Property Ownership, Transfer of Title & Land Use 12.0 Flashcards
1
Q
Freehold is?
A
is an estate that exists for an indeterminable period-of-time and the owner has all the bundle of rights.
2
Q
Example of Freehold
A
Someone with a freehold estate may wish to give up one of their bundle of rights, possession; and lease the premises to a tenant thus creating a leasehold estate to which the owner retains a future right.
3
Q
Leasehold estates last for?
A
A definitive period-of-time.
4
Q
Freehold estate means?
A
The estate is for an indeterminable period of time; they continue until they are conveyed.
5
Q
Freehold means
A
“ownership”
6
Q
Fee Simple estates continue
A
Forever
7
Q
Life Estates
A
Are limited by lifetime.
8
Q
Estates in Land
A
defines the owner’s degree and extent of interest in real property.
The type of estate will dictate the dynamics of interest.
