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Property Ownership > Property Ownership 3 > Flashcards

Property Ownership 3 Flashcards

1
Q

Fee Estate Primary Characteristics

A
  1. Held for a Lifetime or Longer
  2. It is inheritable ( can be willed to heirs)
  3. Freehold Estate
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2
Q

Life Estate Primary Characteristics (fee estate)

A
  1. Held for a lifetime (but not longer)

2. Is not inheritable (cannot be willed to heirs)

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3
Q

Types of Fee Estates

A
  1. Fee Simple

2. Qualified Fee

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4
Q

Fee Simple Estate

A
  1. The least restricted form of ownership
  2. Limited only by government rights (PETE) (Police Power, Escheat, Eminent Domain, Taxation)
  3. Indefeasible Estate (Cannot be defeated by another individual against the owner’s will under any circumstances.
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5
Q

Qualified Fee Estate

A
  1. More restricted form of ownership than fee simple
  2. Restricted by PETE and limitation can be imposed by person creating the qualified fee estate
  3. Defeasible if some condition is not met or maintained.
  4. Qualified fee is also known as Defeasible fee estates
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6
Q

Fee Simple Determinable Estate

A

A fee simple determinable estate is one which will terminate if a condition stated in the deed comes into being or is terminated

ex. Mrs.Black gave her property to a charity organization “for as long as it is used for housing the elderly”

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7
Q

Qualified Fee

A

A fee estate which is subject to limitations other than the government’s rights

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8
Q

A life estate is one type of______ estate

A

Freehold

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9
Q

All life estates originate from and return to a ____ estate

A

Fee

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10
Q

Life Estate pur autre vie

A
  1. Based in the lifetime of a 3rd party

2. Inheritable only if the life tenant dies before the third party whose life the estate is based

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11
Q

A life estate pur autre vie is______

A

inheritable

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12
Q

Voluntary Life Estate

A

Created by a voluntary act of the grantor

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13
Q

2 Types of Voluntary Life Estates

A
  1. Life Estate in Reversion

2. Life Estate Remainder

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14
Q

Life Estate in Reversion

A

Voluntary life estate in which ownership of the fee estate reverts to the GRANTOR or his/her heirs upon the death of the life tenant

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15
Q

Life Estate Remainder

A

King dies, land goes to the prince. The prince is the remainderman.

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16
Q

Ownership of a life estate in reversion reverts to the ______

A

Grantor

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17
Q

Ownership of a life estate in remainder reverts to the_______

A

remainderman

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18
Q

What is a Statutory life Estates

A

Life Estate Created by law

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19
Q

3 types of Statutory Estates

A
  1. Dower
  2. Curtsey
  3. Homestead protection
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20
Q

Dower (Statutory Estate)

A

The wife’s right to receive, upon the death of her husband, a share of all property held or owner by the husband during the marriage

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21
Q

Curtsey (Statutory Estate)

A

The husband’s interested in property owned by his wife at the time of death

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22
Q

Homestead Protection (Statutory Estate)

A

Provides life estate to a widow or widower

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23
Q

Two Basic Types of Freehold Estates

A
  1. Fee Estate

2. Life Estate

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24
Q

A fee estate is one type of______ estate

A

freehold

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25
Q

Most common form of qualified fee estate is called_____

A

Fee Simple determinable estate

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26
Q

A fee estate which is subject to limitations other than the government’s rights is called a______estate

A

Qualified Fee

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27
Q

Another Name for a qualified fee estate is a(n)_______estate

A

Defeasible fee

28
Q

The main type of qualified fee estate is called a______ estate

A

fee simple determinable

29
Q

A free estate which will terminate if a condition stated in the deed comes into being or is terminated is a _____ estate

A

Fee Simple Determinable

30
Q

Who pays the property taxes on a life estate?

A

The life tenant pays the property taxes as long as he/she hold the life estate

31
Q

A life estate is one type of_____estate

A

Freehold

32
Q

A regular life estate is ______

A

not inheritable

33
Q

A life tenant can sell, mortgage, or otherwise convey_____

A

a life estate

34
Q

The main type of qualified fee estate is called a ______ estate

A

Fee Simple Determinable

35
Q

A freehold estate which is not normally inheritable is called a ____ estate

A

Life

36
Q

A life estate is one type of _____ estate

A

Freehold

37
Q

A freehold estate may be held for:

A

a lifetime or an unlimited time

38
Q

a 99 year lease on real property is

A

An estate in land, an estate less than freehold, personal property

39
Q

A fee estate

A

Is inheritable and lasts for an unlimited time

40
Q

A fee simple determinable estates is NOT a _____estate

A

Limited Fee Estate

41
Q

A fee simple determinable estate is all of the following:

A

Defeasible Fee Estate
Freehold Estate
Qualified Fee Estate

42
Q

M.A.R.I.A.

Fixture

A 
Method-of attachment 
Adaptability-  would be real property because it is adapted (pool cover, blinds)
Relationship 
Intention- Why its there 
Agreement
43
Q

Real Property

A

Immovable

44
Q

Personal Property

A

Moveable ( Chattel)

45
Q

Appurtenance

A

Belongs to land

i.e. barn, easement on land, fence

46
Q

Fixture

A

Personal property that becomes real property

i.e. chandelier, tree,

47
Q

Freehold Estate

A

Udefined length of time
Fee Simple Absolute
Fee Simple Defeasible
Life Estaate

48
Q

Fee Simple Absolute

A

Greatest interest
estate in fee
cannot be defeated by the previous owner

49
Q

Fee Simple Defeasible

A

May be voided at a later date because condition was violated

Defeasible

50
Q

Life Estate

A

Life in reversion. If the king dies, the land goes back to the king.

Life if reminder, if the king dies, it goes to the prince.

51
Q

Less Than Freehold Estate

A

You get LESS money for a LEASE

52
Q

Estate for Years

A

Fixed Period of time

example- Summer Rental

53
Q

If one used the words “of definite duration” to describe a lease, it is most likely a(n)_____

A

estate for years

54
Q

Periodic Tenancy

A

Not bound to a lease with a fixed period

From Period to Period

55
Q

Estate at Will

A

Can be ended at any time

Terms of the estate is indefinite

56
Q

Estate at Will (Tenancy at Will)

A

Can be ended at any time
Terms of the estate is indefinite

In Ga:

  • Landlord must give 60 day notice
  • tenant must give 30 day notice
57
Q

Estate at Sufferance

A

Tenant does not pay rent
landlord will have to evict a tenant
Property with

58
Q

Assignment

A

Transfer of contract rights

wipe my hands clean

59
Q

Sublet

A

Tenant rents to someone else but still has responsibility

60
Q

Constructive Eviction

A

Landlord does or fails to do something that he has legal duty to provide (turning off heat, turning off water)

61
Q

Lease Arrangements

A

Gross lease
Net Least
Percentage Option
Percentage Lease

62
Q

Gross Lease

A

Most common.
Tenant pays fixed amount
landlord pay taxes
landlord does repairs

63
Q

Net Lease

A

Tenant pays taxes, insurance, maintenance ( triple net lease)
common in business

64
Q

Percentage Option

A

Tenant has the option to purchase at a later date (lease/purchase)

65
Q

Percentage Lease

A

Rent is based on percentage of revenue

66
Q

Types of Leasehold Estate

A

Estate for Years
Periodic Estate
Estate at Will
Tenancy at sufferance

Property Ownership (4 decks)

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