Interests in Real Property Flashcards
1
Q
In a joint tenancy
A
each joint tenant has equal and undivided interest in the property
2
Q
Each joint tenant
A
can transfer their interest without consent
3
Q
When interest is transferred by a joint tenant
A
the joint tenancy is destroyed and creates a tenancy in common between the joint tenants and 3rd party
4
Q
A fee simple
A
1) is the highest estate interest a person may have in property
2) allows owner to sell or pass it to heirs
5
Q
An Easement
A
is a right to use the owner’s land. (Not ownership)
6
Q
What does Joint tenancy consist of
A
Time Title Interest Possession Right of Survivorship
7
Q
A life interest
A
is measured by the life of the holder or some other person
8
Q
Life estates
A
automatically terminate upon death of the beneficiary
