Segment 2 Flashcards
Fee Simple Determinable
Defeasible fee that terminates automatically of certain conditions occur
- can will it
Ex: A to B so long as the property is used as a school
7 Ways to Take Title of Realty
1) severalty
2) joint tenants
3) tenants in common
4) tenants in entirety
5) community property
6) trust
7) legal entity
Severalty
When real estate is owned by a single person or legal entity
-owner free to do anything with property within law; sell, lease, gift, pass to heir
Life Estate Pur Autre Vie
“For the life of another” where the measuring life is someone other than the life tenant
-good option for people who are handicapped
Police Power
Right of state to enact laws and regulations and enforce them for order, safety, health, morals and general welfare of public
Ex: usage, size, area, and max occupancy
Joint tenancy
Ownership rights among two or more co-owners of property
- married or unmarried
- equal rights and responsibilities at the same time
- no right of survivorship (can’t will)
- death of one tenant, their interest transfers to survive in tenant(s)
Tenancy by entirety
Form of coownership by husband and wife
- in some states that don’t use community property system
- equal rights
- surviving spouse can acquire interests
- right of survivorship/can transfer title and deed signed by both
- can will
Community property
Spouses who require property during marriage on property equally, 50/50
- debts and incurred will be depths of the couple
- no right of survivorship
- surviving spouse, entitled to other half of realty
- can’t will
- Arizona, cali, NV, NM, Idaho, Louisiana
Tenancy in common
Ownership by two or more person to hold undivided interest
- no right of survivorship
- interests do not have to be equal
- Cancel, mortgage or transfer their undivided interest without permission
Freehold Estate
States of indefinite duration that can exist for a lifetime or forever
Ex: fee simple, life estate
Conditional use permit
Allows a person to his property which is inconsistent with zoning in the area
Ex: Church or daycare in residential area
Variance
Exception or exemption from undo hardship on current zoning
•a waiver for zoning
Fee simple absolute
Highest type of the state are interested personally have in property
- Establishes the title to real property owner without limitation or end
- owner may dispose of it by sale or trade
- can will
Life estate
Estate or interest in a real property that individual owns it may use for duration of lifetime
-two types, cannot will
•ordinary- cancel life estates owners rights and leases upon death of grantee (4 groups)
•legal (3 groups)
Homestead
In honor of reality is protected from involuntary debts in some states
- meant for surviving spouse, minor children
- exemption
