N11 Estates Flashcards
The degree, quantity, nature or extent of interest that a person holds in real property.
Estate
The two main categories of estates in real property are _______ AKA _____ and _______ AKA _____.
Freehold Estates aka Ownership, Less than Freehold aka Leasehold Estates
The highest form of real property ownership.
Fee Simple Absolute AKA Fee Simple
The most common form of real property ownership.
Fee Simple Absolute AKA Fee Simple
If a fee simple estate has restrictions that limit the property’s use.
Defeasible Fee Simple or Fee Simple on Condition Subsequent
An ownership interest that may NOT be willed to heirs.
Life Estate
The holder of a life estate is referred to as a ____.
Life Tenant
Waste
Deliberate damage to a property by an owner or renter .
The grantor of a life estate who will receive the granted interest at some time in the future holds an _______and is a _____.
Estate in Reversion, Reverter
A person who was not the grantor of a life estate who will receive a greater interest at some future time holds an _______ and is a _____Person.
Estate in Remainder, Remainder
Tenant Pur Autre Vie
A person who holds a life estate that is dependent on someone else’s life.
Demise
Another name for a lease.
Lessor (Landlord) and Lessee (Tenant)
parties to a lease
Estate For Years
A lease in which there is a specific ending date
Periodic Tenancy aka Estate from Period to Period aka Month to Month Tenancy
A lease that has no ending date but renews periodically.
Notice to terminate is NOT required in an _____.
Estate for Years. ( End date is indicates on these)
A leasehold interest that has no specific time and may be terminated at any time by either party.
Estate at Will
Estate At Sufferance
When a lease has expired but the tenant is holding over wrongfully.
Gross Lease
A lease in which the landlord pays all expenses.
A lease in which the tenant pays the expenses
Net Lease
A net lease is sometimes called a _____ AKA ______.
Triple Net Lease aka Net, Net, Net Lease
The expense that a landlord retains in a net lease.
Mortgage payment
Percentage lease
A lease in which the rent is a percentage of the tenant’s gross income.
Ground Lease
A lease in which the tenant rents only the land.
A lease in which the tenant was the former owner.
Sale Lease-Back
A lease in which the rent increases or decreases at specified times.
Graded or Graduated Lease
The clause in a graduated/graded lease stating the increases in rent.
Escalator Clause
A lease in which the rent is tied to consumer prices or inflation.
Index Lease
A lease in which the tenant has the right to buy or re-lease the property.
Lease-option
Sandwich Lease
A lease with a sub-lease.
A lease in which the tenant is a nationally recognized company.
Anchor Lease
A lease in which the tenant is a shareholder in a cooperative.
A Proprietary Lease
Surrender and Acceptance
Mutual agreement to terminate a lease.
The clause in a lease which calls for lease termination should the property be taken under eminent domain.
Condemnation Clause
If a tenant breaches some lease terms and the landlord forces the tenant out it is called an ____.
Actual Eviction
The legal term for the eviction process is _________ AKA ________.
Forcible Entry & Detainer Action aka Ejectment
If a landlord breaches lease terms resulting in the property becoming uninhabitable and causing the tenant to terminate the lease.
Constructive Eviction
Does the death of a Land Lord terminate the lease?
NO
Does the sale of the property terminate the lease?
NO
The two rights that a landlord has under a lease.
- _________
- _________
- Right to receive rent
2. right to reversion
A tenant’s right to protection from any claim against the leasehold interest.
Right of Quiet Enjoyment
Trade Fixtures
Personal property of a tenant used in the tenant’s business.
The right that a wife has in the state of her deceased husband is:
Dower
Curtesy
The right that a husband has in the state of his deceased wife.
