Unit 3 Overall Review Flashcards
An _______ in real estate is ownership of any combination of the bundle of rights to real property, including the rights to possess, use, transfer, encumber and exclude.
Interest
An ______ is an owner’s interest in a property in which two or more parties share ownership.
Undivided interest
If a private interest-holder does not have the right to possess, the interest is an _________.
encumbrance
If the interest-holder is not private the interest is some form of public interest -
1.
2.
3.
- police power
- eminent domain
- escheat
An estate in land is an interest that includes the right of __________.
possession
Depending on the length of time one may enjoy the right to possess the estate, the relationship of the parties owning the estate, and specific interests held in the estate, an estate is a _________ or a ________.
freehold estate or a leasehold estate
A freehold estate of potentially unlimited duration is a ___________: an estate limited to the life of the owner is a _________.
fee simple estate
life estate
____________ - perpetual estate that is not conditioned by stipulated or restricted uses. It may be freely passed on to heirs.
fee simple absolute
______________ - ownership can continue indefinitely, provided the use of the property conforms to certain stated conditions. It is perpetual, provided the usage conforms to stated conditions.
fee simple defeasible
2 types of fee simple defeasible are ________ and ___________
determinable and condition subsequent
A _______ is a freehold estate that is limited in duration to the life of the owner or another named person. Upon the death of the owner, the estate passes to the original owner or another named party.
life estate
Conventional life estate - __1_____ and __2___
- ordinary
2. pur autre vie
Legal life estate -
1.
2.
3.
- homestead,
- dower and curtesy
- elective share
A life tenant has the responsibility to protect the property for the ___A____ or the ____B____ interest. If the life tenant damages or misuses the property, it is known as ___C_____.
A. Remainderman
B. Revisionary
C. Act of Waste
Leasehold Estates:
______________:
- Has a definite beginning and ending date
- Does not require notice to terminate at the end of the term.
- Renewal is not automatic
Estate for years
Leashold Estates:
_______________:
- No definite ending date
- Either party may terminate tenancy by giving proper notice to the other party
Estate from period-to-period
Leasehold Estates:
______________:
- Landlord lets you stay without a lease
- Notice can be given by either party without warning
- Death of either party immediately terminate tenancy.
Estate at will
Leasehold Estates:
__________:
- Holdover tenant is in unlawful possession of the property.
- The landlord must evict tenant through the courts.
Estate at Sufferance
The tenant acquires a __________.
The landlord acquires a ____________.
tenant - leasehold interest
landlord - leased fee estate
A tenant has the sole right to _______________________________.
occupy and use the premises without interference from outside parties, including the landlord.
The landlord may enter the premises for _____________________, but ______________
specified purposes such as inspections, but the interference must be reasonable and limited
The landlord can do nothing ____________________
outside of the lease’s express provisions that would impair the tenant’s enjoyment of income deriving from the use of the premises.
____________ - buyers and creditors must take their respective interests subject to the terms of the lease.
Conveyance of leased property.
