Escheat
Homestead
29
What is the life estate term for this example Papa, convey 20 acres of land to Teddy Junior for life. Upon Teddy Junior’s death, the land will be conveyed to the local elementary school. Homestead Remainder interest Escheat
Remainder interest
30
Upon Cooper’s death, Karine will take full ownership of the farm. Dower Curtesy
Dower Dour is the term for property held by the wife or the widow
31
Upon Karine’s death, Cooper will take full ownership of the farm. Dower Curtesy
Curtesy Courtesy is the term for property held by the husband or widower
32
Absolute Is this a fee simple or Life estate?
Fee simple Complete ownership equals absolute
33
Pur autre vie Is this a feesimple or Life estate?
Life estate
34
Dower Is this a fee simple or Life estate?
Life estate
35
Defeasible Is this a fee simple Or Life estate?
Fee simple Rights of ownership or conditional Special limitations property automatically reverts to original owner Subject to conditions subsequent. Original owner has write every entry through court action.
36
Chattel interest
Estate at will or a tenancy at will. A tenancy for unknown period of time either party can terminate the lease by giving notice to the other party in California. This is known as chattel interest.
37
Chattel real
Estate for years. And estate for a specified period of time example a one year lease or a six month lease in California. This is known as chattel real.
38
Estate at sufferance
Also known as tenancy at sufferance. Or hold over tenancy occurs when tenant occupies a property after the lease ends, but before they are evicted. This tenancy at sufferance can occur in both residential and commercial properties. Suffer and stays
39
What is the leasehold estate term example if you sign a lease for a period of 12 months. Chattel interest Estate at sufferance Periodic Estate Chattel real
Chattel real
40
What is the leasehold estate term for? You sign a lease for a period of 12 months, at the end of which the lease is renewed Chattel interest Estate at sufferance Periodic Estate Chattel real
Periodic Estate
41
What is the leasehold estate term for when you sign a lease for an unspecified period of time, with the stipulation either party, may terminate the lease by giving notice to the other. Chattel interest Estate at sufferance Periodic Estate Chattel real
Chattel interest
42
What is the leasehold estate term if your lease has terminated, but you refused to leave the property? Chattel interest Estate at sufferance Periodic Estate Chattle real
Estate at sufferance
43
Freehold
Ownership and provides home ownership for an undetermined length of time. Think: Time is not free, you can’t hold it because it’s not free in time.
44
Leasehold
Tenancy and provides an interest in real estate for a limited time. Think like leasing a car. You do not hold the title it’s for a limited time.
45
Feesimple
Or fee simple absolute. An inheritable freehold estate a form of ownership, not tenancy, so the owner of a fee, simple estate can will the property and or successor can inherit the property.
46
Fee simple
“Fee simple absolute”. An inheritable freehold estate. Form of ownership, not tenancy, so the owner of a fee, simple estate, Kenwill, the property, and or successor can inherit the property. The most complete form of ownership, and includes the bundle of rights.
47
Fee simple defeasible
Or Qualified fee. Defeasible means that the grantor a.k.a. seller has placed a limitation on the deed. This permits recovery of fee, simple ownership, if certain conditions aren’t met. Not feasible if conditions not met
48
Fee simple determinable
The title remains with the new owner as long as the conditions of ownership are being met. If the buyer commits, a specific, prohibited act, title to the property may automatically be returned to the owner or the owner successor.
49
Fee on condition
Or fee simple, subject to condition subsequent. like a defeasible freehold estate. “ but if” words in the deed. The ownership may revert to the owner or the owner successor. Such termination and recovery of ownership must be achieved through court order.
50
Life tenant
Responsible for reasonable property, maintenance, Repair, etc.
51
Pur autrie vie
Life estate, created by property owner, who grants an estate to someone for the duration of another individuals life Poor me, it’s not mine forever
52
Estate for years
An estate for a specific period of time, one year lease six month lease in California. This is known as chattel real.
53
Curtesy
A form of legal life estate and refers to a husband’s interest in the real estate owned by his deceased wife Recognized in all states. Husband inherits wife’s estate.
54
life estate
Another form of freehold estate ( u r not free to hold). Does not convey the entire bundle of rights, because the owners hold the estate for only their lifetime, or sometimes for another named individuals lifetime. A life estate property can’t be encumbered with a lien or foreclosed upon the owner must pay taxes, property, insurance, and any mortgage payment to prevent this from occurring. You hold only for your life time
55
What are the types of life estates?
Conventional life estate Estate in reversion - given for a temporary term and reverts Remainderman Vested, remainderman, a.k.a. contingent remaindermen
56
Leasehold estate
A tenants right to occupy a property is known as leasehold estate Estate for years a.k.a. “chattel real”: definite duration, that terminates automatically, and is inheritable, meaning that if either party dies, the lease is automatically terminated. Tenancy at will a.k.a. estate at will, a.k.a. chattel interest : terminated at the will of death of either party. Tenancy at sufferance: occupying property, after lawful authority, has expired
57
Business types that own real estate
Sole proprietorship Partnership ( general, or limited partnership) Corporation Limited liability company and limited liability partnership ( LLC & LLP’s) Syndicates and joint ventures

Real Estate (39 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions