Prop Ownership & Interests Pt. 2

Question 1

Improvements (appurtenance)

Answer 1

Does not include repairs or replacements.
(Ie. Includes structures such as buildings, paved driveways and walkways, tennis courts, fences and walls, and swimming pools)

Question 2

Government improvements (appurtenance)

Answer 2

Roads, highways, and bridges to make the land more accessible.
Utilities brought to the site.
Modifications or improvements such as clearing, grading, and draining to make suitable.

Question 3

Manufactured housing

Answer 3

Trailer or modular home.
Trailer does not always count as real property and must be takin off the chassis and filed correctly to achieve real property status.
Modular homes can usually still be built into subdivisions even with protective covenants in place.

Question 4

Easement

Answer 4

Permission to use or maintain a certain piece of a property

Question 5

Estate

Answer 5

An interest in the property sufficient to give the owner of the estate the right to possession and the right of use.

Question 6

Freehold (estate)

Answer 6

The owner (lessor) of a property has a freehold estate

Question 7

Leasehold (estate)

Answer 7

If owned property is leased the tenant (lessee) has a leasehold estate

Question 8

Fee simple absolute (freehold)

Answer 8

The greatest form of ownership available in a real property. Includes the bundle of rights.
Can convey a life estate to another, pledge the property as security or collateral, and can convey a leasehold estate to another.
May grant easement or give a license to conduct some activity on the property to another.

Question 9

Fee simple determinable

Answer 9

This defeasible fee or qualified fee is still a freehold estate but the grantor of the title has been put under certain conditions.
(Ie. When a frat house is set to be used for “educational purposes” and it does not comply then the title is taken back and given to the original heirs).

Question 10

Fee simple subject(to a condition subsequent)

Answer 10

Similar to fee simple absolute in permanence but with conditions on what the property is used for.
(Defeasible)

Question 11

Defeasible

Answer 11

Can be taken away

Question 12

Estate pur autr vie (freehold)

Answer 12

Title is measured by the life of someone other than the initial title holder.

Question 13

Conventional life estates

Answer 13

A non-inheritable freehold estate.
Created only for the named life tenant.
At the end of that life, the grantor or heirs have a revisionary interest.
If the estate does not go to an heir or grantor it goes to a remainderman.

Question 14

Martial life estates.

Answer 14

An estate that is determined by intestate succession statutes (when someone dies without a valid will)

Question 15

Alientation

Answer 15

Any estate that is given by a grantor has the right to transfer the deed or use it as security.

Question 16

Dower and Curtesy

Answer 16

The right to an estate owned by the deceased spouse (curtesy is male and dower is female)

Question 17

Estover

Answer 17

Allows a tenant to use timber for repairs or fuel but not for profit.

Question 18

Escheat

Answer 18

If there is no will or heirs the estate goes to the state

Question 19

Nonfreehold estate (leasehold)

Answer 19

Or less than freehold estate.

Question 20

Estate for years (nonfreehold)

Answer 20

Any fixed period of time and automatically terminates at the end of that.

Question 21

Estate from year to year

Answer 21

Periodic state that automatically renews at the end of its period unless otherwise stated.

Question 22

Estate at will

Answer 22

An indefinite time and can be terminated by either party at any given time with notice

Question 23

Estate at sufferance

Answer 23

Not truly an estate. But heldover when a tenants lease has expired and she fails to vacate the premises.

Question 24

Severalty

Answer 24

Exclusive ownership.-one person

Question 25

Concurrent ownership (joint)

Answer 25

Simultaneous ownership in a real property.

Question 26

Tenancy in common (joint)

Answer 26

Two or more owners with no right to survivorship
Equal ownership
Upon death of tenant in common, share goes to descendant of owner

Question 27

Partitioned

Answer 27

Legal process of splitting the property into specific parts of ownership

Question 28

Joint tenancy (joint)

Answer 28

Requires four unities of time

All owners purchase at the same time

Question 29

T.T.I.P

Answer 29

Time- must acquire interests at the same time
Title- must acquire title on the same document
Interest- considered equal shares unless stated otherwise
Possession- has the right to use and possess the entire property

Question 30

Tenancy by entirety (joint)

Answer 30

Limited to husband and wife

Marriage must be legal at the time of buying the property