Unit 3: Interests in Real Estate Flashcards
An interest or right in real property that allows or will allow possession
estates
two types of estates: ___ and ___
freehold, leasehold
____ estates: ownership for an indefinite duraiton
freehold
_____ (non-freehold): possession for a fixed term
leasehold
_____ ____ absolute is highest level of ownership
fee simple
you own it but there are some conditions that go along with it. not as much ownership as fee simple absolute, but close to it on the spectrum of level of ownership. the answer is fee simple _____ or ____ fee
fee simple defeasible / qualified fee
most complete bundle of rights. also known as fee estate or fee simple. Transferable, inheritable, and lasts forever. Think of “fee” as inheritable
fee simple absolute
transferable and inheritable fee simple ____ or ____ fee
fee simple defeasible or qualified fee
this type of ownership is transferrable, but not inheritable and it doesn’t last forever. known as a ____ estate. toward the middle on the spectrum of complete ownership and leasing
life estate
_____ give ______ a deed as a life estate. when the ______ dies, it goes back to the ______ (reversionary interest) (reverter) or a ____ ____ (remainderman) (remainder interest)
grantor, grantee, grantee, grantor, third party
life estate is transferable, but not ____able
inherit
Estate for years, periodic estate, estate at will, estate at sufferance is ____
possession
the landlord/leasor hold a leased fee estate with a reversionary interest and tenant/leasee holds a leasehold estate. The purchaser of a leased property obtains ownership “subject to” the ___
lease
specific termination date - no notice required, death of landlord or tenant does not terminate, sale of property does not terminate. there is a set termination date: ____ (tenancy) for ____
estate (tenancy) for years
renews automatically upon landlord acceptin rent for the period. Example: month to month. terminated by dvanced notice of either party
periodic estate (tenancy)
indefinite duration - tenant occupies at landlord’s discrresion
estate (tenancy) at will
holdover after legal enancy expires (lowest estate)
estate (tenancy) at sufferance
any claim, right, or interest held by a party who is not the legal owner of the property; a nonpossessory interest
encumbrance
an appurtenance - attaches to and binds real property
encumbrance
types of encumbrance are ___ restrictions, ___, _____, _____
deed, lien, encroachment, easement
right to use the land of another for a specific purpose. attaches to and runs with the land - transfers with the deed.
easement
_____ easement has a dominant tenement: the property receiving the benefit of the easement and a servient tenement, which is the property encumbered by the easement
appurtenant
Easements transfer with the land. Does not increase the ____ of the dominant land, but may increase its ______. dominant land is the land using the servient land for some specific purpose.
size, value
examples of ____: driveway crossing a neighbor’s land for ingress and egress. party walls, shared driveways, lake access. this is not able to be revoked unless both parties approve.
easement