Principles 3 Flashcards
Freehold estate
-Highest form of land ownership (In medieval England)
Fee simple estate
- “present, possessory interest”
- Carries the maximum bundle of rights
- Has the right to use the property right now and for an indefinite period in the future.
Fee simple absolute
- Highest (Most Complete) form of ownership.
- no restrictions on its use
Life estsate
-Has the right to possession and use of property, but the estate lasts only as the life of a person identified in the deed or will that creates the estate.
Reversion
-when the right of possession returns to the original property owner when the life estate ends.
Remainder
-When the right of possession goes to a third person when life estate ends.
Tenants
-Are those who rent or lease property from landlords.
A conveyance of real estate is called?
Grant
Ownership in severalty
- Also called “separate ownership“ or “sole ownership “
- Ownership by one person
Concurrent ownership
- 4 types
- Ownership by more than one person at the same time.
Tenancy in common
- co-Ownership of property in equal or unequal shares by two or more persons, each holding an undivided interest without right of survivorship.
- created when more than one person takes title, they are not married to each other, and no other method of taking title is specified.
Unity of Possession
- Each tenant has the right to possession of the property and cannot be excluded by the cotenants.
- gives all co-owners the right to possession of the entire property.
Joint tenancy (TTIP)
- Unity of TIME (Takes title at the same time)
- Unity of TITLE (receives title through the same deed)
- Unity of INTEREST (Owns an equal share)
- Unity of POSSESSION (Each has right to use all the property)
- ownership by two or more co-owners, all have equal shares and the right of survivorship
Community Property
-Real Property or personal property acquired by a spouse during marriage or by a registered domestic partner.
Separate Property is acquired
- By gift or inheritance to one spouse
- With the proceeds of other separate property, or
- As income from separate property
General Partnership
-Is established when two or more persons carry on a business for profit as co-owners.
Sole proprietorship
-business owned only by one owner
Owner of a Corporation is called
Shareholders
Non-profit corporations are owned by?
Members
Partnership
Is an association of two or more persons to carry on a business as co-owners for profit.
Quasi-Community property
- Any California estate acquired by an out-of-state married person that would have been considered community property of it had been by a resident of California
- Any California real estate acquired in exchange for real or personal property located anywhere, when The California real estate would have been considered community property if it had been acquired by California resident.
