Terms Flashcards
life estate
a freehold estate that is limited in duration to the life of the owner or other named person
conventional life estate
created by grant from a fee simple property owner to the grantee, the life tenant
fee simple property ownership
absolute ownership over real property in which the owner hold unconditional control over the land
Dower and curtsey
dower is the wifes life estate in the husbands property and curstey is the husbands in life estate in the wifes property
elective estate
a statue enavling a surviving spouse to make a minimum claim to the deceased spouses real and personal property
leasehold estate
does not grant ownership but grants the lessee, or tenant, certain rights to use the property for a specified amount of time, in exchange for a specified payment made to the lessor, or owner/landlord.
Estate at will
has no definite expiration date provided rent is paid on time
Estate at sufference
such an estate involves a tenant who fails to vacate at the expiration of the lease, continuing occupancy without any right to do so.
easements
enables others to use the property, regardless of the owner’s desires
easement by prescription
If someone uses another’s property as an easement without permission for a statutory period of time (the period of time in California is 5 years) and under certain conditions, a court order may give the user the easement right
liens
a creditor’s claim against personal or real property as security for a debt of the property owner
Homestead law
protect homeowners and other small property owners from being left homeless during times of economic strife
What types of liens are considered superior liens?
Real estate tax liens
Special assessment liens
Federal and state inheritance tax liens
Deed restrictions
place limits on how the property may be used.
Interstate Land Sales Full Disclosure Act
protect consumers by making relevant information available to them when they are considering purchasing land.
