Property Ownership Review II Flashcards
An estate in real property which is held for a lifetime or longer is
Free Hold estate.
Alease for 2 weeks of a vacation cottage is
Estate for years: has a beginning AND and ENDING date!
Example: blue rents his home from Green with out a written lease or specified period of occupancy…
Blue holds
1. a leasehold estate
AND
2. an Estate at will
Tenancy at Will
property tenure that can be terminated at an time by either the tenant or the landlord. It exists w out a contract lease and usually does not specify the length of a tenants duration
Periodic Estate
type of leasehold estate (tenancy) that continues for successive periods of time, but does not have a specific end date. Terminating the agreement requires proper notice by the tenant or the landlord
Lease hold estate
Possession of the land but no ownership , definite duration.
Estate at will
also called Tenancy at will; landlord/tenant relationship w all the normal rights and duties of a lessor-lessee relationship, except that the estate may be terminated by either the lessor or the lessee at any time.
Freehold estate AND an estate in severalty
Sole owner in fee simple.
Owner
Tenancy by the Entirety
- The tenants hold title as one person.
- The right of survivorship may exist.
- It is a concurrent estate.
When 2 or more persons hold title as Tenants in common
They hold an undivided interest in the property AND
UNLIKE Joint Tenancy, the unities of time, title and interest need NOT be present
IF CO OWNER in Tenancy in common dies…
there is no “right of survivor ship” remainder co owner does not acquire the deceased interest unless they ar3e named in the will.
Partition
to divide up a concurrent estate into separate portions representing the proportionate interest of the owner of the property (forced sale)
Tenancy by Entirety (husband and wife) may Not be terminated by partition TRUE OR FALSE
TRUE
BUT Joint tenancy and a tenancy in common can be terminated by partition.
Partition in Kind:
Property is divided among co owners. The individual interest of the owners in a property are severed in a way that each owner can enjoy his share of the property free of others and can dispose his share w out any obstruction from others
Corporations may hold title to real property together as
Tenants in Common
Corporations own their OWN property
in severalty
AN easement in Gross which is held by an individual
Is personal in nature AND
it does NOTA license run with the land.
An easement in gross which is held by a person is terminated by
Death AND
or Sale of the property
Can not transfer the easement.
ONLY Personal easements in Gross are
NOT assignable
Dominate Estate, SAME as dominate tenement
is the holder of an easement appurtenant.
The servient estate under an easement in gross is held by
the owner of the land on which the easement exists.
An easement may NOT be acquired by
`adverse possession
Condemnation
process by which the government may acquire an easement on privately held land
An easement by be terminated by
Abandonment AND/OR court Order
A license IS
Assignable, revocable by the licensor and a personal privilege.
A license is NOT an estate in land.
A license may be terminated by
The death of either party AND/OR
The sale of the land by the licensor.
An encroachment consitutes a tresspass if it
encroaches on the neighbors land
Tree limbs that extend over a neighbor’s property line and intrude into her airspace are:
- An Encroachment
2. A Nuisance
A license to use another person’s property
terminates on the death of either party.
