Nat 11 Flashcards
Highest form of ownership and the common form of ownership. All of the rights of the bundle forever
Fee simple absolute
Ownership lasts as long as certain conditions or uses are met. If conditions are violated the ownership is defeated and will revert to the grantor ( reverter)
Defensible fee simple
Ownership interest created for the life of a certain person. The holder is a life tenant
Life estates
Rent is paid for a specified and definite period of time.
- lease has an ending date
- does not automatically renew its self
Estate (tenancy) for years
Tenancy is of indefinite duration, from month to month or year to year.
- has no termination date and automatically renews itself
- notice is necessary for termination
Estate from period to period
A less formal type of tenancy where the lesser gives permission to the lessee to use the property
- unspecified terms
- rent may or may not be required
Estate at will
Rent is a fixed payment amount for tenant
Gross lease
Tenant pays a fixed amount plus the property expenses
Net lease
Base rent is paid plus a percentage of lessees gross sales volume
Percentage lease
Lease with an escalator clause that calls for increase/decrease in rent at specified intervals
Graduated lease
Lease with option to buy or release
Lease option
Lease in a co-op in which the tenant has the right to rent a particular unit
Proprietary lease
Mutual agreement to end the lease
Surrender and acceptance
Use of property without interference by lessor or others claiming a superior title
Quiet enjoyment
