Interests & Estates Flashcards
1
Q
Possession
A
Estate in land
2
Q
Non-possession / Non-possessory
A
- private: encumbrance
- public: public interest
3
Q
Estate in land includes
A
-right of possession
- leasehold = limited duration
- freehold: duration in not limited
4
Q
Freehold (own)
A
Fee simple
- absolute
- defeasible
Life estate
- conventional
- legal
5
Q
Leasehold (lease)
A
- estate for years
- periodic
- estate at will
- estate at sufferance
6
Q
Fee Simple
A
- not limited by one’s lifetime
- absolute: highest form of ownership interest
- defeasible: reverts to previous owner pero condition
7
Q
Life Estate
A
- passess to another on death of named party
- remainder: named party to receive estate
- reversion: previous owner to receive estate
8
Q
Conventional Life Estate
A
- limited to lifetime to life tenant/named party
- ordinary: estate pases to remainderman or previous owner when life tenants dies
- pur autre vie: limited to lifetime of another, passes to remainderman or previous owner
9
Q
Legal Life Estate
A
- created by operation of state law as opposed to a property owner’s agreement
- designed to protect family survivors
- Homestead: right’d to one’s principle residence
- laws protect homestead from creditors
- family may occupy the homestead
- cannot be conveyed by one spouse
- endures over life of head of household
- interests extinguished if property destroyed
10
Q
Estate for Years is?
A
specific & states durations per lease; expires at end of term.
11
Q
Periodic
A
lease term renews automatically upon acceptance of rent; renews indefinitely if landlord accepts rent
12
Q
Estate at Will is for an?
A
indefinite period subject to rent payment; cancelable with notice
13
Q
Estate at Sufferance
A
tenancy against landlord’s will and without an agreement
