Principles - Chapter 3 Estates

Question 1

Estates: Freehold

Answer 1

indeterminable duration
3 types:
  fee simple absolute
  fee simple qualified
  life estate

Question 2

Estate: Possesory/Less than freehold

Answer 2

Estate for Years
Estate from Period to Period
Estate of Sufferance
Estate of Will

Question 3

Estate in Fee or Fee Simple/absolute

Answer 3

largest
infinite duration
no qualifications

Question 4

Estate in Fee Simple/Qualified or life estate

Answer 4

owner holds estate with condition attached

breaking condition=revocation

Question 5

Condition precedent

Answer 5

event must occur before transfer

give land to city IF city to build park

Question 6

Condition subsequent

Answer 6

event occurs after
owner give city land, if park is to be built
if not built, land back to grantor

Question 7

Reversion

Answer 7

residue of estate after expiration

Question 8

Life Estate

Answer 8

ownership for life duration of any designated person or persons
created by will or deed

Question 9

Estates Per autre vie (for life of antoher)

Answer 9

Life estates based on the life another, not the owner

Question 10

Life Tenant

Answer 10

right of possession
right to rents/profits
can encumber or dispose of property
obligated to keep in good repair
must not injure or destroy any permanent part to detriment of succeeding interest
responsible for taxes
cannot pass on to heirs

Question 11

Less than Freehold Estates

Answer 11

period of time

leases/rental agreements

Question 12

Types of leases

Answer 12

estate of years
estate from period to period
estate at will
estate at sufferance

Question 13

Estate of years

Answer 13

fixed duration agreed by lessor and lessee
51 years agricultural
99 years in city

Question 14

Estate from period to period/periodic tendency

Answer 14

any specified time

ex: month to month lease

Question 15

Estate at Will

Answer 15

no timeframe
can be terminated at will
not allowed in California
requires 30 notice

Question 16

Estate of sufferance

Answer 16

lessee stays/holds over

Question 17

Lease

Answer 17

agreement

defines conditions of use and occupancy

Question 18

7 Elements of a Lease

Answer 18

Identification/capacity of parties
description
agreement
consideration/duration
rights/obligations
legal purpose
lessor to execute

Question 19

Identification

Answer 19

named and have legal capacity to lease

Question 20

description of lease

Answer 20

premise description

Question 21

agreement of parties

Answer 21

agree to term=time,
condition =obligation
convenant=promise to do or not to do

Question 22

Stated consideration/duration

Answer 22

rent

duration/term

Question 23

Rights and Obligations

Answer 23

as stated

Question 24

Legal Purpose

Answer 24

lease for legal purpose

ex: cant lease office space for gambling

Question 25

Lessor must execute

Answer 25

Lessor must sign

Lessee sign not needed if taken physical possession of property

Question 26

statue of Fraud

Answer 26

Lease not executed in 1 year in writing

Alterations to lease in writing

Question 27

Title

Answer 27

Bundle of rights

proof of ownership

Question 28

Title types

Answer 28

severalty -one owner

concurrent-two or more

Question 29

Concurrent: tenancy in common

Answer 29

2 or more
possession rights
presumed title if not specifically noted

Question 30

Partition Suit

Answer 30

Court order to force sale of property held in title as tenancy in common

Question 31

Joint Tenancy

Answer 31

2 or more with right of survivorship

Question 32

Community Property

Answer 32

spouse ownership during valid marriage

Question 33

Testate

Answer 33

With a Will

Question 34

Intestae

Answer 34

Without a Will

Question 35

Tenancy by the entirety

Answer 35

not recognized in california

Question 36

Tenancy by partnersip

Answer 36

2 or more owners for purpose of partnership

Question 37

Coownership

Answer 37

Condos, stock co-op, planned dev projects and timeshares

Question 38

Stock Cooperative

Answer 38

Corporate owned real estate for use by shareholders

Question 39

Limited Equity Housing Cooperative

Answer 39

low to moderate income families

Question 40

Planned unit developments PUDs

Answer 40

PUDs
communities with common areas pools etc
differ from condo: no one above/below

Question 41

Time Shares

Answer 41

multiple owners for specified period of time

12 or more timeshare ownerships in a given project, Subdivided Land Act applies.