Types of Real Estate Ownership

Question 1

____ means ownership or interest in a property

Answer 1

Estate

Question 2

Home ownership for an undetermined length of time.

Answer 2

Freehold

Question 3

The right of possession without ownership

Answer 3

leasehold estate

Question 4

Leasehold estate is also known as

Answer 4

leased fee

Question 5

Types of Freehold Estates

Answer 5

Fee Simple and Life Estates

Question 6

This estate is an inheritable freehold estate. refers to a form of ownership, not tenancy, so the owner of a fee simple estate can will the property and/or successor can inherit the property.

Answer 6

Fee simple

Question 7

This estate provides the most complete form of ownership and includes the bundle of rights.

Answer 7

Fee simple absolute

Question 8

Rights of ownership are conditional

Answer 8

fee simple defeasible

Question 9

The grantor (seller) has placed a limitation on the deed.

Answer 9

Defeasible

Question 10

Conveyed to heirs by will

Answer 10

Fee simple

Question 11

Ownership conveyed by deed

Answer 11

Life Estate

Question 12

Fee simple defeasible is also known as

Answer 12

Qualified fee

Question 13

A type of fee simple defeasible estate, and an inheritable freehold estate, where the title remains with the new owner as long as the conditions of ownership are being met. “So as long”

Answer 13

fee simple determinable

Question 14

The estate is another type of fee simple defeasible estate that is also an inheritable, defeasible freehold estate, but it is recognized by the words “but if” in the deed. The estate continues unless a specific even occurs, in which case ownership may revert to the owner or the owner’s successors. termination and recovery of ownership must be achieved through a court order.

Answer 14

Fee on Condition

Question 15

An estate that includes ownership, possession, and control for someone’s lifetime.

Answer 15

Life Estate

Question 16

Abuse of a property by a person who holds interest through a life estate

Answer 16

act of waste

Question 17

A life estate with remainder interests refers to a situation in which a ______ named by the owner when forming the estate receives title to the property upon the death of the life tenant.

Answer 17

remainderman

Question 18

refers to the remainderman’s right to fee simple title upon the death of the life tenant.

Answer 18

Remainder interests

Question 19

a life estate in which property title reverts to the owner upon the death of the life tenant.

Answer 19

reversionary interest

Question 20

life estate is created by a property owner who grants an estate to someone for the duration of another individual’s life.

Answer 20

pur autrie vie

Question 21

an estate for a specified period of time; e.g., a one-year lease or a six-month lease.

Answer 21

estate for years

Question 22

one that renews itself automatically at the end of each lease period unless one of the parties to the lease terminates it. This type of lease often results when an estate for years ends. If the landlord and tenant agree that the tenant may remain but no new estate for years is established, an estate from period to period may result. A month-to-month lease is a periodic estate.

Answer 22

periodic estate aka estate from period to period

Question 23

Tenancy for an unknown period of time. Either party can terminate the lease by giving notice to the other party.

Answer 23

estate at will

Question 24

Estate at will is also known as

Answer 24

tenancy at will

Question 25

a form of legal life estate and refers to a wife’s interest in the real estate owned by her deceased husband. Dower isn’t recognized in all states.

Answer 25

Dower

Question 26

a form of legal life estate and refers to a husband’s interest in the real estate owned by his deceased wife. Curtesy isn’t recognized in all states.

Answer 26

Curtesy

Question 27

The state’s power to claim property when an owner dies without a will and without heirs or creditors.

Answer 27

Escheat

Question 28

A type of estate that gives the owner special protections in property used as a family home. Not all states recognize the homestead concept.

Answer 28

Homestead

Question 29

Refusing to leave the property when the lease terminates

Answer 29

Estate at Sufferance

Question 30

One person owns the property, and all other interests are severed.

Answer 30

Estate in severalty

Question 31

Property with ownership by more than one person, also called concurrent ownership.

Answer 31

Co-ownership

Question 32

Types of co-ownership

Answer 32

Tenancy in common, Joint tenancy and Tenancy by the entirety

Question 33

Each person is entitled to possession of the whole. If one dies, that person’s ownership is inheritable, and doesn’t necessarily pass to the other owner(s)

Answer 33

Tenancy in common

Question 34

equal ownership with undivided rights of possession and requires unity of four separate conditions: All owners must have the same type of interest in the property, all must receive their title at the same time from the same source, all must have the same percentage of ownership, and all must have the right to undivided possession in the property. Joint tenancy includes the right of survivorship, meaning when one joint tenant dies, that person’s share automatically goes to the other surviving joint tenant(s).

Answer 34

Joint tenancy

Question 35

as the right of survivorship. Only available to married couples, this form of ownership also includes unity of time, title, interest, possession, and marriage. Key to this form of ownership is that creditors of one spouse can’t attach liens to or sell the interest of the debtor spouse. Only creditors with claims against the couple may attach and sell the interest of the property owned in this manner. Also, one spouse can’t transfer interest in the property without the consent of the other spouse. Tenancy by the entirety can’t be reduced to tenancy in common or joint tenancy. Such a change of ownership would require divorce, an annulment, or for the couple to amend the title.

Answer 35

Tenancy by the entirety

Question 36

Types of ownership termination are:

Answer 36

Termination of joint tenancies and Termination of co-ownership by partition

Question 37

Joint tenants may sell their personal share of ownership; however, the buyer of that share does not become a joint tenant, because the required four unities do not exist. The new buyer didn’t receive a title at the same time as the other tenants, so the unity of time is destroyed. Therefore, the new owner is a tenant in common. The remaining tenants continue as joint tenants, with the right of survivorship shared between them. The new buyer, as a tenant in common, has an inheritable share.

Answer 37

Termination of joint tenancies

Question 38

Remember that in a tenancy in common, each person is entitled to possession of the whole. But what if you hate your co-tenant(s)? In that case, you may want to bring legal action to have the property partitioned, which would allow each tenant to have a specific, divided portion (partition) of the property exclusively. In the case of an equitably divided piece of land, each tenant would receive title to a separate tract according to that person’s share of interest. In cases where it’s impossible to do an equitable split, a court may order the sale of the property and determine the appropriate share of proceeds to be distributed to the tenants in common.

Answer 38

Termination of co-ownership by partition

Question 39

when two or more people who aren’t married to one another buy a property through a deed and don’t state an ownership type

Answer 39

Tenants in common

Question 40

May be created by a will; otherwise deed must identify each owner as a joint tenant

Answer 40

Joint Tenancy

Question 41

Possession only co-ownership

Answer 41

Tenants in common

Question 42

Time, Title, Interest, Possession Co-Ownership

Answer 42

Joint Tenancy

Question 43

Time, Title, Interest, Possession Co-Ownership, Person

Answer 43

Tenancy by the entirety

Question 44

All property acquired by either spouse during their marriage (with the exceptions of property that was gifted, inherited, and in some cases the result of personal injury recovery, which are all considered “separate property”) is considered community property regardless of which spouse’s name is on the title.

Answer 44

Community property rights

Question 45

Nine states have community property rights:

Answer 45

Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin.