Interest Ans Estates

Question 1

Bundle of rights

Answer 1

Rights to possess, use, transfer, encumber, exclude

Question 2

Undivided interest

Answer 2

And owners interest in a property in which two or more parties share ownership the term undivided and indivisible signify that the owners interest is in a fractional part of the interstate not in a physical portion of the real property itself

Question 3

Examples of interest include

Answer 3

An owner who enjoys the complete bundle of rights
A tenant who temporarily enjoys the right to use and exclude
A lender who enjoys the right to encumber the property over the life of a mortgage loan
A repairman who encumbered the property when the owner fails to pay for services
A buyer who prevents an owner from selling the property to another party under the terms of the sale contract
A mining company which temporarily owns the right to extract medals for the property subsurface
Or utility company which claims access to the property in accordance with an easement
A local municipality which has the right to control how an owner uses the property

Question 4

Encumbrance

Answer 4

Enables a non-owning party to restrict the owners bundle of rights example tax liens mortgages easements and encroachments

Question 5

Public interest

Answer 5

Police power or the right of the local or county government to zone. Example is right to acquire ownership through the power of eminent domain

Question 6

Eastate in land

Answer 6

And interest that includes the right of possession interstate is a freehold or leasehold estate

Question 7

Freehold estate

Answer 7

The duration of the owners rights cannot be determined the right may endure for a lifetime for less than a lifetime or generations beyond the owners life

Question 8

Leasehold estate

Answer 8

Is distinguished by its specific duration as representative by the lease term

Question 9

Tenancies

Answer 9

Leasehold in freehold estates are also referred to as Tenacies. The owner of a Freehold tenant and the renter or leasee is the leasehold tenant

Question 10

Fee simple estate

Answer 10

Freehold estate is the highest form of ownership interest one can acquire in real estate. It includes the complete bundle of rights and the tenancy is unlimited except they are subject to government restrictions and private interest
Two forms of fee simple are absolute and defensible

Question 11

Absolute or fee simple absolute

Answer 11

The fee simple absolute estate is a perpetual state that is not conditioned by stipulated or restricted uses it may be passed on to Heirs. Most desired estate, most common mostly obtained in Residential real estate

Question 12

Fee simple defensible

Answer 12

The defensible fee estate is perpetual provided the usage conforms to state conditions. Characteristics are:
The property must be used for certain purposes or conditions
If the used changes or if prohibited conditions are present the estate reverts back to the previous grantor of the estate

Question 13

Determinable

Answer 13

Determinable estate usage limitations if the restrictions are violated the state automatically reverts to the grantor or heirs

Question 14

Condition subsequent

Answer 14

If any condition is violated the previous owner may repossess the property however a reversion of the estate is not automatic; The grantor must retake physical possession within a certain timeframe

Question 15

Life tenant

Answer 15

A freehold state that is limited in duration to the life of the owner or other named person. Upon the death of the estate passes to the original owner or another named party

Question 16

Reminder

Answer 16

If a life estate name is a third-party to receive title to the property upon termination of life estate the party enjoys future interest call reminder interest reminder estate. The owner is called remainderman

Question 17

Reversion

Answer 17

If no reminder state is established the estate reverts to The original owner or owners Heirs. In this case the owner retains a recessionary interest or estate

Question 18

Two types of life estate

Answer 18

Conventional and legal

Question 19

Conventional

Answer 19

Created by a grant from a fee simple property owner to the grantee or life tenant. Following the termination of the estate right past to a remainder man or revert to the previous owner

Question 20

Conventional life estate

Answer 20

Two conventional life estate are ordinary and the put autre vie life estate

Question 21

Pur autre vie

Answer 21

A life estate indoors over the lifetime of a third-party after which the property passes from the tenant holder to the original grantor (reversion)or a third-party (remainder man)
Example: Yvonne grants a life estate to Ryan to ensure over the lifetime of Yvonne’s husband Steve. Upon Steves’s death Yvonne establishes that her mother Rose will receive the property

Question 22

Legal life estate

Answer 22

Defining and protecting the property rights of surviving family members upon the death of a husband or wife. Created by state laws as opposed to being created by owner property agreement.

Question 23

Forms of legal life estate

Answer 23

Homestead, dower, curtsy, Elective share

Question 24

Homestead

Answer 24

Once principal residence. Homestead laws protect family members against losing their homes to general creditors attempting to collect on debts.

Question 25

Dower and curtesy

Answer 25

Tower is a wife’s life estate interest in the Husbans property. Curtsy is the identical Wright enjoyed by the husband in a deceased wife’s property. Property acquired under the dour loss is owned by the surviving spouse for the duration of his or her lifetime

Question 26

Elective share

Answer 26

Enabling a survivor spouse to make a minimum Cline to the deceased spouse real and personal property in place of the provision for such property and the descendants will. Example
If a husband’s wheel excludes the wife for my property in Heritance the wife may upon a husband’s death make the elective share Cline

Question 27

Estate at sufferance

Answer 27

A tenant occupies the premises without consent of the landlord or other legal agreement with the landlord. Usually involves a tenant who fails to vacate at the expiration of the lease continuing occupancy without any right to do so. A tenant who violates the provisions of the lease is evicted. The tenant protest and refuses to leave Despite the evection order

Question 28

Conventional life estate

Answer 28

Life estate created by a grant from a fee simple property owner to the grantee, the life tenant. Following the termination of the estate, right past to a remainder-man, or previous owner.
During this period the owner enjoys all Ownership rights, provided they do not infringe on the rights of the reminder or a version interest holders such as damage to the property jeopardizing the value

Question 29

Two types of conventional life estate are

Answer 29

Ordinary and pur autre vie life estates

Question 30

Ordinary life estate

Answer 30

And with the death of the life estate owner, may pass back to the original owners or heirs or to a named third-party

Question 31

Pur Autre Vie

Answer 31

Life estate endures Over the lifetime of a third person, after which the property passes from the tenant holder for the original grantor (reversion)or third-party(remainder man)

Question 32

Legal life estate

Answer 32

Created by state law, varies from state to state. Defining and protecting your property rights of surviving family members upon the death of a spouse also known as marital rights

Question 33

Homestead

Answer 33

A Homestead is One’s principal residence. Homestead laws protect family members against losing their homes to general creditors attempting to collect on debts.

Question 34

Dower and curtesy

Answer 34

Gauer is a wife’s life estate interest in the Husbans property. When a husband dies the Y can make a claim to portions of the descendants property.
Curtesy The identical right enjoyed by the husband in a deceased wife’s property. Property required under these laws is owned by the surviving spouse for the duration of his or her life

Question 35

Elective share

Answer 35

State level statute enable and A surviving spouse to make a minimum claim to the deceased spouses real and personal property in place of the provisions of such property and the descendants will

Question 36

Community property

Answer 36

Former owner ship that distinguishes property into categories of separate (owned by one party) and community (owned equally by both parties)

Question 37

Highest form of ownership interest one can acquire?

Answer 37

Face simple estate, includes a complete bundle of rights and the tenancy is unlimited

Question 38

What are the essential characteristics a fee simple defeasible Estates?

Answer 38

The property must be used for a certain purpose or under certain conditions. If they use changes or is prohibited conditions are present, the estate reverts to the previous grantor of the estate

Question 39

How was the life estate different from a fee simple estate?

Answer 39

A life estate is limited in duration to the life of the owner or other night person. When the life tenant dies, the estate passes to the original owner or other named party. The last tenant does not have the right to pass ownership to his or her ears.

Question 40

Leasehold estate

Answer 40

Arises from the execution of a lease by a fee owner. 
4 main types of leasehold estate are:
 Estate for years
Estate from period to period 
estate at will 
Estate at sufferance

Question 41

Estate for years

Answer 41

A leasehold estate for a definite period of time, with the beginning date and ending date.
Features:
Has a definite beginning and ending date
Does not require notice to terminate at the end of the term
Renewal is not automatic, when this type of lease is over, it’s over

Question 42

Estate from period to period

Answer 42

Also called periodic tenancy, The Tennessee. Automatically renews for an indefinite period of time. At the end of the Tennessee., If the landlord excepts another regular payment of rent, the leasehold is considered to be renewed for another period.
Features;
no definite ending date can renew it sell for whatever period of time was agreed upon in original lease
Either party may terminate tenancy I’ll give them proper notice to the other party proper notice is defined by state law

Question 43

Estate at will

Answer 43

Also called Tenancy at will, has no definite expiration date no renewal cycle
Features;
Landlord lets you stay without a lease
Notice can be given by either party without warning
Death of either party immediately terminates tenancy

Question 44

Estate at sufferance

Answer 44

A tenant occupied the premises without consent of the landlord or other legal agreement with the landlord. Usually involves a tenant who fails to vacate at the expiration of the lease continuing occupancy without any right to do so.
Features;
Holdover tenant is an unlawful possession of the property
The landlord must evicted it through the courts, cannot lock the tenant out, turn off utilities, or forcibly remove the tenant

Question 45

What is the primary distinction between freehold estate and Leasehold of State

Answer 45

Duration of the owners rights, at least hold his temporary even if there’s no specific term, while I freehold has indeterminable duration

Question 46

If a simple freehold estate is called the highest form of ownership interest, even though a fee simple defeasible carries some restrictions on usage. Why are other E states less desirable?

Answer 46

With all other estates in land, Life, leasehold, the holder of the state cannot control what happens to the estate in the future. The life estate reverse or is a reminder, the leasehold terminates when the lease expires

Question 47

Which type of leasehold estate is commonly referred to as a periodic tenancy?

Answer 47

Estate from period to period.